3284 Lekites Dr

Chincoteague, VA 23336

$259,000C-

6 bd · 3.0 ba · 1,251 sqft · Built 1988 · MultiFamily · Active · 31 DOM

Cashflow @ list (25.0% down · 7.5%)

• Estimated rent: $2,782/mo
• Mortgage (P&I): −$1,358
• Tax + insurance: −$858
• HOA: −$0
• Vac / Maint / Mgmt: −$584
• Net cashflow: $-19/mo
• Annual: $-224/yr
• Cap rate: 8.18%
• Cash-on-cash: 6.75%
• DSCR: 1.30
• 1% rule: 1.07%
• Cash to close: $72,520

Investor read

• This is a 2 × 3.0-bed/1.5-bath units multifamily listed at $259k. Condition is rated fair.
• At list price, monthly cash flow is $-19 ($-224/yr) — negative. Per door: $-9/mo.
• To cash-flow at today's rent, offer at most $256k (1.0% below list).
• Meets the 1% rule at list price ($3k rent vs $259k).
• It's been on market 31 days — a 3% lower offer ($251k) is reasonable based on typical stale-listing flexibility.
• Recommended offer: $251k (3.0% below list) — sets the bar for market timing.
• Local home prices are declining (-3.0%/yr); year-one equity from $2k of loan paydown is wiped out by about $8k of value loss. Plan a longer hold.
• Location reads 64/100 on livability (#350 in VA) — a middle-class / working-renter tenant base. Strengths: crime A, housing A-; Watch: employment D+, cost of living D+, amenities F.
• Accomack County Public School District (rural): math 44% / reading 59% proficiency, ranked #99 of 131 in VA (top 76%) — acceptable for families but not a draw, mixed tenant base, ~2y average lease; 63% free/reduced lunch — lower-income household profile, screen leases tightly.
• Zoned schools: Chincoteague Elementary (math 52% / reading 67%, grade B-, #536 of 1,108 statewide, top 51%, 224 students, 103% FRL); Chincoteague High (math 77% / reading 77%, grade A-, #90 of 319 statewide, top 30%, 295 students, 105% FRL) — zoned schools average 104% FRL vs 63% district-wide (41 pts higher); higher-poverty schools than district average — tighter screening recommended.
• Zoned-school proficiency averages 68% at this address vs 52% district-wide (+17 pts) — the actual schools serving this property are materially stronger than the Accomack County Public School District average implies; a family-tenant draw the district grade alone would hide.
• Watch-outs: flood insurance adds $427/mo.
• Market conditions: 161 active listings in the ZIP; 181 units permitted in Accomack County in 2024 (0 in 5+ unit buildings).
• Accomack County population projected at -14% by 2050 — secular population decline; favor cash flow + early exit over multi-decade hold.
• Climate carrying-cost: in FEMA flood zone AE (mandatory federal flood insurance); severe wind risk, 80% chance of damaging wind over 30y; extreme-heat days projected 7→18/yr by 2055 (HVAC capex compounding) — expect insurance premiums to compound above CPI over the hold.
• Cap rate 8.2% vs local median 1.2% in Chincoteague — 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 31 days. Have you received any prior offers? Is the seller open to a 3% 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?
• 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 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?

Repairs flagged (vision-AI assessment)

• Major: Paint — The paint on the interior walls and ceilings needs to be refreshed to improve the overall appearance.
• Major: Backsplash — The backsplash in the kitchen needs to be replaced or updated to improve the overall appearance.
• Minor: Flooring — The flooring in the living areas could benefit from a fresh coat of paint or a new finish to improve the overall appearance.
• Major: Landscaping — The landscaping and curb appeal are in poor condition, with overgrown grass and weeds. The landscaping needs attention to improve the overall appearance.