613 Alpha St · Waynesboro, VA 22980

$429,000

8 bd · 4.0 ba · 3,400 sqft · MultiFamily public records · 14 Days on market

Built 1935 0.36 ac 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 +27.1/30.0
• DSCR +9.4/10.0
• ARV discount +7.5/15.0
• 1% rule +6.4/10.0
• Rent growth +4.7/5.0
• Schools +3.9/10.0
• Livability +3.7/5.0
• Condition / age +2.5/5.0
• Appreciation +0.0/10.0

Multi-family units

County records classify this as Multi-Family (2-4 Unit). Listing-text estimate: 4 units. confirmed

Listing remarks MLS

ENTERED FOR COMP

Key facts

• 0.36 acre lot
• Built 1935
• Listed 14 days

Property features AI

Finance

• Other: Total of 4 units; Unit breakdown: four 2-bedroom, 1-bath units (each approximately 850 area reported for three units)
• Financial info: Owner pays common area maintenance, insurance, snow removal, sewer, taxes, and water

Exterior

• Utilities: Public water; Public sewer; Cable available
• Home design: Quadruplex (multi-family); Brick/mortar foundation
• Construction: Brick/mortar foundation
• Exterior features: Public road frontage; 0.36-acre lot

Interior

• Kitchen: Standard kitchens in each unit
• Bedrooms: Each unit is a 2-bedroom layout
• Bathrooms: Each unit has 1 bathroom
• Heating & cooling: Baseboard heating; Window air conditioning units
• Interior features: Four-unit building (quadruplex)
• Laundry & utility: On-site utilities served (public water and public sewer)

What this means for you Summary

Snapshot

• This is a 4 × 2-bed/1.0-bath units multifamily listed at $429k.

Deal economics

• At list price, monthly cash flow is $1k ($15k/yr) — positive. Per door: $304/mo.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($5k rent vs $429k).
• Cap rate 9.7% 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: William Perry Elementary (math 32% / reading 52%, grade F, #866 of 1,108 statewide, top 80%, 446 students, 85% 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; 138 units permitted in Waynesboro city in 2024 (0 in 5+ unit buildings).
• At $4,908/mo this rent would consume 92% of the median local household income ($64k/yr) (locally 858% of renters already pay >50% of income on rent) — very limited rent-growth headroom before tenants either downsize or default.

Forward outlook

• Local home prices are declining (-3.0%/yr); year-one equity from $3k of loan paydown is wiped out by about $13k 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.
• At projected returns (-3.0% appreciation + 8.0% rent growth), your $120k cash investment doubles in ~7 years — after that, you're playing with house money.

Negotiation context

• Only 14 days on market — expect competitive offers; lowballing is unlikely to land.
• 6 sale attempts since 8y 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 $136k; list at $429k implies a 215% gain — meaningful room to come down on a strong offer.

Risks & watch-outs

• Watch-outs: built in 1935 — expect roof / HVAC / electrical / plumbing capex.
• Climate carrying-cost: extreme-heat days projected 7→18/yr by 2055 (HVAC capex compounding) — expect insurance premiums to compound above CPI over the hold.

Recommended offer $429,000

Questions for the listing agent

1. Can we see the unit-by-unit rent roll, current vacancy, and any below-market leases? What's the average tenancy length?
2. What capital expenditures (roof, boiler, parking lot, exteriors) have been made in the last 5 years, and what's planned in the next 2?
3. Built in 1935 — 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. 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.
7. 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.
8. How much new apartment / multifamily construction is in the pipeline within 1–3 miles? Heavy new supply (>2% of stock underway) typically softens rents 12–24 months out; light construction supports rent growth.

Investment metrics

• 1% rule: 1.14% ✓
• Cap rate: 9.70%
• Cash-on-cash: 12.16%
• DSCR: 1.54
• GRM: 7.3

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: 6.9%
• Equity multiple: 1.28×
• Total profit: $33,841
• Equity at exit: $63,965

10-year hold

• IRR: 20.0%
• Equity multiple: 3.06×
• Total profit: $246,896
• Equity at exit: $37,092

Cash invested: $120,120 (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: 29.1×

Monthly cashflow live

• Estimated rent: $4,908 medium
• Mortgage (P&I): −$2,250
• Tax from tax record: −$232 /mo · $2,778/yr
• Insurance: −$179
• HOA: −$0
• Vacancy / Maint / Mgmt: −$1,031
• Net cashflow: $1,217

Break-even live

Break-even rent $3,367

Max offer price $429,000

Occupancy floor 70%

Sensitivity live

Price	-10% $1,460	-5% $1,339	+0% $1,217	+5% $1,096	+10% $974
Rent	-10% $830	-5% $1,023	+0% $1,217	+5% $1,411	+10% $1,605
Rate	-1.0pp $1,433	-0.5pp $1,326	base $1,217	+0.5pp $1,106	+1.0pp $993

4-unit breakdown (identical units grouped — click to expand)

Units	Beds	Baths	Est. rent
▸ 4× units	2	1	$4,908
Total (4 units)			$4,908

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: $107,250
• Closing costs: $12,870
• Reserves months: —
• Total cash needed: —

Listing history 20 events

1. 2026-06-13
   status $429,000 Pending 14 DOM
2. 2026-06-10
   days on market $429,000 Active 14 DOM
3. 2026-06-09
   days on market $429,000 Active 13 DOM
4. 2026-06-08
   days on market $429,000 Active 12 DOM
5. 2026-06-07
   days on market $429,000 Active 11 DOM
6. 2026-06-02
   days on market $429,000 Active 6 DOM
7. 2026-06-01
   days on market $429,000 Active 5 DOM
8. 2026-05-31
   days on market $429,000 Active 4 DOM
9. 2026-05-30
   days on market $429,000 Active 3 DOM
10. 2026-05-26
    listed $429,000 Active
11. 2025-03-06
    historical $1,035
12. 2025-02-02
    listed $1,035
13. 2024-03-31
    historical $1,595
14. 2024-03-13
    listed $1,595
15. 2024-03-13
    historical $1,595
16. 2024-02-27
    listed $1,595
17. 2023-12-20
    historical $1,595
18. 2023-12-08
    listed $1,595
19. 2018-08-23
    soldstatus $136,000 16-char remark

    Show marketing remark (16 chars)

    ENTERED FOR COMP

20. 2018-07-19
    listed $186,000 16-char remark

    Show marketing remark (16 chars)

    ENTERED FOR COMP

ⓘ 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: $2,778 · $232/mo
• Projected year-2 tax: $3,518 · $293/mo
• Expected delta: +$740/yr (+$62/mo · 26.6%)

ⓘ 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 2/10 Low
• 🌡 Heat 5/10 Major 7 d/yr ≥99°F today · 18 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: $58,896
• − Mortgage interest: −$24,031
• − Property taxes: −$2,778
• − Insurance: −$2,145
• − Repairs & maintenance: −$4,712
• − Management: −$4,712
• − Depreciation: −$12,480
• Taxable income: $8,039
• Est. tax owed @ 24.0%: −$1,929
• After-tax cash flow: $12,679/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

+130.6% since first listed

11 events — show timeline

• 2026-05-26 Listed $429,000 HRAR
• 2025-03-06 Rental Removed $1,035 TURBOTENANT
• 2025-02-02 Listed for Rent $1,035 TURBOTENANT
• 2024-03-31 Rental Removed $1,595 APPFOLIO
• 2024-03-13 Listed for Rent $1,595 APPFOLIO
• 2024-03-13 Rental Removed $1,595 TURBOTENANT
• 2024-02-27 Listed for Rent $1,595 TURBOTENANT
• 2023-12-20 Rental Removed $1,595 APPFOLIO
• 2023-12-08 Listed for Rent $1,595 APPFOLIO
• 2018-08-23 Sold (MLS) $136,000 GAAR
• 2018-07-19 Listed $186,000 GAAR

Property tax history

+9.2%/yr

Latest (2025): $2,778 · +22.8% YoY. Source: county tax records.