218 E North St · Waynesboro, PA 17268

$48,000

4 bd · 1.5 ba · 1,400 sqft · Other · 6 Days on market

Built 1900 4,356 sqft lot

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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 +30.0/30.0
• 1% rule +10.0/10.0
• DSCR +10.0/10.0
• ARV discount +7.5/15.0
• 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 MLS

Online Real Estate Auction. Closes Wednesday June 23rd at 1:30pm. Needs complete rehab! See Jennings Auction Group website for complete details. 10% buyer premium added to high/winning bid. Close in 30 days, sold as-is. 10% deposit required.

Key facts

• Basement
• Two-story layout
• Off-street parking

Tags

• TWO-STORY LAYOUT
• BASEMENT
• OFF-STREET PARKING

What this means for you Summary

Snapshot

• This is a 4-bed/1.5-bath other listed at $48k.

Deal economics

• At list price, monthly cash flow is $996 ($12k/yr) — positive.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($2k rent vs $48k).
• Cap rate 32.9% 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.
• Zoned schools: Summitview El Sch (math 39% / reading 60%, grade D, #654 of 1,518 statewide, top 47%, 417 students, 49% 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).
• Market conditions: 230 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); 100% of comp listings sitting > 30 days — soft ceiling on asking rent; 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 $332 of loan paydown is wiped out by about $1k of value loss. Plan a longer hold.
• At projected returns (-3.0% appreciation + 3.0% rent growth), your $13k cash investment doubles in ~2 years — after that, you're playing with house money.

Negotiation context

• Only 6 days on market — expect competitive offers; lowballing is unlikely to land.
• 7 sale attempts since 21y 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 $35k; 36% above their basis — modest negotiation headroom, anchor on the comps not their cost.

Risks & watch-outs

• Watch-outs: flood insurance adds $66/mo; built in 1900 — expect roof / HVAC / electrical / plumbing capex.
• Climate carrying-cost: severe flood risk; extreme-heat days projected 7→16/yr by 2055 (HVAC capex compounding) — expect insurance premiums to compound above CPI over the hold.

Recommended offer $48,000

Questions for the listing agent

1. Built in 1900 — when were the roof, HVAC, electrical panel, plumbing, and water heater last replaced?
2. What's the actual annual flood-insurance premium (NFIP or private), and is the property in a SFHA with mandatory coverage?
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. 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.
6. 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.
7. 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: 3.70% ✓
• Cap rate: 32.85%
• Cash-on-cash: 94.85%
• DSCR: 5.22
• GRM: 2.2

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: 89.6%
• Equity multiple: 5.15×
• Total profit: $55,724
• Equity at exit: $7,157

10-year hold

• IRR: 92.6%
• Equity multiple: 10.71×
• Total profit: $130,499
• Equity at exit: $4,150

Cash invested: $13,440 (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: 2.2×

Monthly cashflow live

• Estimated rent: $1,778 medium
• Mortgage (P&I): −$252
• Tax from tax record: −$71 /mo · $848/yr
• Insurance: −$20
• Flood insurance flood zone: −$66 /mo · $798/yr
• HOA: −$0
• Vacancy / Maint / Mgmt: −$373
• Net cashflow: $996

Break-even live

Break-even rent $518

Max offer price $48,000

Occupancy floor 39%

Sensitivity live

Price	-10% $1,023	-5% $1,009	+0% $996	+5% $982	+10% $969
Rent	-10% $855	-5% $926	+0% $996	+5% $1,066	+10% $1,136
Rate	-1.0pp $1,020	-0.5pp $1,008	base $996	+0.5pp $983	+1.0pp $971

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: $12,000
• Closing costs: $1,440
• Reserves months: —
• Total cash needed: —

Rent comps 3 comps

Address	Beds	Baths	Sqft	Rent	$/sqft	DOM	Units	Dist
228 Ridge Ave Waynesboro, PA	3.0	1.0	1300	$1,500	$1.15	44d	1	0.84mi
8820 Hillside Way Waynesboro, PA	3.0	2.5	1536	$2,100	$1.37	44d	1	0.98mi
13061-13121 Welty Rd Unit 18B Waynesboro, PA	3.0	1.5	1200	$1,300	$1.08	44d	1	1.18mi

Listing history 18 events

1. 2026-01-29
   status Pending
2. 2026-01-23
   listed $48,000 Active
3. 2021-07-23
   soldstatus $35,200 Closed 242-char remark

   Show marketing remark (242 chars)

   Online Real Estate Auction. Closes Wednesday June 23rd at 1:30pm. Needs complete rehab! See Jennings Auction Group website for complete details. 10% buyer premium added to high/winning bid. Close in 30 days, sold as-is. 10% deposit required.

4. 2021-06-25
   status Pending 242-char remark

   Show marketing remark (242 chars)

   Online Real Estate Auction. Closes Wednesday June 23rd at 1:30pm. Needs complete rehab! See Jennings Auction Group website for complete details. 10% buyer premium added to high/winning bid. Close in 30 days, sold as-is. 10% deposit required.

5. 2021-06-10
   listed $35,000 Active 242-char remark

   Show marketing remark (242 chars)

   Online Real Estate Auction. Closes Wednesday June 23rd at 1:30pm. Needs complete rehab! See Jennings Auction Group website for complete details. 10% buyer premium added to high/winning bid. Close in 30 days, sold as-is. 10% deposit required.

6. 2013-09-09
   soldstatus $8,000 111-char remark

   Show marketing remark (111 chars)

   Bank Owned property in need of total renovation. Being sold "as-is". Seller will consider all offers.

7. 2013-09-09
   soldstatus $8,000

   Show marketing remark (111 chars)

   Bank Owned property in need of total renovation. Being sold "as-is". Seller will consider all offers.

8. 2013-08-12
   historical 111-char remark

   Show marketing remark (111 chars)

   Bank Owned property in need of total renovation. Being sold "as-is". Seller will consider all offers.

9. 2013-08-12
   historical

   Show marketing remark (111 chars)

   Bank Owned property in need of total renovation. Being sold "as-is". Seller will consider all offers.

10. 2013-06-24
    listed $15,000 111-char remark

    Show marketing remark (111 chars)

    Bank Owned property in need of total renovation. Being sold "as-is". Seller will consider all offers.

11. 2013-06-24
    listed $15,000

    Show marketing remark (111 chars)

    Bank Owned property in need of total renovation. Being sold "as-is". Seller will consider all offers.

12. 2013-01-01
    historical
13. 2013-01-01
    historical
14. 2012-07-09
    listed
15. 2012-07-09
    listed $35,000
16. 2005-10-13
    soldstatus $42,500
17. 2005-09-15
    historical
18. 2005-09-09
    listed $45,000

ⓘ 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: $848 · $71/mo
• Projected year-2 tax: $848 · $71/mo
• Expected delta: $0/yr ($0/mo · 0.0%)

ⓘ Screening estimate from a state-policy table — verify with the county assessor before closing.

Climate risk First Street

• 🌊 Flood 8/10 Severe FEMA zone X (unshaded) · 99% chance over 30 yrs
• 🔥 Wildfire 1/10 Low
• 🌡 Heat 5/10 Major 7 d/yr ≥100°F today · 16 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: $21,338
• − Mortgage interest: −$2,689
• − Property taxes: −$848
• − Insurance: −$1,038
• − Repairs & maintenance: −$1,707
• − Management: −$1,707
• − Depreciation: −$1,396
• Taxable income: $11,953
• Est. tax owed @ 24.0%: −$2,869
• After-tax cash flow: $9,082/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

+6.7% since first listed

18 events — show timeline

• 2026-01-29 Pending — BRIGHT MLS
• 2026-01-23 Listed $48,000 BRIGHT MLS
• 2021-07-23 Sold (MLS) $35,200 BRIGHT MLS
• 2021-06-25 Pending — BRIGHT MLS
• 2021-06-10 Listed $35,000 BRIGHT MLS
• 2013-09-09 Sold (MLS) $8,000 MRIS
• 2013-09-09 Sold (MLS) $8,000 BRIGHT MLS
• 2013-08-12 Delisted — MRIS
• 2013-08-12 Listing Removed — BRIGHT MLS
• 2013-06-24 Listed $15,000 MRIS
• 2013-06-24 Listed $15,000 BRIGHT MLS
• 2013-01-01 Listing Removed — BRIGHT MLS
• 2013-01-01 Delisted — MRIS
• 2012-07-09 Listed $35,000 BRIGHT MLS
• 2012-07-09 Listed — MRIS
• 2005-10-13 Sold (MLS) $42,500 MRIS
• 2005-09-15 Delisted — MRIS
• 2005-09-09 Listed $45,000 MRIS

Property tax history

+10.1%/yr

Latest (2026): $848 · +0.0% YoY. Source: county tax records.