13351 Banner Rd

Coeburn, VA 24230

$65,000B+

3 bd · 1.0 ba · 1,680 sqft · Built 1970 · Manufactured · Active · 165 DOM

Cashflow @ list (25.0% down · 7.5%)

• Estimated rent: $1,431/mo
• Mortgage (P&I): −$341
• Tax + insurance: −$128
• HOA: −$0
• Vac / Maint / Mgmt: −$300
• Net cashflow: $662/mo
• Annual: $7,939/yr
• Cap rate: 19.53%
• Cash-on-cash: 47.28%
• DSCR: 3.10
• 1% rule: 2.20%
• Cash to close: $18,200

Investor read

• This is a 3-bed/1.0-bath manufactured listed at $65k.
• At list price, monthly cash flow is $662 ($8k/yr) — positive.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($1k rent vs $65k).
• It's been on market 165 days — a 12% lower offer ($57k) is reasonable based on typical stale-listing flexibility.
• Recommended offer: $57k (12.0% below list) — sets the bar for market timing.
• In year one you build about $493 of equity ($449 loan paydown + $44 appreciation (0.1% local appreciation)).
• Location reads 63/100 on livability (#383 in VA) — a middle-class / working-renter tenant base. Strengths: cost of living A+, crime B+, housing B; Watch: amenities F, commute F, employment F.
• Wise County Public School District (town): math 74% / reading 79% proficiency, ranked #11 of 131 in VA (top 8%) — strong family-tenant draw, lease renewals of 3-5y typical.
• Zoned schools: Coeburn Primary (math 82% / reading 82%, grade A+, #106 of 1,108 statewide, top 11%, 466 students, 80% FRL); Coeburn Middle (math 76% / reading 80%, grade A+, #34 of 342 statewide, top 10%, 307 students, 89% FRL); Eastside High (math 82% / reading 72%, grade A-, #90 of 319 statewide, top 30%, 390 students, 83% FRL) — zoned schools average 84% FRL vs 55% district-wide (29 pts higher); higher-poverty schools than district average — tighter screening recommended.
• Watch-outs: flood insurance adds $56/mo.
• Market conditions: 46 active listings in the ZIP; 17 units permitted in Wise County in 2024 (0 in 5+ unit buildings).
• Wise County population projected at -26% by 2050 — secular population decline; favor cash flow + early exit over multi-decade hold.
• 3 sale attempts since 6y ago; this cycle's ask has dropped $14k (18%) from the opening price — seller is motivated, your offer sets the floor, not the list.
• Current owner paid $54k; 20% above their basis — modest negotiation headroom, anchor on the comps not their cost.
• At projected returns (0.1% appreciation + 3.0% rent growth), your $18k cash investment doubles in ~3 years — after that, you're playing with house money.
• Climate carrying-cost: severe flood risk — expect insurance premiums to compound above CPI over the hold.
• Cap rate 19.5% vs local median 5.4% in Coeburn — 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.

Questions for listing agent

• It's been on market 165 days. Have you received any prior offers? Is the seller open to a 12% concession, seller financing, or rate buy-down credit?
• Built in 1970 — when were the roof, HVAC, electrical panel, plumbing, and water heater last replaced?
• What's the actual annual flood-insurance premium (NFIP or private), and is the property in a SFHA with mandatory coverage?
• Why hasn't it sold? Are there any deal-killer items the seller is aware of (foundation, flood, title, zoning, code violations)?
• 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?
• 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.
• 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.