373 Magnolia Ave S · Waynesboro, VA 22980

$249,999

3 bd · 2.0 ba · 1,345 sqft · Other public records · 443 Days on market

Built 1920

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Why this score? — see what drove the D 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 +13.1/30.0
• ARV discount +7.5/15.0
• Rent growth +4.7/5.0
• DSCR +3.9/10.0
• Schools +3.9/10.0
• Livability +3.7/5.0
• 1% rule +2.8/10.0
• Condition / age +2.5/5.0
• Appreciation +0.0/10.0

Listing remarks MLS

Popular Tree Street Location Convenient to Shopping, Restaurants, And Downtown Waynesboro. Enjoy a Short Walk to Ridgeview Park. This 3 Bedroom 2 Bath Home Features Refinished Hardwood Floors, Central Heat and AC, Large Garden Tub, Large Fenced Backyard Perfect for Your Garden, Deck in the back for entertaining, Very Nice Newer Storage Building. Short Commute to Charlottesville. Come see all this Home has to Offer!

Key facts

• Tree street location
• Deck in the back
• Built 1920

Tags

• TREE STREET LOCATION
• SHORT WALK TO RIDGEVIEW PARK
• LARGE FENCED BACKYARD
• DECK IN THE BACK
• NEWER STORAGE BUILDING

What this means for you Summary

Snapshot

• This is a 3-bed/2.0-bath other listed at $250k.

Deal economics

• At list price, monthly cash flow is $-8 ($-91/yr) — negative.
• To cash-flow at today's rent, offer at most $249k (0.5% below list).
• To meet the 1% rule (rent ≥ 1% of price), the offer needs to be $195k (21.8% below list).
• Recommended offer: $195k (21.8% below list) — sets the bar for 1% rule.
• Cap rate 6.3% 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.
• Zoned schools: Westwood Hills Elementary (math 42% / reading 67%, grade C, #650 of 1,108 statewide, top 62%, 384 students, 87% FRL); Kate Collins Middle (math 28% / reading 57%, grade D-, #291 of 342 statewide, top 86%, 644 students, 86% FRL); Waynesboro High (math 47% / reading 72%, grade C+, #247 of 319 statewide, top 80%, 905 students, 87% FRL) — zoned schools average 86% FRL vs 50% district-wide (36 pts higher); higher-poverty schools than district average — tighter screening recommended.
• Market conditions: Rents rising fast (+8.9%/yr); 304 active listings in the ZIP; 3 comparable units currently listed for rent nearby; rentals lingering (median 46d 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).
• This rent runs 37% of the median local income ($64k/yr) — at the standard rent-burdened threshold; future hikes will face affordability resistance.

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.
• 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 443 days — a 12% lower offer ($220k) is reasonable based on typical stale-listing flexibility.
• 3 sale attempts since 15y ago; this cycle's ask has dropped $20k (7%) from the opening price — seller is motivated, your offer sets the floor, not the list.
• Current owner paid $54k; list at $250k implies a 363% gain — meaningful room to come down on a strong offer.

Risks & watch-outs

• Watch-outs: built in 1920 — 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 $195,437 (21.8% below list)

Questions for the listing agent

1. What do current leases actually rent for vs. the listed asking? Can we see a recent rent roll and the last 12 months of T-12 income?
2. It's been on market 443 days. Have you received any prior offers? Is the seller open to a 22% concession, seller financing, or rate buy-down credit?
3. Built in 1920 — when were the roof, HVAC, electrical panel, plumbing, and water heater last replaced?
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. The area grade is low — what's the realistic commute time and amenity access for the typical tenant pool here? Any planned neighborhood developments (good or bad) we should know about?
8. 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.
9. 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.
10. 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: 0.78% ✗
• Cap rate: 6.26%
• Cash-on-cash: -0.13%
• DSCR: 0.99
• GRM: 10.7

CMA / ARV

No comps found within radius.

Projected returns pro-forma

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

5-year hold

• IRR: -11.6%
• Equity multiple: 0.56×
• Total profit: $-30,743
• Equity at exit: $37,276

10-year hold

• IRR: 3.2%
• Equity multiple: 1.28×
• Total profit: $19,299
• Equity at exit: $21,615

Cash invested: $70,000 (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: 304
• Price-to-rent: 10.7×

Monthly cashflow live

• Estimated rent: $1,954 medium
• Mortgage (P&I): −$1,311
• Tax from tax record: −$136 /mo · $1,636/yr
• Insurance: −$104
• HOA: −$0
• Vacancy / Maint / Mgmt: −$410
• Net cashflow: $-8

Break-even live

Break-even rent $1,964

Max offer price $248,663

Occupancy floor 95%

Sensitivity live

Price	-10% $134	-5% $63	+0% $-8	+5% $-78	+10% $-149
Rent	-10% $-162	-5% $-85	+0% $-8	+5% $70	+10% $147
Rate	-1.0pp $118	-0.5pp $56	base $-8	+0.5pp $-72	+1.0pp $-138

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: $62,500
• Closing costs: $7,500
• Reserves months: —
• Total cash needed: —

Rent comps 3 comps

Address	Beds	Baths	Sqft	Rent	$/sqft	DOM	Units	Dist
236 Willowshire Ct Waynesboro, VA	3.0	3.0	1851	$2,100	$1.13	45d	1	1.13mi
113 Oakshire Ct Waynesboro, VA	4.0	3.5	1851	$2,285	$1.23	45d	1	1.18mi
1048 Bridge Ave Waynesboro, VA	2.0	2.0	1400	$1,750	$1.25	45d	1	1.31mi

Listing history 8 events

1. 2026-05-03
   status Pending 418-char remark

   Show marketing remark (418 chars)

   Popular Tree Street Location Convenient to Shopping, Restaurants, And Downtown Waynesboro. Enjoy a Short Walk to Ridgeview Park. This 3 Bedroom 2 Bath Home Features Refinished Hardwood Floors, Central Heat and AC, Large Garden Tub, Large Fenced Backyard Perfect for Your Garden, Deck in the back for entertaining, Very Nice Newer Storage Building. Short Commute to Charlottesville. Come see all this Home has to Offer!

2. 2025-08-19
   price $249,999 418-char remark

   Show marketing remark (418 chars)

   Popular Tree Street Location Convenient to Shopping, Restaurants, And Downtown Waynesboro. Enjoy a Short Walk to Ridgeview Park. This 3 Bedroom 2 Bath Home Features Refinished Hardwood Floors, Central Heat and AC, Large Garden Tub, Large Fenced Backyard Perfect for Your Garden, Deck in the back for entertaining, Very Nice Newer Storage Building. Short Commute to Charlottesville. Come see all this Home has to Offer!

3. 2025-07-23
   price $259,900 418-char remark

   Show marketing remark (418 chars)

   Popular Tree Street Location Convenient to Shopping, Restaurants, And Downtown Waynesboro. Enjoy a Short Walk to Ridgeview Park. This 3 Bedroom 2 Bath Home Features Refinished Hardwood Floors, Central Heat and AC, Large Garden Tub, Large Fenced Backyard Perfect for Your Garden, Deck in the back for entertaining, Very Nice Newer Storage Building. Short Commute to Charlottesville. Come see all this Home has to Offer!

4. 2025-04-04
   status Active 418-char remark

   Show marketing remark (418 chars)

   Popular Tree Street Location Convenient to Shopping, Restaurants, And Downtown Waynesboro. Enjoy a Short Walk to Ridgeview Park. This 3 Bedroom 2 Bath Home Features Refinished Hardwood Floors, Central Heat and AC, Large Garden Tub, Large Fenced Backyard Perfect for Your Garden, Deck in the back for entertaining, Very Nice Newer Storage Building. Short Commute to Charlottesville. Come see all this Home has to Offer!

5. 2025-03-17
   status Pending 418-char remark

   Show marketing remark (418 chars)

   Popular Tree Street Location Convenient to Shopping, Restaurants, And Downtown Waynesboro. Enjoy a Short Walk to Ridgeview Park. This 3 Bedroom 2 Bath Home Features Refinished Hardwood Floors, Central Heat and AC, Large Garden Tub, Large Fenced Backyard Perfect for Your Garden, Deck in the back for entertaining, Very Nice Newer Storage Building. Short Commute to Charlottesville. Come see all this Home has to Offer!

6. 2025-01-23
   listed $269,900 Active 418-char remark

   Show marketing remark (418 chars)

   Popular Tree Street Location Convenient to Shopping, Restaurants, And Downtown Waynesboro. Enjoy a Short Walk to Ridgeview Park. This 3 Bedroom 2 Bath Home Features Refinished Hardwood Floors, Central Heat and AC, Large Garden Tub, Large Fenced Backyard Perfect for Your Garden, Deck in the back for entertaining, Very Nice Newer Storage Building. Short Commute to Charlottesville. Come see all this Home has to Offer!

7. 2011-05-09
   soldstatus $54,000 55-char remark

   Show marketing remark (55 chars)

   Updated bath. Level corner lot. Sold "As-Is".

8. 2011-01-04
   listed $69,900 55-char remark

   Show marketing remark (55 chars)

   Updated bath. Level corner lot. Sold "As-Is".

ⓘ 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: $1,636 · $136/mo
• Projected year-2 tax: $2,050 · $171/mo
• Expected delta: +$414/yr (+$35/mo · 25.3%)

ⓘ 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 ≥100°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: $23,452
• − Mortgage interest: −$14,004
• − Property taxes: −$1,636
• − Insurance: −$1,250
• − Repairs & maintenance: −$1,876
• − Management: −$1,876
• − Depreciation: −$7,273
• Taxable loss: −$4,462
• Est. tax savings @ 24.0%: +$1,071
• After-tax cash flow: $980/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

+257.7% since first listed

8 events — show timeline

• 2026-05-03 Pending — GAAR
• 2025-08-19 Price Changed $249,999 GAAR
• 2025-07-23 Price Changed $259,900 GAAR
• 2025-04-04 Relisted — GAAR
• 2025-03-17 Pending — GAAR
• 2025-01-23 Listed $269,900 GAAR
• 2011-05-09 Sold (MLS) $54,000 GAAR
• 2011-01-04 Listed $69,900 GAAR

Property tax history

+6.4%/yr

Latest (2025): $1,636 · +13.5% YoY. Source: county tax records.