250 E E Main St

Waynesboro, PA 17268

$310,000C-

15 bd · None ba · 2,268 sqft · Built 1900 · MultiFamily · Active · 29 DOM

Cashflow @ list (25.0% down · 7.5%)

• Estimated rent: $3,235/mo
• Mortgage (P&I): −$1,626
• Tax + insurance: −$518
• HOA: −$0
• Vac / Maint / Mgmt: −$679
• Net cashflow: $412/mo
• Annual: $4,943/yr
• Cap rate: 8.14%
• Cash-on-cash: 6.61%
• DSCR: 1.29
• 1% rule: 1.04%
• Cash to close: $86,800

Investor read

• This is a 2×2bd/1ba + 1×1bd/1ba units multifamily listed at $310k.
• At list price, monthly cash flow is $412 ($5k/yr) — positive. Per door: $137/mo.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($3k rent vs $310k).
• It's been on market 29 days — a 2% lower offer ($305k) is reasonable based on typical stale-listing flexibility.
• Recommended offer: $305k (1.5% below list) — sets the bar for market timing.
• Local home prices are declining (-3.0%/yr); year-one equity from $2k of loan paydown is wiped out by about $9k of value loss. Plan a longer hold.
• 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.
• Watch-outs: flood insurance adds $66/mo; built in 1900 — expect roof / HVAC / electrical / plumbing capex.
• Market conditions: 230 active listings in the ZIP; 633 units permitted in Franklin County in 2024 (112 in 5+ unit buildings).
• 8 sale attempts since 12y 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.
• Current owner paid $258k; 20% above their basis — modest negotiation headroom, anchor on the comps not their cost.
• Climate carrying-cost: major flood risk; extreme-heat days projected 7→17/yr by 2055 (HVAC capex compounding) — expect insurance premiums to compound above CPI over the hold.
• Cap rate 8.1% 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.
• At $3,235/mo this rent would consume 53% of the median local household income ($73k/yr) (locally 539% of renters already pay >50% of income on rent) — very limited rent-growth headroom before tenants either downsize or default.

Questions for listing agent

• Can we see the unit-by-unit rent roll, current vacancy, and any below-market leases? What's the average tenancy length?
• What capital expenditures (roof, boiler, parking lot, exteriors) have been made in the last 5 years, and what's planned in the next 2?
• Built in 1900 — when were the roof, HVAC, electrical panel, plumbing, and water heater last replaced?
• What's the actual annual flood-insurance premium (NFIP or private), and is the property in a SFHA with mandatory coverage?
• Is there a deadline driving the sale (1031 exchange, divorce, estate, relocation)? That informs how much negotiation room exists.
• 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?
• 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.
• 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.