The 1934 model YMF was substantially redesigned with a longer and wider fuselage, larger rudder and other structural changes, and put into production in March 1986 by WACO Classic Aircraft of Lansing, Michigan as the YMF-5.

The YMF-5 new design was roughly based on the YMF, built by WACO Classic Aircraft. Waco Classic Aircraft revealed the YMF-5D model new build which introduced a more powerful Jacobs R755-A2 300 hp (225kW) engine in June 2009. A smaller 275 hp (205 kW) engine was an option. The aircraft is fitted with a new Garmin G600 glass avionics package.

Deliveries were to be from October 2009, pending FAA certification.

Over 100 YMF-5s were completed as of 2012 with new examples being built to specific orders.

1998 Waco F-5C
Base Price: US$245,000
Engine: Jacobs R-755-B2, 275 hp @ 2200 rpm
TBO: 1200 hr
Fuel type: 92 octane
Propeller: Sensenich fixed pitch
Max ramp weight: 3218 lb
Gross weight: 3218 lb
Landing weight: 3218 lb
Empty weight: 2250 lb
Useful load (lbs.): 968
Payload, full fuel: 680 lb
Usable fuel: 48 USgal
Optional fuel: 73 USgal
Wingspan: 30 ft
Overall length: 23 ft. 10 in
Height: 8 ft. 6 in
Power loading: 11.7 lbs./hp
Seating capacity: 3
Cabin width (in.): 46 in
Baggage capacity (s.):75 + 200 lb
Cruise speed 75% power @ 7,000 ft.: 92 kt
Max range (w/ reserve) 75% power: 200 nm
Fuel consumption 75% power: 15 US gph
Estimated endurance (65% power w/1 hr reserve): 3.2 hr
Stall speed (flaps up): 52 kt

275 hp (205 kW) Jacobs R-755, built by WACO Aircraft Company of Ohio Inc by 2011

From 1997 the WACO Aircraft Company of Quillayute Airport in Forks, Washington offered a kit version of the ATO model, featuring completely re-drawn plans, a book of plans for the small parts and an instruction manual. Kit form for was $38,000 less motor, plans for $350.