823 West Main St · Waynesboro, PA 17268

$275,000

3 bd · 2.0 ba · 1,800 sqft · MultiFamily · 133 Days on market

Built 1927 0.40 ac lot $153/sqft · at area comps Est $283k · at est.

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Why this score? — see what drove the B grade

The composite is a weighted blend of 9 inputs, each scored 0–100. Each bar is that input's sub-score; the figure is the points it added to the 100-point composite (weight × sub-score).

• Cash flow +30.0/30.0
• DSCR +10.0/10.0
• 1% rule +9.9/10.0
• ARV discount +8.8/15.0
• Livability +3.9/5.0
• Schools +3.8/10.0
• Rent growth +2.5/5.0
• Condition / age +2.5/5.0
• Appreciation +0.0/10.0

Multi-family units

County records classify this as Multi-Family (5+ Unit). Listing-text estimate: 1 unit. estimate disagrees with records

5+ unit building — per-unit beds/baths from public records are typically unavailable; the breakdown below (if shown) is an estimate from the listing text.

Listing remarks MLS

Location is everything! Situated on a high traffic street with excellent visibility and close to major highways. Property features two separate dwellings, ideal for owner-occupants, investors, or business owners. Live in one unit and rent the other, or operate a business with maximum exposure. Second unit is near completion all materials are on site and ready to finish( Over 6k in materials). Large garage with electricity offers potential for a third unit or business storage. Ample parking and strong income potential. Rare opportunity!

Key facts

• 0.4 acre lot
• 2 garage spots
• Built 1927

What this means for you Summary

Snapshot

• This is a 3-bed/2.0-bath multifamily listed at $275k.

Deal economics

• At list price, monthly cash flow is $1k ($17k/yr) — positive.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($4k rent vs $275k).
• Recommended offer: $242k (12.0% below list) — sets the bar for market timing.
• Cap rate 12.9% vs local median 3.8% in Waynesboro — top-decile yield for the area; either an underpriced asset or a hidden risk that comps aren't pricing in. Stress-test before assuming the spread holds.

Location & tenants

• Location reads 78/100 on livability (#280 in PA, #2,482 nationally) — a middle-class / working-renter tenant base. Strengths: cost of living A+, housing A+, health & safety A+; Watch: employment D, commute F.
• Waynesboro Area SD (town): math 36% / reading 52% proficiency, ranked #283 of 539 in PA (top 52%) — families likely to look elsewhere, expect single-tenant / working-renter base with shorter leases.
• Market conditions: 230 active listings in the ZIP; 4 comparable units currently listed for rent nearby; rentals lingering (median 45d on market — plan ~5-8 weeks vacancy on turnover, expect pricing pressure); 75% of comp listings sitting > 30 days — soft ceiling on asking rent; 633 units permitted in Franklin County in 2024 (112 in 5+ unit buildings).
• At $4,103/mo this rent would consume 67% of the median local household income ($73k/yr) (locally 539% of renters already pay >50% of income on rent) — very limited rent-growth headroom before tenants either downsize or default.

Forward outlook

• Local home prices are declining (-3.0%/yr); year-one equity from $2k of loan paydown is wiped out by about $8k of value loss. Plan a longer hold.
• At projected returns (-3.0% appreciation + 3.0% rent growth), your $77k cash investment doubles in ~6 years — after that, you're playing with house money.

Negotiation context

• It's been on market 133 days — a 12% lower offer ($242k) is reasonable based on typical stale-listing flexibility.
• 3 sale attempts since 24y ago with the ask held roughly flat each time — persistent listings suggest the price (not the market) is what's stuck; bring a comps-based counter.
• Current owner paid $143k; list at $275k implies a 92% gain — meaningful room to come down on a strong offer.

Risks & watch-outs

• Watch-outs: flood insurance adds $66/mo; built in 1927 — expect roof / HVAC / electrical / plumbing capex.
• Climate carrying-cost: major flood risk; extreme-heat days projected 7→16/yr by 2055 (HVAC capex compounding) — expect insurance premiums to compound above CPI over the hold.

Recommended offer $242,000 (12.0% below list)

Questions for the listing agent

1. It's been on market 133 days. Have you received any prior offers? Is the seller open to a 12% concession, seller financing, or rate buy-down credit?
2. Built in 1927 — when were the roof, HVAC, electrical panel, plumbing, and water heater last replaced?
3. What's the actual annual flood-insurance premium (NFIP or private), and is the property in a SFHA with mandatory coverage?
4. Why hasn't it sold? Are there any deal-killer items the seller is aware of (foundation, flood, title, zoning, code violations)?
5. Is there a deadline driving the sale (1031 exchange, divorce, estate, relocation)? That informs how much negotiation room exists.
6. Schools are B-rated — typically a magnet for longer-tenancy family renters. What's the average tenant stay here, and is there a school-zone premium baked into asking?
7. What's the average days-on-market for RENTAL listings here right now (not sales)? A rising rental-DOM trend means longer vacancies and softer asking-rent achievability than the comps imply.
8. What's the recent tenant-quality profile in this submarket — average credit score on applications, eviction rate, late-payment / NSF rate, and stable-employment percentage? A property-management company in the area should have these aggregated.
9. How much new apartment / multifamily construction is in the pipeline within 1–3 miles? Heavy new supply (>2% of stock underway) typically softens rents 12–24 months out; light construction supports rent growth.

Investment metrics

• 1% rule: 1.49% ✓
• Cap rate: 12.90%
• Cash-on-cash: 23.61%
• DSCR: 2.05
• GRM: 5.6

CMA / ARV

• ARV (median comp): $283,420
• List price: $275,000
• Delta: -2.97%
• Verdict: FAIR
• Comps: 20 within 1.0 mi

Show comp detail 1 sale within ~0.75 mi

Address	Dist	Beds/Ba	Sqft	Sold	Price	$/sf	Match
164 Hamilton Ave	0.54mi	3/2.0	1,804 (+0%)	2mo	$234,900	$130	73

Match score weights: distance 35% · size 25% · config 20% · recency 20%. Top-matched comps best support the ARV.

Projected returns pro-forma

-3.0% appreciation · 3.0% rent growth · sell at horizon

5-year hold

• IRR: 15.4%
• Equity multiple: 1.62×
• Total profit: $47,686
• Equity at exit: $41,003

10-year hold

• IRR: 24.1%
• Equity multiple: 3.08×
• Total profit: $160,295
• Equity at exit: $23,777

Cash invested: $77,000 (down + closing). Projections, not guarantees.

Landlord ↔ Tenant lean methodology

• Overall (STATE): 62 Landlord-Friendly
• State Pennsylvania: 62 Landlord-Friendly · EVEN
• County: — inherits STATE
• City: — inherits STATE

10-day notice; Philadelphia has eviction-court diversion + some protections; otherwise moderate.

Methodology + full state rankings →

ZIP-level market 17268

• Active inventory: 230
• Price-to-rent: 16.8×

Monthly cashflow live

• Estimated rent: $4,103 medium
• Mortgage (P&I): −$1,442
• Tax from tax record: −$170 /mo · $2,037/yr
• Insurance: −$115
• Flood insurance flood zone: −$66 /mo · $798/yr
• HOA: −$0
• Vacancy / Maint / Mgmt: −$862
• Net cashflow: $1,448

Break-even live

Break-even rent $2,270

Max offer price $275,000

Occupancy floor 60%

Sensitivity live

Price	-10% $1,604	-5% $1,526	+0% $1,448	+5% $1,371	+10% $1,293
Rent	-10% $1,124	-5% $1,286	+0% $1,448	+5% $1,611	+10% $1,773
Rate	-1.0pp $1,587	-0.5pp $1,518	base $1,448	+0.5pp $1,377	+1.0pp $1,305

3-unit breakdown (identical units grouped — click to expand)

Units	Beds	Baths	Est. rent
▸ 3× units	3	2	$4,104
Total (3 units)			$4,103

UW: 25.0% down · 7.5% · 30yr · 1.5% tax · 5.0% vac · 8.0% maint · 8.0% mgmt

Financing live

Cash to close

• Down payment: $68,750
• Closing costs: $8,250
• Reserves months: —
• Total cash needed: —

Rent comps 4 comps

Address	Beds	Baths	Sqft	Rent	$/sqft	DOM	Units	Dist
457 Frick Ave Waynesboro, PA	3.0	2.5	2193	$2,200	$1.00	22d	1	0.45mi
228 Ridge Ave Waynesboro, PA	3.0	1.0	1300	$1,500	$1.15	44d	1	0.49mi
230 W 2nd St Unit A Waynesboro, PA	2.0	2.0	2000	$1,200	$0.60	44d	1	0.59mi
23 Philadelphia Ave Waynesboro, PA	3.0	3.0	1985	$2,200	$1.11	44d	1	0.83mi

Listing history 24 events

1. 2026-06-18
   days on market $275,000 Active 133 DOM
2. 2026-06-17
   days on market $275,000 Active 132 DOM
3. 2026-06-16
   days on market $275,000 Active 131 DOM
4. 2026-06-15
   days on market $275,000 Active 130 DOM
5. 2026-06-14
   days on market $275,000 Active 128 DOM
6. 2026-06-13
   days on market $275,000 Active 127 DOM
7. 2026-06-10
   days on market $275,000 Active 125 DOM
8. 2026-06-09
   days on market $275,000 Active 124 DOM
9. 2026-06-08
   days on market $275,000 Active 123 DOM
10. 2026-06-07
    days on market $275,000 Active 122 DOM
11. 2026-06-05
    days on market $275,000 Active 119 DOM
12. 2026-06-03
    days on market $275,000 Active 118 DOM
13. 2026-06-02
    days on market $275,000 Active 117 DOM
14. 2026-06-01
    days on market $275,000 Active 116 DOM
15. 2026-05-31
    days on market $275,000 Active 115 DOM
16. 2026-05-30
    days on market $275,000 Active 114 DOM
17. 2026-02-06
    listed $275,000 Active 541-char remark

    Show marketing remark (541 chars)

    Location is everything! Situated on a high traffic street with excellent visibility and close to major highways. Property features two separate dwellings, ideal for owner-occupants, investors, or business owners. Live in one unit and rent the other, or operate a business with maximum exposure. Second unit is near completion all materials are on site and ready to finish( Over 6k in materials). Large garage with electricity offers potential for a third unit or business storage. Ample parking and strong income potential. Rare opportunity!

18. 2026-01-23
    historical $275,000 541-char remark

    Show marketing remark (541 chars)

    Location is everything! Situated on a high traffic street with excellent visibility and close to major highways. Property features two separate dwellings, ideal for owner-occupants, investors, or business owners. Live in one unit and rent the other, or operate a business with maximum exposure. Second unit is near completion all materials are on site and ready to finish( Over 6k in materials). Large garage with electricity offers potential for a third unit or business storage. Ample parking and strong income potential. Rare opportunity!

19. 2006-04-28
    soldstatus $143,000 426-char remark

    Show marketing remark (426 chars)

    FIRST TIME HOMEBUYERS & INVESTORS. THIS IS THE HOUSE FOR YOU. $2,000 ALLOW. FOR CARPET & EXT. PAINT W/ ACCEPT. OFFER. CONV. LOC. ON THE EDGE OF TOWN 2 STORY COL. W/ PART. FIN. BASEMENT(JUST NEEDS FLOORING), LR, DR, DEN, 3 BDS, 2 FULL BA'S, APPL. 'S CONVEY IN THE UPDATED EAT-IN KIT. ENCL. REAR PORCH. UPDATED ELEC. SELLER TO REPLACE H2O HTR. LARGE LOT W/ PLENTY OF PARKING + A 2 CAR GAR. SQ. FT. & AGE APPROX.

20. 2006-03-29
    historical 426-char remark

    Show marketing remark (426 chars)

    FIRST TIME HOMEBUYERS & INVESTORS. THIS IS THE HOUSE FOR YOU. $2,000 ALLOW. FOR CARPET & EXT. PAINT W/ ACCEPT. OFFER. CONV. LOC. ON THE EDGE OF TOWN 2 STORY COL. W/ PART. FIN. BASEMENT(JUST NEEDS FLOORING), LR, DR, DEN, 3 BDS, 2 FULL BA'S, APPL. 'S CONVEY IN THE UPDATED EAT-IN KIT. ENCL. REAR PORCH. UPDATED ELEC. SELLER TO REPLACE H2O HTR. LARGE LOT W/ PLENTY OF PARKING + A 2 CAR GAR. SQ. FT. & AGE APPROX.

21. 2006-03-27
    listed $139,900 426-char remark

    Show marketing remark (426 chars)

    FIRST TIME HOMEBUYERS & INVESTORS. THIS IS THE HOUSE FOR YOU. $2,000 ALLOW. FOR CARPET & EXT. PAINT W/ ACCEPT. OFFER. CONV. LOC. ON THE EDGE OF TOWN 2 STORY COL. W/ PART. FIN. BASEMENT(JUST NEEDS FLOORING), LR, DR, DEN, 3 BDS, 2 FULL BA'S, APPL. 'S CONVEY IN THE UPDATED EAT-IN KIT. ENCL. REAR PORCH. UPDATED ELEC. SELLER TO REPLACE H2O HTR. LARGE LOT W/ PLENTY OF PARKING + A 2 CAR GAR. SQ. FT. & AGE APPROX.

22. 2002-12-05
    soldstatus $80,000
23. 2002-10-25
    historical
24. 2002-04-16
    listed $80,000

ⓘ Source: listings_history table (triggers on properties + properties_extension) + one-shot backfill from property_details.listing_events for pre-trigger history.

Tax reassessment forecast PA · Partial reset (capped growth)

• Current annual tax: $2,037 · $170/mo
• Projected year-2 tax: $3,191 · $266/mo
• Expected delta: +$1,154/yr (+$96/mo · 56.6%)

ⓘ Screening estimate from a state-policy table — verify with the county assessor before closing.

Climate risk First Street

• 🌊 Flood 7/10 Severe FEMA zone X (unshaded) · 99% chance over 30 yrs
• 🔥 Wildfire 1/10 Low
• 🌡 Heat 5/10 Major 7 d/yr ≥100°F today · 16 d/yr by 30 yrs out
• 💨 Wind 2/10 Low 3% chance of damaging wind over 30 yrs
• 🫁 Air quality 2/10 Low 1 unhealthy d/yr today · 2 by 30 yrs out

Taxation est. · year 1

• Rental income: $49,236
• − Mortgage interest: −$15,404
• − Property taxes: −$2,037
• − Insurance: −$2,172
• − Repairs & maintenance: −$3,939
• − Management: −$3,939
• − Depreciation: −$8,000
• Taxable income: $13,744
• Est. tax owed @ 24.0%: −$3,299
• After-tax cash flow: $14,083/yr

For passive investors: Depreciation is non-cash, so a rental often shows a tax loss while cash-flowing — sheltering income. Rental losses are passive: they offset passive income freely, and up to $25,000/yr can offset ordinary (W-2) income if you actively participate and your MAGI is under $100k (phasing out to $0 by $150k); unused losses carry forward. On sale, claimed depreciation is recaptured at up to 25%, and gains may owe capital-gains tax (a 1031 exchange can defer both). Figures are a year-1 estimate at your 24.0% rate — not tax advice; consult a CPA.

Schools (NCES district)

• District: Waynesboro Area SD
• NCES district ID: 4225110
• Math proficiency: 36% ▼ -15.00%
• Reading proficiency: 52% ▼ -15.00%
• Median HH income: $50,445
• Composite: 37.79/100
• National rank: #4342
• State rank: #283 of 539 in PA

Livability — Waynesboro

• Score: 78/100
• State rank: #280
• US rank: #2482

Category grades

Amenities B Commute F Cost of living A+ Crime A Employment D Housing A+ Health & safety A+ User ratings B-

Schools grade is shown separately in the Schools card above.

Census & demographics

• Census place: Waynesboro, PA
• County: Franklin County · 56,916 people
• City population: 29,362
• Metro: Chambersburg-Waynesboro, PA
• Population (ZIP): 29,362
• Household income: $73,161
• Rent vs Own: 28.8% rent · 71.2% own
• Severe rent burden: 539.0

Population outlook (Franklin County) Hauer SSP2

• Today (2025): 157,827 people
• By 2030: 158,933 · +0.7%
• By 2040: 159,060 · +0.8%
• By 2050: 155,132 · -1.7%
• By 2075: 138,545 · -12.2%
• By 2100: 112,321 · -28.8%

Race, ethnicity, and origin ACS 2023

• Neighborhood character: Predominantly White (86%)
• Race & ethnicity: White 86% Hispanic / Latino 7% Two or more races 6% Black 3%
• Hispanic origin (detail): Mexican 2% Puerto Rican 3%
• Common ancestry: Lithuanian 3% Romanian 2% Slovak 2%
• Foreign-born: 3% · Canada
• Languages at home: 95% English-only · Spanish 4%

Political lean MEDSL · Franklin

• 2024 margin: Solid R (+43.0) · D 28.1% · R 71.1%
• 2008→2024 swing: -10.4pp toward R · 2008: -32.6pp · 2024: -43.0pp
• All cycles: 2024: R+43.0 2020: R+43.1 2016: R+46.5 2012: R+38.5 2008: R+32.6

Not yet ingested

• Civics: —

Market trends

• HPI YoY: ▼ -113.20%
• Current HPI: 189.6931
• Rent YoY: —
• Metro: Chambersburg-Waynesboro, PA
• State GDP YoY: ▲ 1.68%
• F500 in state: 34

Industry mix (Fortune 500 HQ in PA)

Industry	F500 HQs	Revenue
▸Healthcare	2	$309B
▸Insurance	2	$27B
▸Telecommunications / Media	1	$124B
▸Industrial Distribution	1	$22B
▸Financial Services	1	$20B
▸Chemicals / Materials	1	$18B

Price history

+243.8% since first listed

8 events — show timeline

• 2026-02-06 Listed $275,000 BRIGHT MLS
• 2026-01-23 Coming Soon $275,000 BRIGHT MLS
• 2006-04-28 Sold (MLS) $143,000 MRIS
• 2006-03-29 Delisted — MRIS
• 2006-03-27 Listed $139,900 MRIS
• 2002-12-05 Sold (MLS) $80,000 MRIS
• 2002-10-25 Delisted — MRIS
• 2002-04-16 Listed $80,000 MRIS

Property tax history

+13.6%/yr

Latest (2026): $2,037 · +8.3% YoY. Source: county tax records.