137 N Potomac St · Waynesboro, PA 17268

$189,900

4 bd · None ba · 2,000 sqft · MultiFamily · 89 Days on market

Built 1892 4,356 sqft lot $95/sqft · 15% below area Est $222k · 15% 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 +25.2/30.0
• ARV discount +14.1/15.0
• DSCR +8.3/10.0
• 1% rule +6.3/10.0
• 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

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

Up-down duplex for sale in Waynesboro. Each unit has 2BR and 1BA. 137 (first floor) rents M2M for $700 per month. 137 1/2 (second floor) was recently renovated throughout and rents on a year lease through May 2026 for $950 per month. Total monthly rent is $1650 per month. Owner pays Water, Sewer and Trash and UGI natural gas heat.

Key facts

• 4,356 sq ft lot
• Built 1892
• Listed 89 days

What this means for you Summary

Snapshot

• This is a 4-bed/?-bath multifamily listed at $190k.

Deal economics

• At list price, monthly cash flow is $425 ($5k/yr) — positive.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($2k rent vs $190k).
• Recommended offer: $179k (6.0% below list) — sets the bar for market timing.
• Cap rate 9.0% 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 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.
• Zoned schools: Fairview Avenue El Sch (math 31% / reading 52%, grade F, #927 of 1,518 statewide, top 61%, 620 students, 70% FRL); Waynesboro Area Ms (math 27% / reading 48%, grade F, #292 of 512 statewide, top 58%, 990 students, 54% FRL); Waynesboro Area Shs (math 69% / reading 24%, grade D-, #173 of 437 statewide, top 40%, 1,439 students, 47% FRL) — zoned schools average 57% FRL vs 36% district-wide (21 pts higher); higher-poverty schools than district average — tighter screening recommended.
• Market conditions: 234 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); 67% 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 35% 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 $6k of value loss. Plan a longer hold.

Negotiation context

• It's been on market 89 days — a 6% lower offer ($179k) is reasonable based on typical stale-listing flexibility.
• 5 sale attempts since 25y 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.

Risks & watch-outs

• Watch-outs: built in 1892 — 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 $178,506 (6.0% below list)

Questions for the listing agent

1. It's been on market 89 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 1892 — 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 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: 1.13% ✓
• Cap rate: 8.98%
• Cash-on-cash: 9.60%
• DSCR: 1.43
• GRM: 7.4

CMA / ARV

• ARV (median comp): $222,396
• List price: $189,900
• Delta: -14.61%
• Verdict: UNDERPRICED
• Comps: 20 within 1.0 mi

Show comp detail 2 sales within ~0.75 mi

Address	Dist	Beds/Ba	Sqft	Sold	Price	$/sf	Match
11 Penn St	0.08mi	4/—	1,920 (-4%)	12mo	$250,000	$130	80
164 Hamilton Ave	0.56mi	3/2.0 (-1)	1,804 (-10%)	2mo	$234,900	$130	51

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: -1.8%
• Equity multiple: 0.93×
• Total profit: $-3,664
• Equity at exit: $28,315

10-year hold

• IRR: 7.9%
• Equity multiple: 1.60×
• Total profit: $31,742
• Equity at exit: $16,419

Cash invested: $53,172 (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: 234
• Price-to-rent: 7.4×

Monthly cashflow live

• Estimated rent: $2,152 medium
• Mortgage (P&I): −$996
• Tax from tax record: −$200 /mo · $2,398/yr
• Insurance: −$79
• HOA: −$0
• Vacancy / Maint / Mgmt: −$452
• Net cashflow: $425

Break-even live

Break-even rent $1,614

Max offer price $189,900

Occupancy floor 75%

Sensitivity live

Price	-10% $533	-5% $479	+0% $425	+5% $372	+10% $318
Rent	-10% $255	-5% $340	+0% $425	+5% $510	+10% $596
Rate	-1.0pp $521	-0.5pp $474	base $425	+0.5pp $376	+1.0pp $326

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: $47,475
• Closing costs: $5,697
• Reserves months: —
• Total cash needed: —

Rent comps 3 comps

Address	Beds	Baths	Sqft	Rent	$/sqft	DOM	Units	Dist
23 Philadelphia Ave Waynesboro, PA	3.0	3.0	1985	$2,200	$1.11	45d	1	0.38mi
457 Frick Ave Waynesboro, PA	3.0	2.5	2193	$2,200	$1.00	22d	1	0.69mi
8820 Hillside Way Waynesboro, PA	3.0	2.5	1536	$2,100	$1.37	45d	1	1.01mi

Listing history 33 events

1. 2026-06-22
   days on market $189,900 Active 89 DOM
2. 2026-06-18
   days on market $189,900 Active 86 DOM
3. 2026-06-17
   days on market $189,900 Active 85 DOM
4. 2026-06-16
   days on market $189,900 Active 84 DOM
5. 2026-06-15
   days on market $189,900 Active 83 DOM
6. 2026-06-14
   days on market $189,900 Active 81 DOM
7. 2026-06-13
   days on market $189,900 Active 80 DOM
8. 2026-06-10
   days on market $189,900 Active 78 DOM
9. 2026-06-09
   days on market $189,900 Active 77 DOM
10. 2026-06-08
    days on market $189,900 Active 76 DOM
11. 2026-06-07
    days on market $189,900 Active 75 DOM
12. 2026-06-05
    days on market $189,900 Active 72 DOM
13. 2026-06-03
    days on market $189,900 Active 71 DOM
14. 2026-06-02
    days on market $189,900 Active 70 DOM
15. 2026-06-01
    days on market $189,900 Active 69 DOM
16. 2026-05-31
    days on market $189,900 Active 68 DOM
17. 2026-05-30
    days on market $189,900 Active 67 DOM
18. 2026-03-24
    listed $189,900 Active 333-char remark

    Show marketing remark (333 chars)

    Up-down duplex for sale in Waynesboro. Each unit has 2BR and 1BA. 137 (first floor) rents M2M for $700 per month. 137 1/2 (second floor) was recently renovated throughout and rents on a year lease through May 2026 for $950 per month. Total monthly rent is $1650 per month. Owner pays Water, Sewer and Trash and UGI natural gas heat.

19. 2025-01-10
    soldstatus $400,000
20. 2025-01-03
    soldstatus $120,000 Closed 1010-char remark

    Show marketing remark (1010 chars)

    Over-under duplex for sale in the heart of Waynesboro. This investment property has two long term tenants both on a month to month lease. Rents are $650 for the first floor tenant and $640 for the upstairs. First floor tenant also has use of two car garage at the back of the property, it may be advantageous to rent this out separately for more cashflow. Both tenants have washer/dryer hookups in their unit, washer/dryer are tenants. Landlord pays for gas, lawn, snow, taxes, maintenance and insurance. The total amount paid for gas from June 2023 to June 2024 was only $735.64 as the heat is EBB. The RE Annual Taxes are $2,267. Maintenance from June of 2023 to June of 2024 was a total of $2,761.54. This was so high because we had the chimney cleaned, put new aluminum exhaust on both water heaters and replaced one of the gas water heaters. One is from 2016, the other is 2023. If you are interested in this deal, you may also like the five unit beside it at 133-135 N. Potomac Street going for $304,900.

21. 2024-12-02
    status Pending 1010-char remark

    Show marketing remark (1010 chars)

    Over-under duplex for sale in the heart of Waynesboro. This investment property has two long term tenants both on a month to month lease. Rents are $650 for the first floor tenant and $640 for the upstairs. First floor tenant also has use of two car garage at the back of the property, it may be advantageous to rent this out separately for more cashflow. Both tenants have washer/dryer hookups in their unit, washer/dryer are tenants. Landlord pays for gas, lawn, snow, taxes, maintenance and insurance. The total amount paid for gas from June 2023 to June 2024 was only $735.64 as the heat is EBB. The RE Annual Taxes are $2,267. Maintenance from June of 2023 to June of 2024 was a total of $2,761.54. This was so high because we had the chimney cleaned, put new aluminum exhaust on both water heaters and replaced one of the gas water heaters. One is from 2016, the other is 2023. If you are interested in this deal, you may also like the five unit beside it at 133-135 N. Potomac Street going for $304,900.

22. 2024-10-10
    price $139,900 1010-char remark

    Show marketing remark (1010 chars)

    Over-under duplex for sale in the heart of Waynesboro. This investment property has two long term tenants both on a month to month lease. Rents are $650 for the first floor tenant and $640 for the upstairs. First floor tenant also has use of two car garage at the back of the property, it may be advantageous to rent this out separately for more cashflow. Both tenants have washer/dryer hookups in their unit, washer/dryer are tenants. Landlord pays for gas, lawn, snow, taxes, maintenance and insurance. The total amount paid for gas from June 2023 to June 2024 was only $735.64 as the heat is EBB. The RE Annual Taxes are $2,267. Maintenance from June of 2023 to June of 2024 was a total of $2,761.54. This was so high because we had the chimney cleaned, put new aluminum exhaust on both water heaters and replaced one of the gas water heaters. One is from 2016, the other is 2023. If you are interested in this deal, you may also like the five unit beside it at 133-135 N. Potomac Street going for $304,900.

23. 2024-08-15
    price $164,900 1010-char remark

    Show marketing remark (1010 chars)

    Over-under duplex for sale in the heart of Waynesboro. This investment property has two long term tenants both on a month to month lease. Rents are $650 for the first floor tenant and $640 for the upstairs. First floor tenant also has use of two car garage at the back of the property, it may be advantageous to rent this out separately for more cashflow. Both tenants have washer/dryer hookups in their unit, washer/dryer are tenants. Landlord pays for gas, lawn, snow, taxes, maintenance and insurance. The total amount paid for gas from June 2023 to June 2024 was only $735.64 as the heat is EBB. The RE Annual Taxes are $2,267. Maintenance from June of 2023 to June of 2024 was a total of $2,761.54. This was so high because we had the chimney cleaned, put new aluminum exhaust on both water heaters and replaced one of the gas water heaters. One is from 2016, the other is 2023. If you are interested in this deal, you may also like the five unit beside it at 133-135 N. Potomac Street going for $304,900.

24. 2024-06-26
    listed $169,900 Active 1010-char remark

    Show marketing remark (1010 chars)

    Over-under duplex for sale in the heart of Waynesboro. This investment property has two long term tenants both on a month to month lease. Rents are $650 for the first floor tenant and $640 for the upstairs. First floor tenant also has use of two car garage at the back of the property, it may be advantageous to rent this out separately for more cashflow. Both tenants have washer/dryer hookups in their unit, washer/dryer are tenants. Landlord pays for gas, lawn, snow, taxes, maintenance and insurance. The total amount paid for gas from June 2023 to June 2024 was only $735.64 as the heat is EBB. The RE Annual Taxes are $2,267. Maintenance from June of 2023 to June of 2024 was a total of $2,761.54. This was so high because we had the chimney cleaned, put new aluminum exhaust on both water heaters and replaced one of the gas water heaters. One is from 2016, the other is 2023. If you are interested in this deal, you may also like the five unit beside it at 133-135 N. Potomac Street going for $304,900.

25. 2019-12-23
    soldstatus $91,200
26. 2019-07-31
    historical
27. 2018-09-05
    listed $129,000 Active
28. 2003-08-29
    soldstatus $73,900
29. 2003-06-16
    historical
30. 2003-03-25
    listed $79,900
31. 2002-02-28
    soldstatus $36,000
32. 2002-01-18
    historical
33. 2001-06-14
    listed $44,000

ⓘ 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: $2,398 · $200/mo
• Projected year-2 tax: $2,699 · $225/mo
• Expected delta: +$301/yr (+$25/mo · 12.6%)

ⓘ 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: $25,827
• − Mortgage interest: −$10,637
• − Property taxes: −$2,398
• − Insurance: −$950
• − Repairs & maintenance: −$2,066
• − Management: −$2,066
• − Depreciation: −$5,524
• Taxable income: $2,186
• Est. tax owed @ 24.0%: −$525
• After-tax cash flow: $4,581/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

+331.6% since first listed

16 events — show timeline

• 2026-03-24 Listed $189,900 BRIGHT MLS
• 2025-01-10 Sold (Public Records) $400,000 Public Records
• 2025-01-03 Sold (MLS) $120,000 BRIGHT MLS
• 2024-12-02 Pending — BRIGHT MLS
• 2024-10-10 Price Changed $139,900 BRIGHT MLS
• 2024-08-15 Price Changed $164,900 BRIGHT MLS
• 2024-06-26 Listed $169,900 BRIGHT MLS
• 2019-12-23 Sold (Public Records) $91,200 Public Records
• 2019-07-31 Listing Removed — BRIGHT MLS
• 2018-09-05 Listed $129,000 BRIGHT MLS
• 2003-08-29 Sold (MLS) $73,900 MRIS
• 2003-06-16 Delisted — MRIS
• 2003-03-25 Listed $79,900 MRIS
• 2002-02-28 Sold (MLS) $36,000 MRIS
• 2002-01-18 Delisted — MRIS
• 2001-06-14 Listed $44,000 MRIS

Property tax history

+10.1%/yr

Latest (2026): $2,398 · +0.0% YoY. Source: county tax records.