12218 Columbine Ln

Glade Spring, VA 24340

$225,000D-

2 bd · 2.0 ba · 1,496 sqft · Built 1976 · SingleFamily · Active · 48 DOM

Cashflow @ list (25.0% down · 7.5%)

• Estimated rent: $1,091/mo
• Mortgage (P&I): −$1,180
• Tax + insurance: −$167
• HOA: −$0
• Vac / Maint / Mgmt: −$229
• Net cashflow: $-485/mo
• Annual: $-5,824/yr
• Cap rate: 3.70%
• Cash-on-cash: -9.24%
• DSCR: 0.59
• 1% rule: 0.48%
• Cash to close: $63,000

Investor read

• This is a 2-bed/2.0-bath single-family listed at $225k.
• At list price, monthly cash flow is $-485 ($-6k/yr) — negative.
• To cash-flow at today's rent, offer at most $139k (38.1% below list).
• To meet the 1% rule (rent ≥ 1% of price), the offer needs to be $109k (51.5% below list).
• It's been on market 48 days — a 3% lower offer ($218k) is reasonable based on typical stale-listing flexibility.
• Recommended offer: $109k (51.5% below list) — sets the bar for 1% rule.
• In year one you build about $5k of equity ($2k loan paydown + $3k appreciation (1.4% local appreciation)).
• Location reads 62/100 on livability (#399 in VA) — a middle-class / working-renter tenant base. Strengths: cost of living A+, housing A+; Watch: health & safety C-, crime D-, amenities F.
• Washington County Public School District (rural): math 68% / reading 79% proficiency, ranked #15 of 131 in VA (top 12%) — strong family-tenant draw, lease renewals of 3-5y typical.
• Zoned schools: Meadowview Elementary (math 63% / reading 74%, grade B+, #357 of 1,108 statewide, top 33%, 551 students, 89% FRL); Glade Spring Middle (math 70% / reading 74%, grade A, #65 of 342 statewide, top 21%, 254 students, 80% FRL); Patrick Henry High (math 62% / reading 82%, grade B+, #134 of 319 statewide, top 45%, 366 students, 66% FRL) — zoned schools average 78% FRL vs 42% district-wide (36 pts higher); higher-poverty schools than district average — tighter screening recommended.
• Market conditions: 35 active listings in the ZIP; 99 units permitted in Washington County in 2024 (0 in 5+ unit buildings).
• Washington County population projected at -14% by 2050 — secular population decline; favor cash flow + early exit over multi-decade hold.
• 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.
• By year 7, paydown + projected appreciation supports a ~$30k cash-out refi (75% LTV) — recoverable capital for the next deal without selling this one.

Questions for listing agent

• What do current leases actually rent for vs. the listed asking? Can we see a recent rent roll and the last 12 months of T-12 income?
• It's been on market 48 days. Have you received any prior offers? Is the seller open to a 52% concession, seller financing, or rate buy-down credit?
• Built in 1976 — when were the roof, HVAC, electrical panel, plumbing, and water heater last replaced?
• Is there a deadline driving the sale (1031 exchange, divorce, estate, relocation)? That informs how much negotiation room exists.
• Schools are A-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?
• Crime grade is D in this area — have there been break-ins, vandalism, or insurance claims at this property in the last 3 years? What carrier currently insures it and at what premium?
• 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?
• 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.