46 W Third St · Waynesboro, PA 17268

$219,900

4 bd · 1.0 ba · 1,686 sqft · Townhouse · 1 Days on market

Built 1900 6,534 sqft lot Est $239k · 8% under ↓ 6% since listing

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Why this score? — see what drove the C- 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 +19.6/30.0
• ARV discount +11.2/15.0
• DSCR +6.2/10.0
• 1% rule +4.3/10.0
• 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

Listing remarks

This beautifully updated brick home combines timeless character with modern upgrades throughout. Offering 4 bedrooms, 1 bath, and a versatile side addition featuring two extra rooms. We are counting the upstairs room as a bedroom and there's plenty of space for a home office, playroom, hobby area, or guest accommodations on the main floor room. Recent improvements provide peace of mind, including a new roof (with Warranty) , new vinyl windows, new 200-amp electrical service and wiring, and a new heat pump with oil backup and central air. Inside, you'll find freshly sanded and refinished hardwood floors, updated lighting throughout, and a partially renovated kitchen and bath. The kitchen fe

Key facts

• New heat pump
• Updated brick home
• New vinyl windows

Tags

• UPDATED BRICK HOME
• NEW ROOF
• NEW VINYL WINDOWS
• NEW ELECTRICAL SERVICE
• NEW HEAT PUMP
• REFINISHED HARDWOOD FLOORS

Property features AI

Finance

• Other: Fee simple ownership; Property condition listed as excellent

Exterior

• Parking: Detached garage (front entry) with 1 garage space; On-street parking
• Utilities: Public water; Public sewer; Electric and oil heating fuels; Electric cooling; Electric hot water
• Home design: Semi-detached; Estimated year built
• Construction: Brick construction; Stone foundation; Architectural shingle roof; Vinyl-clad windows
• Exterior features: No tidal water

Interior

• Kitchen: Dishwasher; Stove; Refrigerator; Microwave
• Bedrooms: Four bedrooms on the upper level
• Flooring: Wood flooring; Luxury vinyl plank flooring
• Bathrooms: One full bathroom
• Heating & cooling: Heat pump with oil backup; Central air (electric)
• Interior features: Dishwasher; Water heater; Stove; Refrigerator; Microwave; Washer/dryer stacked; Wood and luxury vinyl plank flooring; No basement
• Laundry & utility: Stacked washer and dryer; Electric hot water

What this means for you Summary

Snapshot

• This is a 4-bed/1.0-bath townhouse listed at $220k.

Deal economics

• At list price, monthly cash flow is $255 ($3k/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 $205k (6.8% below list).
• Recommended offer: $205k (6.8% below list) — sets the bar for 1% rule.
• Cap rate 7.7% vs local median 3.7% 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; 5 comparable units currently listed for rent nearby; rentals lingering (median 46d on market — plan ~5-8 weeks vacancy on turnover, expect pricing pressure); 80% 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 34% 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 $2k of loan paydown is wiped out by about $7k of value loss. Plan a longer hold.

Negotiation context

• Only 1 days on market — expect competitive offers; lowballing is unlikely to land.

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 $204,935 (6.8% below list)

Questions for the listing agent

1. Built in 1900 — when were the roof, HVAC, electrical panel, plumbing, and water heater last replaced?
2. Is there a deadline driving the sale (1031 exchange, divorce, estate, relocation)? That informs how much negotiation room exists.
3. 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?
4. 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.
5. 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.
6. 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: 0.93% ✗
• Cap rate: 7.69%
• Cash-on-cash: 4.97%
• DSCR: 1.22
• GRM: 8.9

CMA / ARV

• ARV (on-the-fly): $239,412
• Comps found: 9

Show comp detail 9 sales within ~0.75 mi

Address	Dist	Beds/Ba	Sqft	Sold	Price	$/sf	Match
105 Fairview Ave	0.45mi	3/2.0 (-1)	1,692 (+0%)	15mo	$114,500	$68	57
41 Potomac St N	0.38mi	3/1.5 (-1)	1,800 (+7%)	18mo	$255,000	$142	49
43 Potomac St N	0.38mi	3/2.0 (-1)	1,800 (+7%)	16mo	$245,000	$136	48
53 E North St	0.47mi	3/2.0 (-1)	1,506 (-11%)	6mo	$185,000	$123	47
607 Chicory Spring Ct	0.71mi	3/2.0 (-1)	1,600 (-5%)	8mo	$279,900	$175	43
90 Price Ave S	0.64mi	3/2.0 (-1)	1,521 (-10%)	11mo	$284,900	$187	36
92 Price Ave S	0.64mi	3/2.0 (-1)	1,521 (-10%)	12mo	$293,000	$193	35
150 S S Price Ave	0.64mi	3/3.0 (-1)	1,920 (+14%)	1mo	$150,000	$78	33
95 Old Mill Rd	0.70mi	3/2.5 (-1)	1,581 (-6%)	22mo	$264,000	$167	28

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: -8.6%
• Equity multiple: 0.68×
• Total profit: $-19,446
• Equity at exit: $32,788

10-year hold

• IRR: 0.9%
• Equity multiple: 1.06×
• Total profit: $3,729
• Equity at exit: $19,013

Cash invested: $61,572 (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: 8.9×

Monthly cashflow live

• Estimated rent: $2,049 high
• Mortgage (P&I): −$1,153
• Tax from tax record: −$119 /mo · $1,428/yr
• Insurance: −$92
• HOA: −$0
• Vacancy / Maint / Mgmt: −$430
• Net cashflow: $255

Break-even live

Break-even rent $1,726

Max offer price $219,900

Occupancy floor 83%

Sensitivity live

Price	-10% $380	-5% $317	+0% $255	+5% $193	+10% $131
Rent	-10% $93	-5% $174	+0% $255	+5% $336	+10% $417
Rate	-1.0pp $366	-0.5pp $311	base $255	+0.5pp $198	+1.0pp $140

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: $54,975
• Closing costs: $6,597
• Reserves months: —
• Total cash needed: —

Rent comps 5 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	0.12mi
228 Ridge Ave Waynesboro, PA	3.0	1.0	1300	$1,500	$1.15	45d	1	0.41mi
457 Frick Ave Waynesboro, PA	3.0	2.5	2193	$2,200	$1.00	22d	1	0.92mi
8820 Hillside Way Waynesboro, PA	3.0	2.5	1536	$2,100	$1.37	45d	1	1.45mi
13061-13121 Welty Rd Unit 18B Waynesboro, PA	3.0	1.5	1200	$1,300	$1.08	45d	1	1.49mi

Listing history 2 events

1. 2026-06-22
   remarks 699-char remark
2. 2026-06-22
   listed $219,900 Coming Soon 1 DOM

ⓘ 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: $1,428 · $119/mo
• Projected year-2 tax: $2,451 · $204/mo
• Expected delta: +$1,023/yr (+$85/mo · 71.6%)

ⓘ 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: $24,592
• − Mortgage interest: −$12,318
• − Property taxes: −$1,428
• − Insurance: −$1,100
• − Repairs & maintenance: −$1,967
• − Management: −$1,967
• − Depreciation: −$6,397
• Taxable loss: −$585
• Est. tax savings @ 24.0%: +$140
• After-tax cash flow: $3,202/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

-6.4% since first listed

2 events — show timeline

• 2026-06-21 Coming Soon $219,900 BRIGHT MLS
• 2025-07-31 Sold (Public Records) $234,900 Public Records

Property tax history

+10.1%/yr

Latest (2026): $1,428 · +0.0% YoY. Source: county tax records.