365 Magnolia Ave S · Waynesboro, VA 22980

$260,000

3 bd · 2.5 ba · 1,520 sqft · Other public records · 37 Days on market

Built 1900 7,405 sqft lot $171/sqft · 10% below area Est $278k · 6% under

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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 +12.5/30.0
• ARV discount +10.3/15.0
• Rent growth +4.7/5.0
• Schools +3.9/10.0
• DSCR +3.7/10.0
• Livability +3.7/5.0
• 1% rule +2.7/10.0
• Condition / age +2.5/5.0
• Appreciation +0.0/10.0

Listing remarks MLS

ENTERED FOR COMPS ONLY.

Key facts

• Spacious deck
• Storage shed
• Roof replacement

Tags

• FULLY FENCED BACKYARD
• SPACIOUS DECK
• STORAGE SHED
• NEW HVAC SYSTEM
• ROOF REPLACEMENT

Property features AI

Exterior

• Security: Surveillance system
• Utilities: Public water; Public sewer; Cable available; Fiber optic available
• Home design: Detached property; Two stories; Below-grade unfinished area present
• Construction: Stick-built construction; Block foundation; Built with above-grade finished area reported
• Exterior features: Deck; Lot approximately 0.17 acres

Interior

• Bathrooms: 2 full bathrooms; 1 half bathroom; 1 main-level bathroom
• Heating & cooling: Central heating; Central air conditioning
• Interior features: Surveillance system

What this means for you Summary

Snapshot

• This is a 3-bed/2.5-bath other listed at $260k.

Deal economics

• At list price, monthly cash flow is $-39 ($-466/yr) — negative.
• To cash-flow at today's rent, offer at most $253k (2.6% below list).
• To meet the 1% rule (rent ≥ 1% of price), the offer needs to be $199k (23.4% below list).
• Recommended offer: $199k (23.4% below list) — sets the bar for 1% rule.
• Cap rate 6.1% 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; 4 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 37 days — a 3% lower offer ($252k) is reasonable based on typical stale-listing flexibility.
• 4 sale attempts since 16y 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 $140k; list at $260k implies a 86% gain — meaningful room to come down on a strong offer.

Risks & watch-outs

• Watch-outs: built in 1900 — 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 $199,287 (23.4% 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 37 days. Have you received any prior offers? Is the seller open to a 23% concession, seller financing, or rate buy-down credit?
3. Built in 1900 — when were the roof, HVAC, electrical panel, plumbing, and water heater last replaced?
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. 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?
7. 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.
8. 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.
9. 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: 0.77% ✗
• Cap rate: 6.11%
• Cash-on-cash: -0.64%
• DSCR: 0.97
• GRM: 10.9

CMA / ARV

• ARV (median comp): $277,551
• List price: $260,000
• Delta: -6.32%
• Verdict: FAIR
• Comps: 20 within 1.0 mi

Projected returns pro-forma

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

5-year hold

• IRR: -12.5%
• Equity multiple: 0.53×
• Total profit: $-34,154
• Equity at exit: $38,767

10-year hold

• IRR: 2.4%
• Equity multiple: 1.20×
• Total profit: $14,674
• Equity at exit: $22,480

Cash invested: $72,800 (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: 10.9×

Monthly cashflow live

• Estimated rent: $1,993 medium
• Mortgage (P&I): −$1,363
• Tax from tax record: −$141 /mo · $1,697/yr
• Insurance: −$108
• HOA: −$0
• Vacancy / Maint / Mgmt: −$419
• Net cashflow: $-39

Break-even live

Break-even rent $2,042

Max offer price $253,143

Occupancy floor 97%

Sensitivity live

Price	-10% $108	-5% $35	+0% $-39	+5% $-112	+10% $-186
Rent	-10% $-196	-5% $-118	+0% $-39	+5% $40	+10% $119
Rate	-1.0pp $92	-0.5pp $27	base $-39	+0.5pp $-106	+1.0pp $-175

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: $65,000
• Closing costs: $7,800
• Reserves months: —
• Total cash needed: —

Rent comps 4 comps

Address	Beds	Baths	Sqft	Rent	$/sqft	DOM	Units	Dist
129 Forever Ct Waynesboro, VA	4.0	2.5	2014	$2,195	$1.09	45d	1	0.99mi
236 Willowshire Ct Waynesboro, VA	3.0	3.0	1851	$2,100	$1.13	45d	1	1.11mi
113 Oakshire Ct Waynesboro, VA	4.0	3.5	1851	$2,285	$1.23	45d	1	1.15mi
1048 Bridge Ave Waynesboro, VA	2.0	2.0	1400	$1,750	$1.25	45d	1	1.27mi

Listing history 23 events

1. 2026-06-21
   days on market $260,000 Active 37 DOM
2. 2026-06-19
   days on market $260,000 Active 35 DOM
3. 2026-06-18
   days on market $260,000 Active 34 DOM
4. 2026-06-18
   price $260,000 Active 33 DOM
5. 2026-06-17
   days on market $270,000 Active 33 DOM
6. 2026-06-16
   days on market $270,000 Active 32 DOM
7. 2026-06-15
   days on market $270,000 Active 31 DOM
8. 2026-06-14
   days on market $270,000 Active 29 DOM
9. 2026-06-13
   days on market $270,000 Active 28 DOM
10. 2026-06-10
    days on market $270,000 Active 26 DOM
11. 2026-06-09
    days on market $270,000 Active 25 DOM
12. 2026-06-08
    days on market $270,000 Active 24 DOM
13. 2026-06-07
    days on market $270,000 Active 23 DOM
14. 2026-06-02
    days on market $270,000 Active 18 DOM
15. 2026-06-01
    days on market $270,000 Active 17 DOM
16. 2026-05-31
    days on market $270,000 Active 16 DOM
17. 2026-05-30
    days on market $270,000 Active 15 DOM
18. 2026-05-14
    listed $280,000 Active 845-char remark
19. 2014-09-04
    soldstatus $140,000

    Show marketing remark (23 chars)

    ENTERED FOR COMPS ONLY.

20. 2014-09-04
    listed $140,000

    Show marketing remark (23 chars)

    ENTERED FOR COMPS ONLY.

21. 2014-09-04
    listed $140,000

    Show marketing remark (23 chars)

    ENTERED FOR COMPS ONLY.

22. 2010-10-11
    historical
23. 2010-04-10
    listed $149,400

ⓘ 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: $1,697 · $141/mo
• Projected year-2 tax: $2,132 · $178/mo
• Expected delta: +$435/yr (+$36/mo · 25.7%)

ⓘ 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: $23,914
• − Mortgage interest: −$14,564
• − Property taxes: −$1,697
• − Insurance: −$1,300
• − Repairs & maintenance: −$1,913
• − Management: −$1,913
• − Depreciation: −$7,564
• Taxable loss: −$5,036
• Est. tax savings @ 24.0%: +$1,209
• After-tax cash flow: $743/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

+74.0% since first listed

8 events — show timeline

• 2026-06-17 Price Changed $260,000 GAAR
• 2026-05-25 Price Changed $270,000 GAAR
• 2026-05-14 Listed $280,000 GAAR
• 2014-09-04 Listed $140,000 CAAR
• 2014-09-04 Listed $140,000 GAAR
• 2014-09-04 Sold (MLS) $140,000 GAAR
• 2010-10-11 Listing Removed — CAAR
• 2010-04-10 Listed $149,400 CAAR

Property tax history

+5.3%/yr

Latest (2025): $1,697 · +13.8% YoY. Source: county tax records.