628 Augusta Ave N · Waynesboro, VA 22980

$145,000

2 bd · 1.0 ba · 976 sqft · Other public records · 94 Days on market

Built 1928 4,356 sqft lot $149/sqft · 35% below area Est $222k · 35% under

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Why this score? — see what drove the C- 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 +15.8/30.0
• ARV discount +15.0/15.0
• DSCR +4.9/10.0
• Rent growth +4.7/5.0
• Schools +3.9/10.0
• Livability +3.7/5.0
• 1% rule +3.4/10.0
• Condition / age +2.5/5.0
• Appreciation +0.0/10.0

Listing remarks MLS

Charming 2-bedroom, 1-bath home offering 976 square feet of living space, conveniently located in the City of Waynesboro. This property presents a great opportunity for investors or buyers looking to live in the city at a great price point. Property is being sold as-is.

Key facts

• 4,356 sq ft lot
• Built 1928
• Listed 94 days

What this means for you Summary

Snapshot

• This is a 2-bed/1.0-bath other listed at $145k.

Deal economics

• At list price, monthly cash flow is $68 ($811/yr) — positive.
• The deal already cash-flows at list — no discount required.
• To meet the 1% rule (rent ≥ 1% of price), the offer needs to be $122k (16.0% below list).
• Recommended offer: $122k (16.0% below list) — sets the bar for 1% rule.
• Cap rate 6.9% vs local median 3.3% 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 74/100 on livability (#155 in VA, #4,902 nationally) — a middle-class / working-renter tenant base. Strengths: cost of living A+, health & safety A+, housing A; Watch: employment D, commute F.
• Waynesboro City Public School District (urban): math 35% / reading 57% proficiency, ranked #108 of 131 in VA (top 82%) — families likely to look elsewhere, expect single-tenant / working-renter base with shorter leases.
• Market conditions: Rents rising fast (+8.9%/yr); 302 active listings in the ZIP; 3 comparable units currently listed for rent nearby; rentals lingering (median 45d on market — plan ~5-8 weeks vacancy on turnover, expect pricing pressure); 100% of comp listings sitting > 30 days — soft ceiling on asking rent; 138 units permitted in Waynesboro city in 2024 (0 in 5+ unit buildings).

Forward outlook

• Local home prices are declining (-3.0%/yr); year-one equity from $1k of loan paydown is wiped out by about $4k of value loss. Plan a longer hold.
• Waynesboro County population projected at +3% by 2050 — modest demand growth; plan on rents tracking national, not racing it.

Negotiation context

• It's been on market 94 days — a 9% lower offer ($132k) is reasonable based on typical stale-listing flexibility.
• 4 sale attempts since 2y ago; this cycle's ask has dropped $30k (17%) from the opening price — seller is motivated, your offer sets the floor, not the list.
• Current owner paid $95k; list at $145k implies a 53% gain — meaningful room to come down on a strong offer.

Risks & watch-outs

• Watch-outs: built in 1928 — expect roof / HVAC / electrical / plumbing capex.
• Climate carrying-cost: extreme-heat days projected 7→19/yr by 2055 (HVAC capex compounding) — expect insurance premiums to compound above CPI over the hold.

Recommended offer $121,869 (16.0% below list)

Questions for the listing agent

1. It's been on market 94 days. Have you received any prior offers? Is the seller open to a 16% concession, seller financing, or rate buy-down credit?
2. Built in 1928 — when were the roof, HVAC, electrical panel, plumbing, and water heater last replaced?
3. Why hasn't it sold? Are there any deal-killer items the seller is aware of (foundation, flood, title, zoning, code violations)?
4. Is there a deadline driving the sale (1031 exchange, divorce, estate, relocation)? That informs how much negotiation room exists.
5. 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?
6. 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.
7. 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.
8. How much new for-sale + rental construction is in the pipeline within 1–3 miles? Heavy new supply typically softens prices + rents 12–24 months out; constrained supply supports both.

Investment metrics

• 1% rule: 0.84% ✗
• Cap rate: 6.85%
• Cash-on-cash: 2.00%
• DSCR: 1.09
• GRM: 9.9

CMA / ARV

• ARV (median comp): $222,491
• List price: $145,000
• Delta: -34.83%
• Verdict: UNDERPRICED
• Comps: 20 within 1.0 mi

Projected returns pro-forma

-3.0% appreciation · 8.0% rent growth · sell at horizon

5-year hold

• IRR: -8.2%
• Equity multiple: 0.68×
• Total profit: $-12,797
• Equity at exit: $21,620

10-year hold

• IRR: 6.4%
• Equity multiple: 1.58×
• Total profit: $23,522
• Equity at exit: $12,537

Cash invested: $40,600 (down + closing). Projections, not guarantees.

Landlord ↔ Tenant lean methodology

• Overall (STATE): 55 Moderately Landlord-Leaning
• State Virginia: 55 Moderately Landlord-Leaning · D+2
• County: — inherits STATE
• City: — inherits STATE

VRLTA gives some tenant protections; Northern Virginia courts slower; rural VA landlord-leaning.

Methodology + full state rankings →

ZIP-level market 22980

• Rents YoY: 8.9%
• Active inventory: 302
• Price-to-rent: 9.9×

Monthly cashflow live

• Estimated rent: $1,219 medium
• Mortgage (P&I): −$760
• Tax from tax record: −$74 /mo · $892/yr
• Insurance: −$60
• HOA: −$0
• Vacancy / Maint / Mgmt: −$256
• Net cashflow: $68

Break-even live

Break-even rent $1,133

Max offer price $145,000

Occupancy floor 89%

Sensitivity live

Price	-10% $150	-5% $109	+0% $68	+5% $27	+10% $-14
Rent	-10% $-29	-5% $19	+0% $68	+5% $116	+10% $164
Rate	-1.0pp $141	-0.5pp $104	base $68	+0.5pp $30	+1.0pp $-8

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: $36,250
• Closing costs: $4,350
• Reserves months: —
• Total cash needed: —

Rent comps 3 comps

Address	Beds	Baths	Sqft	Rent	$/sqft	DOM	Units	Dist
280 N Commerce Ave Waynesboro, VA	1.0–2.0	1.0	775	$975	$1.26	44d	1	0.43mi
605 Hamlet Ave Unit I Waynesboro, VA	2.0	1.5	1050	$1,200	$1.14	44d	1	0.44mi
600 E Main St Unit 6-2 Waynesboro, VA	2.0	1.0	800	$1,299	$1.62	44d	1	0.64mi

Listing history 13 events

1. 2026-04-17
   status Active 270-char remark

   Show marketing remark (270 chars)

   Charming 2-bedroom, 1-bath home offering 976 square feet of living space, conveniently located in the City of Waynesboro. This property presents a great opportunity for investors or buyers looking to live in the city at a great price point. Property is being sold as-is.

2. 2026-04-17
   price $145,000 270-char remark

   Show marketing remark (270 chars)

   Charming 2-bedroom, 1-bath home offering 976 square feet of living space, conveniently located in the City of Waynesboro. This property presents a great opportunity for investors or buyers looking to live in the city at a great price point. Property is being sold as-is.

3. 2026-03-16
   status Pending 270-char remark

   Show marketing remark (270 chars)

   Charming 2-bedroom, 1-bath home offering 976 square feet of living space, conveniently located in the City of Waynesboro. This property presents a great opportunity for investors or buyers looking to live in the city at a great price point. Property is being sold as-is.

4. 2026-03-15
   historical 270-char remark

   Show marketing remark (270 chars)

   Charming 2-bedroom, 1-bath home offering 976 square feet of living space, conveniently located in the City of Waynesboro. This property presents a great opportunity for investors or buyers looking to live in the city at a great price point. Property is being sold as-is.

5. 2026-03-05
   price $160,000 270-char remark

   Show marketing remark (270 chars)

   Charming 2-bedroom, 1-bath home offering 976 square feet of living space, conveniently located in the City of Waynesboro. This property presents a great opportunity for investors or buyers looking to live in the city at a great price point. Property is being sold as-is.

6. 2026-02-11
   price $165,000 270-char remark

   Show marketing remark (270 chars)

   Charming 2-bedroom, 1-bath home offering 976 square feet of living space, conveniently located in the City of Waynesboro. This property presents a great opportunity for investors or buyers looking to live in the city at a great price point. Property is being sold as-is.

7. 2026-01-21
   listed $175,000 Active 270-char remark

   Show marketing remark (270 chars)

   Charming 2-bedroom, 1-bath home offering 976 square feet of living space, conveniently located in the City of Waynesboro. This property presents a great opportunity for investors or buyers looking to live in the city at a great price point. Property is being sold as-is.

8. 2025-08-17
   price $178,000
9. 2025-07-25
   listed $185,000 Active
10. 2024-09-11
    soldstatus $95,000
11. 2024-09-10
    soldstatus $95,000 Sold
12. 2024-08-23
    status Pending
13. 2024-08-16
    listed $129,900 Active

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

Tax reassessment forecast VA · Resets to sale price

• Current annual tax: $892 · $74/mo
• Projected year-2 tax: $1,189 · $99/mo
• Expected delta: +$297/yr (+$25/mo · 33.3%)

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

Climate risk First Street

• 🌊 Flood 1/10 Low FEMA zone X (unshaded) · 0% chance over 30 yrs
• 🔥 Wildfire 2/10 Low
• 🌡 Heat 5/10 Major 7 d/yr ≥99°F today · 19 d/yr by 30 yrs out
• 💨 Wind 2/10 Low 100% chance of damaging wind over 30 yrs
• 🫁 Air quality 1/10 Low 0 unhealthy d/yr today · 0 by 30 yrs out

Taxation est. · year 1

• Rental income: $14,624
• − Mortgage interest: −$8,122
• − Property taxes: −$892
• − Insurance: −$725
• − Repairs & maintenance: −$1,170
• − Management: −$1,170
• − Depreciation: −$4,218
• Taxable loss: −$1,673
• Est. tax savings @ 24.0%: +$402
• After-tax cash flow: $1,213/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 City Public School District
• NCES district ID: 5103930
• Math proficiency: 35% ▼ -36.00%
• Reading proficiency: 57% ▼ -10.00%
• Median HH income: $43,171
• Composite: 38.73/100
• National rank: #4131
• State rank: #108 of 131 in VA

Livability — Waynesboro

• Score: 74/100
• State rank: #155
• US rank: #4902

Category grades

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

Schools grade is shown separately in the Schools card above.

Census & demographics

• Census place: Waynesboro, VA
• County: Waynesboro City · 32,965 people
• City population: 32,965
• Metro: Staunton, VA
• Population (ZIP): 32,965
• Household income: $63,943
• Rent vs Own: 31.2% rent · 68.8% own
• Severe rent burden: 858.0

Population outlook (Waynesboro County) Hauer SSP2

• Today (2025): 22,329 people
• By 2030: 22,567 · +1.1%
• By 2040: 22,947 · +2.8%
• By 2050: 23,061 · +3.3%
• By 2075: 22,739 · +1.8%
• By 2100: 21,058 · -5.7%

Race, ethnicity, and origin ACS 2023

• Neighborhood character: Predominantly White (77%)
• Race & ethnicity: White 77% Hispanic / Latino 9% Black 8% Two or more races 7% Asian 1%
• Hispanic origin (detail): Mexican 6% Puerto Rican 1%
• Common ancestry: Slovak 2% Italian 2% Serbian 2%
• Foreign-born: 5% · Canada, Vietnam
• Languages at home: 93% English-only · Spanish 5% Vietnamese 1% Other Indo-European 1%

Political lean MEDSL · Waynesboro

• 2024 margin: Lean R (+5.7) · D 46.5% · R 52.2% · Other 1.4%
• 2008→2024 swing: +4.6pp toward D · 2008: -10.3pp · 2024: -5.7pp
• All cycles: 2024: R+5.7 2020: R+5.1 2016: R+11.4 2012: R+10.9 2008: R+10.3

Not yet ingested

• Civics: —

Market trends

• HPI YoY: ▼ -216.72%
• Current HPI: 183.3216
• Rent YoY: ▲ 8.88%
• Metro: Staunton, VA
• State GDP YoY: ▲ 2.40%
• F500 in state: 50

Industry mix (Fortune 500 HQ in VA)

Industry	F500 HQs	Revenue
▸Aerospace / Defense	4	$236B
▸Technology / Defense	3	$32B
▸Financial Services	2	$176B
▸Utilities	2	$27B
▸Insurance	2	$25B
▸Technology	2	$15B

Price history

+11.6% since first listed

13 events — show timeline

• 2026-04-17 Relisted — CAAR
• 2026-04-17 Price Changed $145,000 CAAR
• 2026-03-16 Pending — CAAR
• 2026-03-15 Listing Removed — CAAR
• 2026-03-05 Price Changed $160,000 CAAR
• 2026-02-11 Price Changed $165,000 CAAR
• 2026-01-21 Listed $175,000 CAAR
• 2025-08-17 Price Changed $178,000 GAAR
• 2025-07-25 Listed $185,000 GAAR
• 2024-09-11 Sold (Public Records) $95,000 Public Records
• 2024-09-10 Sold (MLS) $95,000 CAAR
• 2024-08-23 Pending — CAAR
• 2024-08-16 Listed $129,900 CAAR

Property tax history

+8.7%/yr

Latest (2025): $892 · +18.2% YoY. Source: county tax records.