279 Walnut Ave

Alderson, WV 24910

$69,400B

2 bd · 1.0 ba · 864 sqft · Built 1946 · SingleFamily · Pending · 15 DOM

Cashflow @ list (25.0% down · 7.5%)

• Estimated rent: $852/mo
• Mortgage (P&I): −$364
• Tax + insurance: −$113
• HOA: −$0
• Vac / Maint / Mgmt: −$179
• Net cashflow: $196/mo
• Annual: $2,349/yr
• Cap rate: 10.64%
• Cash-on-cash: 15.52%
• DSCR: 1.69
• 1% rule: 1.23%
• Cash to close: $19,432

Investor read

• This is a 2-bed/1.0-bath single-family listed at $69k.
• At list price, monthly cash flow is $196 ($2k/yr) — positive.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($852 rent vs $69k).
• It's been on market 15 days — a 2% lower offer ($68k) is reasonable based on typical stale-listing flexibility.
• Recommended offer: $68k (1.5% below list) — sets the bar for market timing.
• In year one you build about $2k of equity ($480 loan paydown + $1k appreciation (2.1% local appreciation)).
• Location reads 62/100 on livability (#177 in WV) — a middle-class / working-renter tenant base. Strengths: cost of living A+, crime B, housing B; Watch: commute D, schools F, amenities F.
• Greenbrier County Schools (town): math 24% / reading 37% proficiency, ranked #31 of 55 in WV (top 56%) — families likely to look elsewhere, expect single-tenant / working-renter base with shorter leases.
• Watch-outs: flood insurance adds $56/mo; built in 1946 — expect roof / HVAC / electrical / plumbing capex.
• Market conditions: 41 active listings in the ZIP; 74 units permitted in Greenbrier County in 2024 (0 in 5+ unit buildings).
• Greenbrier County population projected to shrink 7% by 2050 — rents likely to lag national; underwrite the cash flow, not the appreciation.
• 2 sale attempts since 10y 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.
• At projected returns (2.1% appreciation + 3.0% rent growth), your $19k cash investment doubles in ~5 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.

Questions for listing agent

• Built in 1946 — 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?
• 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.
• 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.