408 Fairview Ave · Waynesboro, PA 17268

$159,000

3 bd · 1.0 ba · 984 sqft · Other · 41 Days on market

Built 1908 1,306 sqft lot ↓ 4% since listing

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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 +19.2/30.0
• ARV discount +7.5/15.0
• DSCR +6.1/10.0
• 1% rule +4.4/10.0
• 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

Opportunity knocks — whether you're an investor looking to add a cash-flowing property to your portfolio or a buyer seeking an affordable place to call home, this one checks the box. Currently tenant occupied month-to-month with the tenant covering all utilities and expressing interest in staying, making this an easy day-one investment. Or give notice and move right in. The layout is comfortable and functional with a living room, a separate family room with hardwood flooring, and a kitchen that opens to the family room for an easy flow. A dining area off the kitchen rounds out the main level. Upstairs you'll find 3 bedrooms and a full bathroom. Need storage? The attic and basement hav

Key facts

• Built 1908
• Listed 41 days

Property features AI

Finance

• Other: Not in a federal flood zone; Building not winterized
• Financial info: Fee simple ownership

Exterior

• Parking: On-street parking
• Utilities: Public water; Public sewer; Electric hot water
• Home design: Semi-detached property; Estimated year built; Average condition
• Construction: Brick and vinyl siding exterior; Stone foundation; Shingle roof; Replacement windows
• Exterior features: Patio(s); Above-grade outdoor structure

Interior

• Kitchen: Electric oven/range; Refrigerator; Exhaust fan
• Bedrooms: Three bedrooms on the upper level
• Flooring: Hardwood; Vinyl
• Bathrooms: One full bathroom
• Heating & cooling: Forced air heating; Electric baseboard heating
• Interior features: Attic; Tub with shower; Dining area; Family room off kitchen; Traditional floor plan; Wood floors; 9'+ ceilings; Drywall, plaster and paneled walls
• Laundry & utility: Washer in unit; Laundry in basement

What this means for you Summary

Snapshot

• This is a 3-bed/1.0-bath other listed at $159k.

Deal economics

• At list price, monthly cash flow is $172 ($2k/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 $150k (5.9% below list).
• Recommended offer: $150k (5.9% below list) — sets the bar for 1% rule.
• Cap rate 7.6% 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; 1 comparable units currently listed for rent nearby; 633 units permitted in Franklin County in 2024 (112 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 $5k of value loss. Plan a longer hold.

Negotiation context

• It's been on market 41 days — a 3% lower offer ($154k) is reasonable based on typical stale-listing flexibility.

Risks & watch-outs

• Watch-outs: built in 1908 — 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 $149,655 (5.9% below list)

Questions for the listing agent

1. It's been on market 41 days. Have you received any prior offers? Is the seller open to a 6% concession, seller financing, or rate buy-down credit?
2. Built in 1908 — 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. 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?
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: 0.94% ✗
• Cap rate: 7.59%
• Cash-on-cash: 4.63%
• DSCR: 1.21
• GRM: 8.9

CMA / ARV

No comps found within radius.

Projected returns pro-forma

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

5-year hold

• IRR: -9.1%
• Equity multiple: 0.67×
• Total profit: $-14,845
• Equity at exit: $23,707

10-year hold

• IRR: 0.3%
• Equity multiple: 1.02×
• Total profit: $1,047
• Equity at exit: $13,747

Cash invested: $44,520 (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: 8.9×

Monthly cashflow live

• Estimated rent: $1,497 medium
• Mortgage (P&I): −$834
• Tax from tax record: −$110 /mo · $1,323/yr
• Insurance: −$66
• HOA: −$0
• Vacancy / Maint / Mgmt: −$314
• Net cashflow: $172

Break-even live

Break-even rent $1,279

Max offer price $159,000

Occupancy floor 84%

Sensitivity live

Price	-10% $262	-5% $217	+0% $172	+5% $127	+10% $82
Rent	-10% $54	-5% $113	+0% $172	+5% $231	+10% $290
Rate	-1.0pp $252	-0.5pp $212	base $172	+0.5pp $131	+1.0pp $89

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: $39,750
• Closing costs: $4,770
• Reserves months: —
• Total cash needed: —

Rent comps 1 comps

Address	Beds	Baths	Sqft	Rent	$/sqft	DOM	Units	Dist
50 E North St Unit 2 Waynesboro, PA	2.0	1.0	750	$1,080	$1.44	14d	1	0.96mi

Listing history 20 events

1. 2026-06-18
   days on market $159,000 Active 41 DOM
2. 2026-06-17
   days on market $159,000 Active 40 DOM
3. 2026-06-16
   days on market $159,000 Active 39 DOM
4. 2026-06-15
   days on market $159,000 Active 38 DOM
5. 2026-06-14
   days on market $159,000 Active 36 DOM
6. 2026-06-13
   days on market $159,000 Active 35 DOM
7. 2026-06-10
   days on market $159,000 Active 33 DOM
8. 2026-06-09
   days on market $159,000 Active 32 DOM
9. 2026-06-09
   remarks 693-char remark
10. 2026-06-09
    price $159,000 Active 31 DOM
11. 2026-06-08
    days on market $165,000 Active 31 DOM
12. 2026-06-07
    days on market $165,000 Active 30 DOM
13. 2026-06-05
    days on market $165,000 Active 27 DOM
14. 2026-06-03
    days on market $165,000 Active 26 DOM
15. 2026-06-02
    days on market $165,000 Active 25 DOM
16. 2026-06-01
    days on market $165,000 Active 24 DOM
17. 2026-05-31
    days on market $165,000 Active 23 DOM
18. 2026-05-30
    days on market $165,000 Active 22 DOM
19. 2026-05-09
    listed $165,000 Active 592-char remark
20. 2026-04-29
    historical $165,000 592-char remark

ⓘ 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: $1,323 · $110/mo
• Projected year-2 tax: $1,918 · $160/mo
• Expected delta: +$595/yr (+$50/mo · 44.9%)

ⓘ 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: $17,959
• − Mortgage interest: −$8,906
• − Property taxes: −$1,323
• − Insurance: −$795
• − Repairs & maintenance: −$1,437
• − Management: −$1,437
• − Depreciation: −$4,625
• Taxable loss: −$565
• Est. tax savings @ 24.0%: +$136
• After-tax cash flow: $2,199/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

-3.6% since first listed

3 events — show timeline

• 2026-06-08 Price Changed $159,000 BRIGHT MLS
• 2026-05-09 Listed $165,000 BRIGHT MLS
• 2026-04-29 Coming Soon $165,000 BRIGHT MLS

Property tax history

+10.1%/yr

Latest (2026): $1,323 · +0.0% YoY. Source: county tax records.