814 Virginia St E #15

Charleston, WV 25301

$135,750F

1 bd · 1.0 ba · 1,086 sqft · Built 1890 · Condo · Active · 503 DOM

Cashflow @ list (25.0% down · 7.5%)

• Estimated rent: $1,149/mo
• Mortgage (P&I): −$712
• Tax + insurance: −$233
• HOA: −$365
• Vac / Maint / Mgmt: −$241
• Net cashflow: $-402/mo
• Annual: $-4,830/yr
• Cap rate: 2.74%
• Cash-on-cash: -12.71%
• DSCR: 0.43
• 1% rule: 0.85%
• Cash to close: $38,010

Investor read

• This is a 1-bed/1.0-bath condo listed at $136k.
• At list price, monthly cash flow is $-402 ($-5k/yr) — negative.
• To cash-flow at today's rent, offer at most $129k (4.9% below list).
• To meet the 1% rule (rent ≥ 1% of price), the offer needs to be $115k (15.4% below list).
• It's been on market 503 days — a 12% lower offer ($119k) is reasonable based on typical stale-listing flexibility.
• Recommended offer: $115k (15.4% below list) — sets the bar for 1% rule.
• In year one you build about $4k of equity ($938 loan paydown + $3k appreciation (2.2% local appreciation)).
• Location reads 85/100 on livability (#3 in WV, #524 nationally) — a professional / high-income tenant draw. Strengths: amenities A+, commute A+, cost of living A+; Watch: crime F.
• Kanawha County Schools (suburban): math 29% / reading 40% proficiency, ranked #17 of 55 in WV (top 31%) — families likely to look elsewhere, expect single-tenant / working-renter base with shorter leases.
• Zoned schools: Piedmont Year-Round Education (math 17% / reading 22%, grade F, #350 of 377 statewide, top 95%, 258 students, 0% FRL); West Side Middle School (math 7% / reading 18%, grade F, #109 of 109 statewide, top 100%, 377 students, 0% FRL); Capital High School (math 22% / reading 52%, grade F, #32 of 110 statewide, top 34%, 1,086 students, 0% FRL) — zoned schools average 0% FRL vs 46% district-wide (46 pts lower); this property's tenant base skews higher-income than the district average.
• Watch-outs: HOA is 32% of rent; built in 1890 — expect roof / HVAC / electrical / plumbing capex.
• Market conditions: 16 active listings in the ZIP; lower-income renter base — watch delinquency; 103 units permitted in Kanawha County in 2024 (0 in 5+ unit buildings).
• Kanawha County population projected at -17% by 2050 — secular population decline; favor cash flow + early exit over multi-decade hold.
• 4 sale attempts since 8y 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 9, paydown + projected appreciation supports a ~$33k cash-out refi (75% LTV) — recoverable capital for the next deal without selling this one.
• Cap rate 2.7% vs local median 3.8% in Charleston — below-typical yield; the buyer is paying a premium for something (appreciation thesis, condition, location) that the cap rate doesn't capture.
• At $1,149/mo this rent would consume 54% of the median local household income ($25k/yr) (locally 107% of renters already pay >50% of income on rent) — very limited rent-growth headroom before tenants either downsize or default.

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 503 days. Have you received any prior offers? Is the seller open to a 15% concession, seller financing, or rate buy-down credit?
• Built in 1890 — when were the roof, HVAC, electrical panel, plumbing, and water heater last replaced?
• What does the HOA fee cover, when was the last increase, and are there any pending special assessments or reserve-fund shortfalls?
• Any open or pending special assessments — roof, HVAC, plumbing, elevator, façade? What's the per-unit balance and payoff schedule, and is the seller paying it off at close or rolling it to the buyer?
• 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?