201 Mount Airy Ave · Waynesboro, PA 17268

$149,900

4 bd · None ba · 1,640 sqft · MultiFamily · 319 Days on market

Built 1950 4,792 sqft lot $91/sqft · 29% below area Est $211k · 29% under

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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
• ARV discount +15.0/15.0
• DSCR +10.0/10.0
• 1% rule +8.8/10.0
• 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

Multi-family units

County records classify this as Multi-Family (5+ Unit). Listing-text estimate: 1 unit. estimate disagrees with records

5+ unit building — per-unit beds/baths from public records are typically unavailable; the breakdown below (if shown) is an estimate from the listing text.

Listing remarks MLS

Here's a investment opportunity to add to your portfolio or get started in real estate investments for additional passive income. Both units of the property is currently occupied. The lower unit in a month to month lease, the upper unit is a 1 year lease that started Nov. 1st. 2025. Property sits in a quiet area of Waynesboro but close to downtown activities, many amenities are within walking distance for tenants. Properties do need some cosmetic updates and some repairs.

Key facts

• 4,792 sq ft lot
• Built 1950
• Listed 319 days

🏷️ Possibly a rental listed for sale. The $149,900 price doesn't fit this home's estimated sale value (~$210,977) and the remarks read like a rental — treat the cards below with caution.

What this means for you Summary

Snapshot

• This is a 4-bed/?-bath multifamily listed at $150k.

Deal economics

• At list price, monthly cash flow is $567 ($7k/yr) — positive.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($2k rent vs $150k).
• Recommended offer: $132k (12.0% below list) — sets the bar for market timing.
• Cap rate 11.4% 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.
• Market conditions: 230 active listings in the ZIP; 7 comparable units currently listed for rent nearby; rentals lingering (median 45d on market — plan ~5-8 weeks vacancy on turnover, expect pricing pressure); 86% 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 $1k of loan paydown is wiped out by about $4k of value loss. Plan a longer hold.
• At projected returns (-3.0% appreciation + 3.0% rent growth), your $42k cash investment doubles in ~8 years — after that, you're playing with house money.

Negotiation context

• It's been on market 319 days — a 12% lower offer ($132k) is reasonable based on typical stale-listing flexibility.
• 6 sale attempts since 23y ago; this cycle's ask has dropped $20k (12%) from the opening price — seller is motivated, your offer sets the floor, not the list.
• Current owner paid $50k; list at $150k implies a 197% gain — meaningful room to come down on a strong offer.

Risks & watch-outs

• Watch-outs: flood insurance adds $66/mo; built in 1950 — 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 $131,912 (12.0% below list)

Questions for the listing agent

1. It's been on market 319 days. Have you received any prior offers? Is the seller open to a 12% concession, seller financing, or rate buy-down credit?
2. Built in 1950 — when were the roof, HVAC, electrical panel, plumbing, and water heater last replaced?
3. What's the actual annual flood-insurance premium (NFIP or private), and is the property in a SFHA with mandatory coverage?
4. Why hasn't it sold? Are there any deal-killer items the seller is aware of (foundation, flood, title, zoning, code violations)?
5. Is there a deadline driving the sale (1031 exchange, divorce, estate, relocation)? That informs how much negotiation room exists.
6. 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?
7. 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.
8. 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.
9. 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: 1.38% ✓
• Cap rate: 11.36%
• Cash-on-cash: 18.10%
• DSCR: 1.81
• GRM: 6.0

CMA / ARV

• ARV (median comp): $210,977
• List price: $149,900
• Delta: -28.95%
• Verdict: UNDERPRICED
• Comps: 6 within 1.0 mi

Projected returns pro-forma

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

5-year hold

• IRR: 7.2%
• Equity multiple: 1.28×
• Total profit: $11,855
• Equity at exit: $22,351

10-year hold

• IRR: 16.6%
• Equity multiple: 2.36×
• Total profit: $57,014
• Equity at exit: $12,961

Cash invested: $41,972 (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: 12.0×

Monthly cashflow live

• Estimated rent: $2,074 high
• Mortgage (P&I): −$786
• Tax from tax record: −$157 /mo · $1,881/yr
• Insurance: −$62
• Flood insurance flood zone: −$66 /mo · $798/yr
• HOA: −$0
• Vacancy / Maint / Mgmt: −$436
• Net cashflow: $567

Break-even live

Break-even rent $1,357

Max offer price $149,900

Occupancy floor 68%

Sensitivity live

Price	-10% $652	-5% $609	+0% $567	+5% $524	+10% $482
Rent	-10% $403	-5% $485	+0% $567	+5% $649	+10% $731
Rate	-1.0pp $642	-0.5pp $605	base $567	+0.5pp $528	+1.0pp $488

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

Units	Beds	Baths	Est. rent
▸ 2× units	1	1	$2,074
Total (2 units)			$2,074

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: $37,475
• Closing costs: $4,497
• Reserves months: —
• Total cash needed: —

Rent comps 7 comps

Address	Beds	Baths	Sqft	Rent	$/sqft	DOM	Units	Dist
23 Philadelphia Ave Waynesboro, PA	3.0	3.0	1985	$2,200	$1.11	44d	1	0.50mi
8820 Hillside Way Waynesboro, PA	3.0	2.5	1536	$2,100	$1.37	44d	1	0.85mi
228 Ridge Ave Waynesboro, PA	3.0	1.0	1300	$1,500	$1.15	44d	1	0.90mi
457 Frick Ave Waynesboro, PA	3.0	2.5	2193	$2,200	$1.00	22d	1	0.98mi
13061-13121 Welty Rd Unit 18B Waynesboro, PA	3.0	1.5	1200	$1,300	$1.08	44d	1	1.25mi
12435 Jackson Ave Unit 12441 Waynesboro, PA	3.0	2.5	1900	$1,995	$1.05	44d	1	1.30mi
12441 Jackson Ave Waynesboro, PA	3.0	2.5	1900	$1,995	$1.05	44d	1	1.31mi

Listing history 30 events

1. 2026-06-18
   days on market $149,900 Active 319 DOM
2. 2026-06-17
   days on market $149,900 Active 318 DOM
3. 2026-06-16
   days on market $149,900 Active 317 DOM
4. 2026-06-15
   days on market $149,900 Active 316 DOM
5. 2026-06-14
   days on market $149,900 Active 314 DOM
6. 2026-06-13
   days on market $149,900 Active 313 DOM
7. 2026-06-10
   days on market $149,900 Active 311 DOM
8. 2026-06-09
   days on market $149,900 Active 310 DOM
9. 2026-06-08
   days on market $149,900 Active 309 DOM
10. 2026-06-07
    days on market $149,900 Active 308 DOM
11. 2026-06-05
    days on market $149,900 Active 305 DOM
12. 2026-06-03
    days on market $149,900 Active 304 DOM
13. 2026-06-02
    days on market $149,900 Active 303 DOM
14. 2026-06-01
    days on market $149,900 Active 302 DOM
15. 2026-05-31
    days on market $149,900 Active 301 DOM
16. 2026-05-30
    days on market $149,900 Active 300 DOM
17. 2026-01-13
    status Active 477-char remark

    Show marketing remark (477 chars)

    Here's a investment opportunity to add to your portfolio or get started in real estate investments for additional passive income. Both units of the property is currently occupied. The lower unit in a month to month lease, the upper unit is a 1 year lease that started Nov. 1st. 2025. Property sits in a quiet area of Waynesboro but close to downtown activities, many amenities are within walking distance for tenants. Properties do need some cosmetic updates and some repairs.

18. 2026-01-09
    historical 477-char remark

    Show marketing remark (477 chars)

    Here's a investment opportunity to add to your portfolio or get started in real estate investments for additional passive income. Both units of the property is currently occupied. The lower unit in a month to month lease, the upper unit is a 1 year lease that started Nov. 1st. 2025. Property sits in a quiet area of Waynesboro but close to downtown activities, many amenities are within walking distance for tenants. Properties do need some cosmetic updates and some repairs.

19. 2025-11-05
    status Active 477-char remark

    Show marketing remark (477 chars)

    Here's a investment opportunity to add to your portfolio or get started in real estate investments for additional passive income. Both units of the property is currently occupied. The lower unit in a month to month lease, the upper unit is a 1 year lease that started Nov. 1st. 2025. Property sits in a quiet area of Waynesboro but close to downtown activities, many amenities are within walking distance for tenants. Properties do need some cosmetic updates and some repairs.

20. 2025-10-20
    historical Active Under Contract 477-char remark

    Show marketing remark (477 chars)

    Here's a investment opportunity to add to your portfolio or get started in real estate investments for additional passive income. Both units of the property is currently occupied. The lower unit in a month to month lease, the upper unit is a 1 year lease that started Nov. 1st. 2025. Property sits in a quiet area of Waynesboro but close to downtown activities, many amenities are within walking distance for tenants. Properties do need some cosmetic updates and some repairs.

21. 2025-07-28
    price $149,900 477-char remark

    Show marketing remark (477 chars)

    Here's a investment opportunity to add to your portfolio or get started in real estate investments for additional passive income. Both units of the property is currently occupied. The lower unit in a month to month lease, the upper unit is a 1 year lease that started Nov. 1st. 2025. Property sits in a quiet area of Waynesboro but close to downtown activities, many amenities are within walking distance for tenants. Properties do need some cosmetic updates and some repairs.

22. 2025-07-15
    listed $169,900 Active 477-char remark

    Show marketing remark (477 chars)

    Here's a investment opportunity to add to your portfolio or get started in real estate investments for additional passive income. Both units of the property is currently occupied. The lower unit in a month to month lease, the upper unit is a 1 year lease that started Nov. 1st. 2025. Property sits in a quiet area of Waynesboro but close to downtown activities, many amenities are within walking distance for tenants. Properties do need some cosmetic updates and some repairs.

23. 2025-07-09
    historical $169,900 477-char remark

    Show marketing remark (477 chars)

    Here's a investment opportunity to add to your portfolio or get started in real estate investments for additional passive income. Both units of the property is currently occupied. The lower unit in a month to month lease, the upper unit is a 1 year lease that started Nov. 1st. 2025. Property sits in a quiet area of Waynesboro but close to downtown activities, many amenities are within walking distance for tenants. Properties do need some cosmetic updates and some repairs.

24. 2025-01-27
    listed $169,900
25. 2025-01-27
    historical
26. 2006-02-17
    historical
27. 2005-08-17
    listed
28. 2003-03-28
    soldstatus $50,400
29. 2003-03-03
    historical
30. 2003-02-12
    listed $50,400

ⓘ 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: $1,881 · $157/mo
• Projected year-2 tax: $2,125 · $177/mo
• Expected delta: +$244/yr (+$20/mo · 12.9%)

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

Climate risk First Street

• 🌊 Flood 9/10 Extreme FEMA zone X (unshaded) · 98% 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 4% 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: $24,888
• − Mortgage interest: −$8,397
• − Property taxes: −$1,881
• − Insurance: −$1,547
• − Repairs & maintenance: −$1,991
• − Management: −$1,991
• − Depreciation: −$4,361
• Taxable income: $4,720
• Est. tax owed @ 24.0%: −$1,133
• After-tax cash flow: $5,667/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

+197.4% since first listed

14 events — show timeline

• 2026-01-13 Relisted — BRIGHT MLS
• 2026-01-09 Listing Removed — BRIGHT MLS
• 2025-11-05 Relisted — BRIGHT MLS
• 2025-10-20 Contingent — BRIGHT MLS
• 2025-07-28 Price Changed $149,900 BRIGHT MLS
• 2025-07-15 Listed $169,900 BRIGHT MLS
• 2025-07-09 Coming Soon $169,900 BRIGHT MLS
• 2025-01-27 Listing Removed — BRIGHT MLS
• 2025-01-27 Listed $169,900 BRIGHT MLS
• 2006-02-17 Delisted — MRIS
• 2005-08-17 Listed — MRIS
• 2003-03-28 Sold (MLS) $50,400 MRIS
• 2003-03-03 Delisted — MRIS
• 2003-02-12 Listed $50,400 MRIS

Property tax history

+10.1%/yr

Latest (2026): $1,881 · +0.0% YoY. Source: county tax records.