154 Red Barn Rd

Wayne, WV 25514

$144,000C

4 bd · 2.0 ba · 2,400 sqft · Built 2004 · Manufactured · Pending · 28 DOM

Cashflow @ list (25.0% down · 7.5%)

• Estimated rent: $1,360/mo
• Mortgage (P&I): −$755
• Tax + insurance: −$306
• HOA: −$0
• Vac / Maint / Mgmt: −$286
• Net cashflow: $13/mo
• Annual: $155/yr
• Cap rate: 6.95%
• Cash-on-cash: 2.36%
• DSCR: 1.11
• 1% rule: 0.94%
• Cash to close: $40,320

Investor read

• This is a 4-bed/2.0-bath manufactured listed at $144k. Condition is rated fair.
• At list price, monthly cash flow is $13 ($155/yr) — positive.
• The deal already cash-flows at list — no discount required.
• To meet the 1% rule (rent ≥ 1% of price), the offer needs to be $136k (5.5% below list).
• It's been on market 28 days — a 2% lower offer ($142k) is reasonable based on typical stale-listing flexibility.
• Recommended offer: $136k (5.5% below list) — sets the bar for 1% rule.
• In year one you build about $6k of equity ($996 loan paydown + $5k appreciation (3.6% local appreciation)).
• Location reads 59/100 on livability (#226 in WV) — a working-class tenant base; expect higher turnover. Strengths: crime A+, cost of living A+, housing A-; Watch: schools F, amenities F, commute F.
• Wayne County Schools (rural): math 25% / reading 38% proficiency, ranked #25 of 55 in WV (top 46%) — families likely to look elsewhere, expect single-tenant / working-renter base with shorter leases.
• Watch-outs: flood insurance adds $66/mo.
• Market conditions: 14 active listings in the ZIP; 67 units permitted in Wayne County in 2024 (0 in 5+ unit buildings).
• Wayne County population projected at -22% by 2050 — secular population decline; favor cash flow + early exit over multi-decade hold.
• 2 sale attempts since 5y 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 (3.6% appreciation + 3.0% rent growth), your $40k cash investment doubles in ~6 years — after that, you're playing with house money.
• By year 6, paydown + projected appreciation supports a ~$33k cash-out refi (75% LTV) — recoverable capital for the next deal without selling this one.
• Climate carrying-cost: severe flood risk; major wildfire risk — expect insurance premiums to compound above CPI over the hold.

Questions for listing agent

• Have any recent inspections been done? Can we get a copy of the seller's disclosures and any deferred-maintenance estimates?
• 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.

Repairs flagged (vision-AI assessment)

• Major: kitchen cabinets — dated and in poor condition
• Major: bathroom fixtures — need refurbishing
• Major: flooring — carpeted floors in living areas
• Major: interior walls — wallpaper in kitchen and dining area