110 3rd Ave

Clendenin, WV 25045

$39,900D+

3 bd · 2.0 ba · 1,664 sqft · Built 1950 · MultiFamily · Active · 229 DOM

Cashflow @ list (25.0% down · 7.5%)

• Estimated rent: $1,733/mo
• Mortgage (P&I): −$209
• Tax + insurance: −$121
• HOA: −$0
• Vac / Maint / Mgmt: −$364
• Net cashflow: $1,039/mo
• Annual: $12,465/yr
• Cap rate: 37.53%
• Cash-on-cash: 111.57%
• DSCR: 5.96
• 1% rule: 4.34%
• Cash to close: $11,172

Investor read

• This is a 2 × 2-bed/1.0-bath units multifamily listed at $40k.
• At list price, monthly cash flow is $1k ($12k/yr) — positive. Per door: $519/mo.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($2k rent vs $40k).
• It's been on market 229 days — a 12% lower offer ($35k) is reasonable based on typical stale-listing flexibility.
• Recommended offer: $35k (12.0% below list) — sets the bar for market timing.
• In year one you build about $437 of equity ($276 loan paydown + $161 appreciation (0.4% local appreciation)).
• Location reads 61/100 on livability (#194 in WV) — a middle-class / working-renter tenant base. Strengths: crime A+, cost of living A+, housing B; Watch: employment D+, amenities F, commute 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: Clendenin Elementary School (math 37% / reading 37%, grade F, #130 of 377 statewide, top 39%, 300 students, 0% FRL); Elkview Middle School (math 26% / reading 42%, grade F, #36 of 109 statewide, top 35%, 613 students, 0% FRL); Herbert Hoover High School (math 37% / reading 62%, grade D, #7 of 110 statewide, top 6%, 789 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: property tax is 3.1% of price; built in 1950 — expect roof / HVAC / electrical / plumbing capex.
• Market conditions: 21 active listings in the ZIP; 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.
• At projected returns (0.4% appreciation + 3.0% rent growth), your $11k cash investment doubles in ~1 year — after that, you're playing with house money.

Questions for listing agent

• It's been on market 229 days. Have you received any prior offers? Is the seller open to a 12% concession, seller financing, or rate buy-down credit?
• Can we see the unit-by-unit rent roll, current vacancy, and any below-market leases? What's the average tenancy length?
• What capital expenditures (roof, boiler, parking lot, exteriors) have been made in the last 5 years, and what's planned in the next 2?
• Built in 1950 — when were the roof, HVAC, electrical panel, plumbing, and water heater last replaced?
• Property tax is high relative to price — has the assessment been appealed recently, and will the sale trigger a re-assessment?
• 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?