Crown (Bluegrass) Plan

Morgantown, WV 26501

$92,995D

4 bd · 2.0 ba · 1,493 sqft · Built — · Manufactured · Active · 62 DOM

Cashflow @ list (25.0% down · 7.5%)

• Estimated rent: $1,464/mo
• Mortgage (P&I): −$488
• Tax + insurance: −$155
• HOA: −$590
• Vac / Maint / Mgmt: −$307
• Net cashflow: $-76/mo
• Annual: $-917/yr
• Cap rate: 5.31%
• Cash-on-cash: -3.52%
• DSCR: 0.84
• 1% rule: 1.57%
• Cash to close: $26,039

Investor read

• This is a 4-bed/2.0-bath manufactured listed at $93k.
• At list price, monthly cash flow is $-76 ($-917/yr) — negative.
• To cash-flow at today's rent, offer at most $82k (11.9% below list).
• Meets the 1% rule at list price ($1k rent vs $93k).
• It's been on market 62 days — a 6% lower offer ($87k) is reasonable based on typical stale-listing flexibility.
• Recommended offer: $82k (11.9% below list) — sets the bar for cash-flow.
• Local home prices are declining (-3.0%/yr); year-one equity from $643 of loan paydown is wiped out by about $3k of value loss. Plan a longer hold.
• Location reads 84/100 on livability (#5 in WV, #674 nationally) — a professional / high-income tenant draw. Strengths: amenities A+, commute A+, cost of living A+; Watch: employment D-.
• Monongalia County Schools (urban): math 45% / reading 53% proficiency, ranked #1 of 55 in WV (top 2%) — families likely to look elsewhere, expect single-tenant / working-renter base with shorter leases.
• Zoned schools: Mountainview Elementary School (math 43% / reading 43%, grade F, #86 of 377 statewide, top 23%, 703 students, 0% FRL); South Middle School (math 33% / reading 48%, grade F, #16 of 109 statewide, top 16%, 755 students, 0% FRL); Morgantown High School (math 49% / reading 73%, grade C+, #2 of 110 statewide, top 1%, 1,859 students, 0% FRL) — zoned schools average 0% FRL vs 32% district-wide (32 pts lower); this property's tenant base skews higher-income than the district average.
• Watch-outs: HOA is 40% of rent.
• Market conditions: Rents rising (+1.4%/yr); 127 active listings in the ZIP; 23 units permitted in Monongalia County in 2024 (15 in 5+ unit buildings).
• Monongalia County population projected at +38% by 2050 — long-run rental-demand tailwind backs the buy-and-hold thesis.
• Cap rate 5.3% vs local median 3.0% in Morgantown — 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

• 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 62 days. Have you received any prior offers? Is the seller open to a 12% concession, seller financing, or rate buy-down credit?
• What does the HOA fee cover, when was the last increase, and are there any pending special assessments or reserve-fund shortfalls?
• 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 D-rated, which usually means shorter tenancies and higher turnover. Who's the typical renter profile here, and what's been the actual vacancy rate?
• The area grade is low — what's the realistic commute time and amenity access for the typical tenant pool here? Any planned neighborhood developments (good or bad) we should know about?
• 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.