185 185 Coxs Trailer Park Rd

Wytheville, VA 24382

$85,000B

3 bd · 2.0 ba · 1,152 sqft · Built 1991 · MultiFamily · Pending · 31 DOM

Cashflow @ list (25.0% down · 7.5%)

• Estimated rent: $1,433/mo
• Mortgage (P&I): −$446
• Tax + insurance: −$142
• HOA: −$0
• Vac / Maint / Mgmt: −$301
• Net cashflow: $544/mo
• Annual: $6,531/yr
• Cap rate: 13.98%
• Cash-on-cash: 27.44%
• DSCR: 2.22
• 1% rule: 1.69%
• Cash to close: $23,800

Investor read

• This is a 3-bed/2.0-bath multifamily listed at $85k. Condition is rated poor.
• At list price, monthly cash flow is $544 ($7k/yr) — positive.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($1k rent vs $85k).
• It's been on market 31 days — a 3% lower offer ($82k) is reasonable based on typical stale-listing flexibility.
• Recommended offer: $82k (3.0% below list) — sets the bar for market timing.
• Local home prices are declining (-3.0%/yr); year-one equity from $588 of loan paydown is wiped out by about $3k of value loss. Plan a longer hold.
• Location reads 76/100 on livability (#116 in VA, #3,571 nationally) — a middle-class / working-renter tenant base. Strengths: cost of living A+, health & safety A+, schools A; Watch: employment D, amenities F, commute F.
• Wythe County Public School District (rural): math 67% / reading 77% proficiency, ranked #20 of 131 in VA (top 15%) — strong family-tenant draw, lease renewals of 3-5y typical.
• Market conditions: 155 active listings in the ZIP; 63 units permitted in Wythe County in 2024 (12 in 5+ unit buildings).
• Wythe County population projected to shrink 7% by 2050 — rents likely to lag national; underwrite the cash flow, not the appreciation.
• 4 sale attempts 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 (-3.0% appreciation + 3.0% rent growth), your $24k cash investment doubles in ~5 years — after that, you're playing with house money.
• Climate carrying-cost: major wildfire risk — expect insurance premiums to compound above CPI over the hold.
• Cap rate 14.0% vs local median 4.3% in Wytheville — 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

• 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?
• Have any recent inspections been done? Can we get a copy of the seller's disclosures and any deferred-maintenance estimates?
• 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?
• 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 apartment / multifamily construction is in the pipeline within 1–3 miles? Heavy new supply (>2% of stock underway) typically softens rents 12–24 months out; light construction supports rent growth.

Repairs flagged (vision-AI assessment)

• Major: roof — The roof of the partially gutted units is not visible, but the exterior suggests a need for extensive renovation.
• Major: exterior siding — The exterior siding of the partially gutted units is not visible, but the exterior suggests a need for extensive renovation.
• Major: interior walls — The interior of the partially gutted units is not visible, but the exterior suggests a need for extensive renovation.
• Major: flooring — The flooring of the partially gutted units is not visible, but the exterior suggests a need for extensive renovation.
• Major: HVAC/mechanicals — The HVAC/mechanicals of the partially gutted units are not visible, but the exterior suggests a need for extensive renovation.