222 King Ave · Waynesboro, VA 22980

$249,900

4 bd · 3.0 ba · 1,880 sqft · Other public records · 316 Days on market

Built 1948 8,712 sqft lot $133/sqft · at area comps Est $250k · at est. ↓ 4% since listing

---

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 +17.7/30.0
• ARV discount +7.6/15.0
• DSCR +5.5/10.0
• Rent growth +4.7/5.0
• 1% rule +4.0/10.0
• Schools +3.9/10.0
• Livability +3.7/5.0
• Condition / age +2.5/5.0
• Appreciation +0.0/10.0

Listing remarks MLS

Rare Affordable 4-Bedroom Opportunity in Waynesboro! Single level living downstairs with two additional bedrooms with full bath upstairs provides exceptional value at $249,900. Ideally located within walking distance to Kate Collins Middle and Waynesboro High School, this property combines space, convenience, and affordability. Inside, you’ll find original hardwood floors in the family room and all bedrooms, adding warmth and timeless character. The recently renovated den features stylish new flooring and a bay window overlooking the fully fenced backyard—perfect for pets or outdoor entertaining. The roof is only 5 years old, and the crawl space has been upgraded with new insulation, improving efficiency and comfort. Newer appliances all convey, making move-in easy. Recent home inspection completed. The kitchen was adapted for accessibility but can be easily returned to its original layout or custom-designed to fit your vision. Home is budget friendly allowing new owners funds to put their personal touch in a well loved home. Don’t miss this rare chance to own a 4-bedroom home in one of Waynesboro’s most convenient locations—and all under $250,000. Please note the photos with furnishings are AI generated.

Key facts

• Newer appliances
• Upgraded insulation
• 8,712 sq ft lot

Tags

• ORIGINAL HARDWOOD FLOORS
• RECENTLY RENOVATED DEN
• FULLY FENCED BACKYARD
• UPGRADED INSULATION
• NEWER APPLIANCES

What this means for you Summary

Snapshot

• This is a 4-bed/3.0-bath other listed at $250k.

Deal economics

• At list price, monthly cash flow is $199 ($2k/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 $226k (9.6% below list).
• Recommended offer: $220k (12.0% below list) — sets the bar for market timing.
• Cap rate 7.2% 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.
• Market conditions: Rents rising fast (+8.9%/yr); 302 active listings in the ZIP; 5 comparable units currently listed for rent nearby; rentals lingering (median 44d 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 42% 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 $7k 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 $70k cash investment doubles in ~10 years — after that, you're playing with house money.

Negotiation context

• It's been on market 316 days — a 12% lower offer ($220k) is reasonable based on typical stale-listing flexibility.

Risks & watch-outs

• Watch-outs: built in 1948 — 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 $219,912 (12.0% below list)

Questions for the listing agent

1. It's been on market 316 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 1948 — when were the roof, HVAC, electrical panel, plumbing, and water heater last replaced?
3. Why hasn't it sold? Are there any deal-killer items the seller is aware of (foundation, flood, title, zoning, code violations)?
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. 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?
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 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: 0.90% ✗
• Cap rate: 7.25%
• Cash-on-cash: 3.41%
• DSCR: 1.15
• GRM: 9.2

CMA / ARV

• ARV (median comp): $250,353
• List price: $249,900
• Delta: -0.18%
• Verdict: FAIR
• Comps: 20 within 1.0 mi

Projected returns pro-forma

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

5-year hold

• IRR: -5.9%
• Equity multiple: 0.77×
• Total profit: $-15,930
• Equity at exit: $37,261

10-year hold

• IRR: 8.7%
• Equity multiple: 1.81×
• Total profit: $56,576
• Equity at exit: $21,607

Cash invested: $69,972 (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: 302
• Price-to-rent: 9.2×

Monthly cashflow live

• Estimated rent: $2,259 high
• Mortgage (P&I): −$1,311
• Tax from tax record: −$171 /mo · $2,051/yr
• Insurance: −$104
• HOA: −$0
• Vacancy / Maint / Mgmt: −$474
• Net cashflow: $199

Break-even live

Break-even rent $2,007

Max offer price $249,900

Occupancy floor 86%

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: $62,475
• Closing costs: $7,497
• Reserves months: —
• Total cash needed: —

Rent comps 5 comps

Address	Beds	Baths	Sqft	Rent	$/sqft	DOM	Units	Dist
113 Oakshire Ct Waynesboro, VA	4.0	3.5	1851	$2,285	$1.23	43d	1	0.58mi
236 Willowshire Ct Waynesboro, VA	3.0	3.0	1851	$2,100	$1.13	43d	1	0.60mi
129 Forever Ct Waynesboro, VA	4.0	2.5	2014	$2,195	$1.09	43d	1	0.61mi
289 Walsh Ln Waynesboro, VA	5.0	3.0	2200	$2,700	$1.23	43d	1	0.91mi
327 White Birch Rd Waynesboro, VA	4.0	2.5	2324	$2,650	$1.14	43d	1	1.04mi

Listing history 18 events

1. 2026-06-19
   days on market $249,900 Active 316 DOM
2. 2026-06-18
   days on market $249,900 Active 315 DOM
3. 2026-06-17
   days on market $249,900 Active 314 DOM
4. 2026-06-16
   days on market $249,900 Active 313 DOM
5. 2026-06-15
   days on market $249,900 Active 312 DOM
6. 2026-06-14
   days on market $249,900 Active 310 DOM
7. 2026-06-13
   days on market $249,900 Active 309 DOM
8. 2026-06-10
   days on market $249,900 Active 307 DOM
9. 2026-06-09
   days on market $249,900 Active 306 DOM
10. 2026-06-08
    days on market $249,900 Active 305 DOM
11. 2026-06-07
    days on market $249,900 Active 304 DOM
12. 2026-06-02
    days on market $249,900 Active 299 DOM
13. 2026-06-01
    days on market $249,900 Active 298 DOM
14. 2026-05-31
    days on market $249,900 Active 297 DOM
15. 2026-05-30
    days on market $249,900 Active 296 DOM
16. 2025-10-13
    price $249,900 1257-char remark

    Show marketing remark (1257 chars)

    Rare Affordable 4-Bedroom Opportunity in Waynesboro! Single level living downstairs with two additional bedrooms with full bath upstairs provides exceptional value at $249,900. Ideally located within walking distance to Kate Collins Middle and Waynesboro High School, this property combines space, convenience, and affordability. Inside, you’ll find original hardwood floors in the family room and all bedrooms, adding warmth and timeless character. The recently renovated den features stylish new flooring and a bay window overlooking the fully fenced backyard—perfect for pets or outdoor entertaining. The roof is only 5 years old, and the crawl space has been upgraded with new insulation, improving efficiency and comfort. Newer appliances all convey, making move-in easy. Recent home inspection completed. The kitchen was adapted for accessibility but can be easily returned to its original layout or custom-designed to fit your vision. Home is budget friendly allowing new owners funds to put their personal touch in a well loved home. Don’t miss this rare chance to own a 4-bedroom home in one of Waynesboro’s most convenient locations—and all under $250,000. Please note the photos with furnishings are AI generated.

17. 2025-09-19
    price $254,900 1257-char remark

    Show marketing remark (1257 chars)

    Rare Affordable 4-Bedroom Opportunity in Waynesboro! Single level living downstairs with two additional bedrooms with full bath upstairs provides exceptional value at $249,900. Ideally located within walking distance to Kate Collins Middle and Waynesboro High School, this property combines space, convenience, and affordability. Inside, you’ll find original hardwood floors in the family room and all bedrooms, adding warmth and timeless character. The recently renovated den features stylish new flooring and a bay window overlooking the fully fenced backyard—perfect for pets or outdoor entertaining. The roof is only 5 years old, and the crawl space has been upgraded with new insulation, improving efficiency and comfort. Newer appliances all convey, making move-in easy. Recent home inspection completed. The kitchen was adapted for accessibility but can be easily returned to its original layout or custom-designed to fit your vision. Home is budget friendly allowing new owners funds to put their personal touch in a well loved home. Don’t miss this rare chance to own a 4-bedroom home in one of Waynesboro’s most convenient locations—and all under $250,000. Please note the photos with furnishings are AI generated.

18. 2025-08-07
    listed $259,900 Active 1257-char remark

    Show marketing remark (1257 chars)

    Rare Affordable 4-Bedroom Opportunity in Waynesboro! Single level living downstairs with two additional bedrooms with full bath upstairs provides exceptional value at $249,900. Ideally located within walking distance to Kate Collins Middle and Waynesboro High School, this property combines space, convenience, and affordability. Inside, you’ll find original hardwood floors in the family room and all bedrooms, adding warmth and timeless character. The recently renovated den features stylish new flooring and a bay window overlooking the fully fenced backyard—perfect for pets or outdoor entertaining. The roof is only 5 years old, and the crawl space has been upgraded with new insulation, improving efficiency and comfort. Newer appliances all convey, making move-in easy. Recent home inspection completed. The kitchen was adapted for accessibility but can be easily returned to its original layout or custom-designed to fit your vision. Home is budget friendly allowing new owners funds to put their personal touch in a well loved home. Don’t miss this rare chance to own a 4-bedroom home in one of Waynesboro’s most convenient locations—and all under $250,000. Please note the photos with furnishings are AI generated.

ⓘ 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: $2,051 · $171/mo
• Projected year-2 tax: $2,051 · $171/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 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: $27,108
• − Mortgage interest: −$13,998
• − Property taxes: −$2,051
• − Insurance: −$1,250
• − Repairs & maintenance: −$2,169
• − Management: −$2,169
• − Depreciation: −$7,270
• Taxable loss: −$1,798
• Est. tax savings @ 24.0%: +$431
• After-tax cash flow: $2,820/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

-3.8% since first listed

3 events — show timeline

• 2025-10-13 Price Changed $249,900 GAAR
• 2025-09-19 Price Changed $254,900 GAAR
• 2025-08-07 Listed $259,900 GAAR

Property tax history

+7.3%/yr

Latest (2025): $2,051 · +26.8% YoY. Source: county tax records.