476 Walnut Ave · Waynesboro, VA 22980

$250,000

4 bd · 2.5 ba · 2,048 sqft · Other public records · 10 Days on market

Built 1912 7,405 sqft lot

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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 +15.6/30.0
• ARV discount +7.5/15.0
• DSCR +4.8/10.0
• Rent growth +4.7/5.0
• Schools +3.9/10.0
• 1% rule +3.7/10.0
• Livability +3.7/5.0
• Condition / age +2.5/5.0
• Appreciation +0.0/10.0

Listing remarks MLS

Handsome and historic 4 over 4 in a stately location on the corner of 13th and Walnut being offer for the first time on record. You bring the new life to breathe and it brings the character and quality craftsmanship! Hardwood floors, trim and doors are original. Basement previously served as a two room, in-law studio apartment. Impressive views off the two, full width back porches. A unique opportunity in one of Waynesboro's most desirable locations.

Key facts

• 7,405 sq ft lot
• Parking
• Built 1912

Property features AI

Exterior

• Parking: Has a 1-car carport
• Utilities: Public water; Public sewer; Cable available; Fiber optic available
• Home design: Detached property; Two stories
• Construction: Stick-built construction; Block foundation
• Exterior features: Lot approximately 0.17 acres

Interior

• Kitchen: Kitchen on the first level; Additional kitchen area in the basement
• Bedrooms: Bedrooms located on the second level
• Bathrooms: Two full bathrooms; One half bathroom; One main-level bathroom
• Heating & cooling: Hot water heating; Natural gas heating; Radiant heating; Window air conditioning units
• Interior features: Entrance foyer; Utility room; Partially finished basement with unfinished areas and an apartment space
• Laundry & utility: Utility rooms in the basement

What this means for you Summary

Snapshot

• This is a 4-bed/2.5-bath other listed at $250k.

Deal economics

• At list price, monthly cash flow is $104 ($1k/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 $217k (13.2% below list).
• Recommended offer: $217k (13.2% below list) — sets the bar for 1% rule.
• Cap rate 6.8% 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: Berkeley Glenn Elementary (math 32% / reading 52%, grade F, #866 of 1,108 statewide, top 80%, 254 students, 88% 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 87% 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; 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; 138 units permitted in Waynesboro city in 2024 (0 in 5+ unit buildings).
• This rent runs 41% 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

• Only 10 days on market — expect competitive offers; lowballing is unlikely to land.
• 3 sale attempts since 2y 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 1912 — expect roof / HVAC / electrical / plumbing capex.

Recommended offer $217,009 (13.2% below list)

Questions for the listing agent

1. Built in 1912 — 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. 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?
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: 0.87% ✗
• Cap rate: 6.79%
• Cash-on-cash: 1.78%
• DSCR: 1.08
• GRM: 9.6

CMA / ARV

No comps found within radius.

Projected returns pro-forma

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

5-year hold

• IRR: -8.3%
• Equity multiple: 0.68×
• Total profit: $-22,478
• Equity at exit: $37,276

10-year hold

• IRR: 6.5%
• Equity multiple: 1.59×
• Total profit: $40,967
• Equity at exit: $21,615

Cash invested: $70,000 (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: 9.6×

Monthly cashflow live

• Estimated rent: $2,170 medium
• Mortgage (P&I): −$1,311
• Tax from tax record: −$196 /mo · $2,346/yr
• Insurance: −$104
• HOA: −$0
• Vacancy / Maint / Mgmt: −$456
• Net cashflow: $104

Break-even live

Break-even rent $2,039

Max offer price $250,000

Occupancy floor 90%

Sensitivity live

Price	-10% $245	-5% $174	+0% $104	+5% $33	+10% $-38
Rent	-10% $-68	-5% $18	+0% $104	+5% $189	+10% $275
Rate	-1.0pp $230	-0.5pp $167	base $104	+0.5pp $39	+1.0pp $-27

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: $62,500
• Closing costs: $7,500
• Reserves months: —
• Total cash needed: —

Rent comps 3 comps

Address	Beds	Baths	Sqft	Rent	$/sqft	DOM	Units	Dist
129 Forever Ct Waynesboro, VA	4.0	2.5	2014	$2,195	$1.09	44d	1	1.33mi
236 Willowshire Ct Waynesboro, VA	3.0	3.0	1851	$2,100	$1.13	44d	1	1.40mi
113 Oakshire Ct Waynesboro, VA	4.0	3.5	1851	$2,285	$1.23	44d	1	1.40mi

Listing history 8 events

1. 2026-05-10
   status Pending 466-char remark
2. 2026-05-01
   status Active 466-char remark
3. 2026-04-30
   historical 466-char remark
4. 2026-04-29
   listed $250,000 Active 466-char remark
5. 2024-11-25
   soldstatus $280,000
6. 2024-11-22
   soldstatus $280,000 Sold 454-char remark

   Show marketing remark (454 chars)

   Handsome and historic 4 over 4 in a stately location on the corner of 13th and Walnut being offer for the first time on record. You bring the new life to breathe and it brings the character and quality craftsmanship! Hardwood floors, trim and doors are original. Basement previously served as a two room, in-law studio apartment. Impressive views off the two, full width back porches. A unique opportunity in one of Waynesboro's most desirable locations.

7. 2024-11-10
   status Pending 454-char remark

   Show marketing remark (454 chars)

   Handsome and historic 4 over 4 in a stately location on the corner of 13th and Walnut being offer for the first time on record. You bring the new life to breathe and it brings the character and quality craftsmanship! Hardwood floors, trim and doors are original. Basement previously served as a two room, in-law studio apartment. Impressive views off the two, full width back porches. A unique opportunity in one of Waynesboro's most desirable locations.

8. 2024-11-08
   listed $249,000 Active 454-char remark

   Show marketing remark (454 chars)

   Handsome and historic 4 over 4 in a stately location on the corner of 13th and Walnut being offer for the first time on record. You bring the new life to breathe and it brings the character and quality craftsmanship! Hardwood floors, trim and doors are original. Basement previously served as a two room, in-law studio apartment. Impressive views off the two, full width back porches. A unique opportunity in one of Waynesboro's most desirable locations.

ⓘ 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: $2,346 · $196/mo
• Projected year-2 tax: $2,346 · $196/mo
• Expected delta: $0/yr ($0/mo · 0.0%)

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

Taxation est. · year 1

• Rental income: $26,041
• − Mortgage interest: −$14,004
• − Property taxes: −$2,346
• − Insurance: −$1,250
• − Repairs & maintenance: −$2,083
• − Management: −$2,083
• − Depreciation: −$7,273
• Taxable loss: −$2,998
• Est. tax savings @ 24.0%: +$720
• After-tax cash flow: $1,964/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

+11.2% since first listed

9 events — show timeline

• 2026-06-12 Sold (MLS) $277,000 GAAR
• 2026-05-10 Pending — GAAR
• 2026-05-01 Relisted — GAAR
• 2026-04-30 Delisted — GAAR
• 2026-04-29 Listed $250,000 GAAR
• 2024-11-25 Sold (Public Records) $280,000 Public Records
• 2024-11-22 Sold (MLS) $280,000 GAAR
• 2024-11-10 Pending — GAAR
• 2024-11-08 Listed $249,000 GAAR

Property tax history

+6.5%/yr

Latest (2025): $2,346 · +3.7% YoY. Source: county tax records.