5818 Lee Jackson Hwy

Greenville, VA 24440

$209,000C-

3 bd · 2.0 ba · 2,165 sqft · Built 1910 · SingleFamily · Active · 225 DOM

Cashflow @ list (25.0% down · 7.5%)

• Estimated rent: $1,452/mo
• Mortgage (P&I): −$1,096
• Tax + insurance: −$157
• HOA: −$0
• Vac / Maint / Mgmt: −$305
• Net cashflow: $-105/mo
• Annual: $-1,265/yr
• Cap rate: 5.69%
• Cash-on-cash: -2.16%
• DSCR: 0.90
• 1% rule: 0.69%
• Cash to close: $58,520

Investor read

• This is a 3-bed/2.0-bath single-family listed at $209k.
• At list price, monthly cash flow is $-105 ($-1k/yr) — negative.
• To cash-flow at today's rent, offer at most $190k (8.9% below list).
• To meet the 1% rule (rent ≥ 1% of price), the offer needs to be $145k (30.5% below list).
• It's been on market 225 days — a 12% lower offer ($184k) is reasonable based on typical stale-listing flexibility.
• Recommended offer: $145k (30.5% below list) — sets the bar for 1% rule.
• In year one you build about $15k of equity ($1k loan paydown + $14k appreciation (6.6% local appreciation)).
• Location reads 68/100 on livability (#272 in VA) — a middle-class / working-renter tenant base. Strengths: crime A+, cost of living A+, housing A+; Watch: schools F, amenities F, commute F.
• Augusta County Public School District (rural): math 55% / reading 69% proficiency, ranked #52 of 131 in VA (top 40%) — acceptable for families but not a draw, mixed tenant base, ~2y average lease.
• Watch-outs: built in 1910 — expect roof / HVAC / electrical / plumbing capex.
• Market conditions: 11 active listings in the ZIP; 357 units permitted in Augusta County in 2024 (50 in 5+ unit buildings).
• 2 sale attempts; this cycle's ask has dropped $26k (11%) from the opening price — seller is motivated, your offer sets the floor, not the list.
• By year 3, paydown + projected appreciation supports a ~$38k 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 225 days. Have you received any prior offers? Is the seller open to a 31% concession, seller financing, or rate buy-down credit?
• Built in 1910 — when were the roof, HVAC, electrical panel, plumbing, and water heater last replaced?
• 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 F-rated, which usually means shorter tenancies and higher turnover. Who's the typical renter profile here, and what's been the actual vacancy rate?
• 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.