31 N Franklin Street St · Waynesboro, PA 17268

$149,900

4 bd · 1.0 ba · — sqft · Other · 44 Days on market

Built 1900 8,276 sqft lot Est $207k · 28% under

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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 +28.2/30.0
• ARV discount +15.0/15.0
• DSCR +10.0/10.0
• 1% rule +7.8/10.0
• 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

Listing remarks MLS

Large colonial home in the Borough of Waynesboro! Affordable Living! Ample size kitchen with oak cabinets, Built-in cabinets in living room, Separate laundry room, Stained wood trim & staircase, Large attic for storage, Antique clawfoot tub, Nice back yard, Front porch & back deck, Off street parking, Back-up Pellet Stove. This house has been the cozy place where many have called home. They’ve launched from & came back to. It’s been a center of holiday entertainment where many words of comfort and encouragement have been spoken. And now is ready to be the place where a new crew will enjoy that same warm nest where there’ll be no shortage of memories for decades to come. Let that new crew be You! Call/Text/Message for your personal showing today!

Key facts

• 8,276 sq ft lot
• Built 1900
• Listed 44 days

Property features AI

Finance

• Other: Fee simple ownership

Exterior

• Parking: Off-street parking; On-street parking
• Utilities: Public water; Public sewer; Electric service available
• Home design: Detached property; Estimated year built
• Construction: Stone foundation; Replacement windows
• Exterior features: Partially fenced yard; Rear yard; Shed; Directions: Off Main Street in Waynesboro

Interior

• Kitchen: Dishwasher; Electric oven/range; Refrigerator; Country-style kitchen
• Bedrooms: Four bedrooms on the main level
• Flooring: Carpet
• Bathrooms: One full bathroom on the main level; One full bathroom total
• Heating & cooling: Hot water heating; Oil-fired heating; Electric water heater
• Interior features: Carpeted areas; Attic; Soaking tub; Ceiling fans; Traditional floor plan; Country-style kitchen; Pellet stove; Window treatments
• Laundry & utility: Dryer; Laundry room

What this means for you Summary

Snapshot

• This is a 4-bed/1.0-bath other listed at $150k.

Deal economics

• At list price, monthly cash flow is $474 ($6k/yr) — positive.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($2k rent vs $150k).
• Recommended offer: $145k (3.0% below list) — sets the bar for market timing.
• Cap rate 10.1% 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; 8 comparable units currently listed for rent nearby; rentals lingering (median 44d on market — plan ~5-8 weeks vacancy on turnover, expect pricing pressure); 62% of comp listings sitting > 30 days — soft ceiling on asking rent; 633 units permitted in Franklin County in 2024 (112 in 5+ unit buildings).
• This rent runs 32% of the median local income ($73k/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 $1k of loan paydown is wiped out by about $4k of value loss. Plan a longer hold.
• At projected returns (-3.0% appreciation + 3.0% rent growth), your $42k cash investment doubles in ~9 years — after that, you're playing with house money.

Negotiation context

• It's been on market 44 days — a 3% lower offer ($145k) is reasonable based on typical stale-listing flexibility.
• 2 sale attempts since 4y ago; this cycle's ask has dropped $10k (6%) from the opening price — seller is motivated, your offer sets the floor, not the list.

Risks & watch-outs

• Watch-outs: built in 1900 — expect roof / HVAC / electrical / plumbing capex.
• Climate carrying-cost: extreme-heat days projected 7→17/yr by 2055 (HVAC capex compounding) — expect insurance premiums to compound above CPI over the hold.

Recommended offer $145,403 (3.0% below list)

Questions for the listing agent

1. It's been on market 44 days. Have you received any prior offers? Is the seller open to a 3% concession, seller financing, or rate buy-down credit?
2. Built in 1900 — when were the roof, HVAC, electrical panel, plumbing, and water heater last replaced?
3. Is there a deadline driving the sale (1031 exchange, divorce, estate, relocation)? That informs how much negotiation room exists.
4. 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?
5. 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.
6. 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.
7. 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: 1.28% ✓
• Cap rate: 10.09%
• Cash-on-cash: 13.54%
• DSCR: 1.60
• GRM: 6.5

CMA / ARV

• ARV (median comp): $207,304
• List price: $149,900
• Delta: -27.69%
• Verdict: UNDERPRICED
• Comps: 20 within 1.0 mi

Projected returns pro-forma

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

5-year hold

• IRR: 3.7%
• Equity multiple: 1.14×
• Total profit: $5,915
• Equity at exit: $22,351

10-year hold

• IRR: 13.2%
• Equity multiple: 2.05×
• Total profit: $44,141
• Equity at exit: $12,961

Cash invested: $41,972 (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: 6.5×

Monthly cashflow live

• Estimated rent: $1,923 high
• Mortgage (P&I): −$786
• Tax from tax record: −$197 /mo · $2,362/yr
• Insurance: −$62
• HOA: −$0
• Vacancy / Maint / Mgmt: −$404
• Net cashflow: $474

Break-even live

Break-even rent $1,323

Max offer price $149,900

Occupancy floor 70%

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: $37,475
• Closing costs: $4,497
• Reserves months: —
• Total cash needed: —

Rent comps 8 comps

Address	Beds	Baths	Sqft	Rent	$/sqft	DOM	Units	Dist
23 Philadelphia Ave Waynesboro, PA	3.0	3.0	1985	$2,200	$1.11	43d	1	0.40mi
228 Ridge Ave Waynesboro, PA	3.0	1.0	1300	$1,500	$1.15	43d	1	0.43mi
457 Frick Ave Waynesboro, PA	3.0	2.5	2193	$2,200	$1.00	21d	1	0.44mi
247 Ringgold St Waynesboro, PA	3.0	2.0	—	$1,600	—	43d	1	0.65mi
705 Fairview Ave Waynesboro, PA	3.0	1.5	—	$1,800	—	43d	1	0.97mi
525 W 10th St Waynesboro, PA	2.0–3.0	1.5	—	$950	—	13d	1	1.15mi
8820 Hillside Way Waynesboro, PA	3.0	2.5	1536	$2,100	$1.37	43d	1	1.29mi
11095 Gopher Dr #109 Waynesboro, PA	3.0	2.5	—	$2,200	—	13d	1	1.40mi

Listing history 21 events

1. 2026-06-18
   days on market $149,900 Active 44 DOM
2. 2026-06-17
   days on market $149,900 Active 43 DOM
3. 2026-06-16
   days on market $149,900 Active 42 DOM
4. 2026-06-15
   days on market $149,900 Active 41 DOM
5. 2026-06-14
   days on market $149,900 Active 39 DOM
6. 2026-06-13
   days on market $149,900 Active 38 DOM
7. 2026-06-10
   days on market $149,900 Active 36 DOM
8. 2026-06-09
   days on market $149,900 Active 35 DOM
9. 2026-06-08
   days on market $149,900 Active 34 DOM
10. 2026-06-07
    days on market $149,900 Active 33 DOM
11. 2026-06-05
    days on market $149,900 Active 30 DOM
12. 2026-06-03
    days on market $149,900 Active 29 DOM
13. 2026-06-02
    days on market $149,900 Active 28 DOM
14. 2026-06-01
    days on market $149,900 Active 27 DOM
15. 2026-05-31
    days on market $149,900 Active 26 DOM
16. 2026-05-30
    days on market $149,900 Active 25 DOM
17. 2026-05-05
    listed $159,900 Active 716-char remark
18. 2022-03-29
    soldstatus $140,000
19. 2022-03-24
    soldstatus $140,000 Closed 791-char remark

    Show marketing remark (791 chars)

    Large colonial home in the Borough of Waynesboro! Affordable Living! Ample size kitchen with oak cabinets, Built-in cabinets in living room, Separate laundry room, Stained wood trim & staircase, Large attic for storage, Antique clawfoot tub, Nice back yard, Front porch & back deck, Off street parking, Back-up Pellet Stove. This house has been the cozy place where many have called home. They’ve launched from & came back to. It’s been a center of holiday entertainment where many words of comfort and encouragement have been spoken. And now is ready to be the place where a new crew will enjoy that same warm nest where there’ll be no shortage of memories for decades to come. Let that new crew be You! Call/Text/Message for your personal showing today!

20. 2022-02-01
    status Pending 791-char remark

    Show marketing remark (791 chars)

    Large colonial home in the Borough of Waynesboro! Affordable Living! Ample size kitchen with oak cabinets, Built-in cabinets in living room, Separate laundry room, Stained wood trim & staircase, Large attic for storage, Antique clawfoot tub, Nice back yard, Front porch & back deck, Off street parking, Back-up Pellet Stove. This house has been the cozy place where many have called home. They’ve launched from & came back to. It’s been a center of holiday entertainment where many words of comfort and encouragement have been spoken. And now is ready to be the place where a new crew will enjoy that same warm nest where there’ll be no shortage of memories for decades to come. Let that new crew be You! Call/Text/Message for your personal showing today!

21. 2022-01-15
    listed $134,900 Active 791-char remark

    Show marketing remark (791 chars)

    Large colonial home in the Borough of Waynesboro! Affordable Living! Ample size kitchen with oak cabinets, Built-in cabinets in living room, Separate laundry room, Stained wood trim & staircase, Large attic for storage, Antique clawfoot tub, Nice back yard, Front porch & back deck, Off street parking, Back-up Pellet Stove. This house has been the cozy place where many have called home. They’ve launched from & came back to. It’s been a center of holiday entertainment where many words of comfort and encouragement have been spoken. And now is ready to be the place where a new crew will enjoy that same warm nest where there’ll be no shortage of memories for decades to come. Let that new crew be You! Call/Text/Message for your personal showing today!

ⓘ 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: $2,362 · $197/mo
• Projected year-2 tax: $2,365 · $197/mo
• Expected delta: +$3/yr ($0/mo · 0.1%)

ⓘ 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 1/10 Low
• 🌡 Heat 5/10 Major 7 d/yr ≥100°F today · 17 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: $23,074
• − Mortgage interest: −$8,397
• − Property taxes: −$2,362
• − Insurance: −$750
• − Repairs & maintenance: −$1,846
• − Management: −$1,846
• − Depreciation: −$4,361
• Taxable income: $3,514
• Est. tax owed @ 24.0%: −$843
• After-tax cash flow: $4,841/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

+11.1% since first listed

6 events — show timeline

• 2026-05-28 Price Changed $149,900 BRIGHT MLS
• 2026-05-05 Listed $159,900 BRIGHT MLS
• 2022-03-29 Sold (Public Records) $140,000 Public Records
• 2022-03-24 Sold (MLS) $140,000 BRIGHT MLS
• 2022-02-01 Pending — BRIGHT MLS
• 2022-01-15 Listed $134,900 BRIGHT MLS

Property tax history

+10.2%/yr

Latest (2026): $2,362 · +0.0% YoY. Source: county tax records.