274 Hillside Dr

Buena Vista, VA 24416

$111,150B-

3 bd · 2.0 ba · 1,586 sqft · Built 1990 · Manufactured · Active · 125 DOM

Cashflow @ list (25.0% down · 7.5%)

• Estimated rent: $1,351/mo
• Mortgage (P&I): −$583
• Tax + insurance: −$147
• HOA: −$0
• Vac / Maint / Mgmt: −$284
• Net cashflow: $338/mo
• Annual: $4,052/yr
• Cap rate: 9.94%
• Cash-on-cash: 13.02%
• DSCR: 1.58
• 1% rule: 1.22%
• Cash to close: $31,122

Investor read

• This is a 3-bed/2.0-bath manufactured listed at $111k.
• At list price, monthly cash flow is $338 ($4k/yr) — positive.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($1k rent vs $111k).
• It's been on market 125 days — a 12% lower offer ($98k) is reasonable based on typical stale-listing flexibility.
• Recommended offer: $98k (12.0% below list) — sets the bar for market timing.
• Local home prices are declining (-3.0%/yr); year-one equity from $768 of loan paydown is wiped out by about $3k of value loss. Plan a longer hold.
• Location reads 71/100 on livability (#217 in VA) — a middle-class / working-renter tenant base. Strengths: crime A+, cost of living A+, housing A; Watch: health & safety C-, amenities F, commute F.
• Buena Vista City Public School District (rural): math 54% / reading 68% proficiency, ranked #61 of 131 in VA (top 47%) — acceptable for families but not a draw, mixed tenant base, ~2y average lease.
• Zoned schools: Enderly Heights Elementary (math 52% / reading 62%, grade C+, #597 of 1,108 statewide, top 57%, 191 students, 86% FRL); Parry Mccluer Middle (math 72% / reading 77%, grade A, #50 of 342 statewide, top 16%, 119 students, 87% FRL); Parry Mccluer High (math 37% / reading 67%, grade D+, #295 of 319 statewide, top 93%, 330 students, 86% FRL) — zoned schools average 86% FRL vs 44% district-wide (42 pts higher); higher-poverty schools than district average — tighter screening recommended.
• Market conditions: 56 active listings in the ZIP; 18 units permitted in Buena Vista city in 2024 (0 in 5+ unit buildings).
• Buena Vista County population projected to shrink 4% by 2050 — rents likely to lag national; underwrite the cash flow, not the appreciation.
• 4 sale attempts since 21y ago; this cycle's ask has dropped $41k (27%) from the opening price — seller is motivated, your offer sets the floor, not the list.
• Current owner paid $95k; 17% above their basis — modest negotiation headroom, anchor on the comps not their cost.
• At projected returns (-3.0% appreciation + 3.0% rent growth), your $31k cash investment doubles in ~9 years — after that, you're playing with house money.
• Climate carrying-cost: extreme-heat days projected 7→18/yr by 2055 (HVAC capex compounding) — expect insurance premiums to compound above CPI over the hold.
• Cap rate 9.9% vs local median 3.4% in Buena Vista — 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 125 days. Have you received any prior offers? Is the seller open to a 12% concession, seller financing, or rate buy-down credit?
• 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 B-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 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.