23 Garden Ct · Wheeling, WV 26003

$275,000

12 bd · 4.8 ba · 6,954 sqft · MultiFamily · 192 Days on market

Built 1920 Fair condition 3,485 sqft lot $40/sqft · 462% above area

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Why this score? — see what drove the B- grade

The composite is a weighted blend of 9 inputs, each scored 0–100. Each bar is that input's sub-score; the figure is the points it added to the 100-point composite (weight × sub-score).

• Cash flow +30.0/30.0
• 1% rule +10.0/10.0
• DSCR +10.0/10.0
• ARV discount +7.5/15.0
• Schools +3.5/10.0
• Livability +3.5/5.0
• Rent growth +3.3/5.0
• Condition / age +2.2/5.0
• Appreciation +0.0/10.0

Multi-family units

County records classify this as Multi-Family (5+ Unit). Listing-text estimate: 4 units. estimate disagrees with records

5+ unit building — per-unit beds/baths from public records are typically unavailable; the breakdown below (if shown) is an estimate from the listing text.

Listing remarks MLS

This prime multi-unit apartment building is a fantastic investment opportunity, offering steady revenue generation in a highly desirable location. With well-maintained units and strong rental demand, it promises reliable cash flow and potential for appreciation. Don't miss out on owning a profitable property in a sought-after area.

Key facts

• 3,485 sq ft lot
• Built 1920
• Listed 191 days

What this means for you Summary

Snapshot

• This is a 4 × 3-bed/?-bath units multifamily listed at $275k. Condition is rated fair.

Deal economics

• At list price, monthly cash flow is $2k ($24k/yr) — positive. Per door: $492/mo.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($5k rent vs $275k).
• Recommended offer: $242k (12.0% below list) — sets the bar for market timing.
• Cap rate 14.9% vs local median 4.3% in Wheeling — 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.

Location & tenants

• Location reads 69/100 on livability (#74 in WV) — a middle-class / working-renter tenant base. Strengths: cost of living A+, housing A+, health & safety A-; Watch: crime F, amenities F, commute F.
• Ohio County Schools (urban): math 34% / reading 49% proficiency, ranked #5 of 55 in WV (top 9%) — families likely to look elsewhere, expect single-tenant / working-renter base with shorter leases.
• Market conditions: Rents rising (+3.0%/yr); 223 active listings in the ZIP; 2 units permitted in Ohio County in 2024 (0 in 5+ unit buildings).
• At $4,896/mo this rent would consume 102% of the median local household income ($58k/yr) (locally 1630% of renters already pay >50% of income on rent) — very limited rent-growth headroom before tenants either downsize or default.

Forward outlook

• 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.
• Ohio County population projected at -17% by 2050 — secular population decline; favor cash flow + early exit over multi-decade hold.
• At projected returns (-3.0% appreciation + 3.0% rent growth), your $77k cash investment doubles in ~4 years — after that, you're playing with house money.

Negotiation context

• It's been on market 192 days — a 12% lower offer ($242k) is reasonable based on typical stale-listing flexibility.
• 5 sale attempts since 23y ago; this cycle's ask has dropped $35k (11%) from the opening price — seller is motivated, your offer sets the floor, not the list.

Risks & watch-outs

• Watch-outs: built in 1920 — expect roof / HVAC / electrical / plumbing capex.

Recommended offer $242,000 (12.0% below list)

Questions for the listing agent

1. It's been on market 192 days. Have you received any prior offers? Is the seller open to a 12% concession, seller financing, or rate buy-down credit?
2. Can we see the unit-by-unit rent roll, current vacancy, and any below-market leases? What's the average tenancy length?
3. What capital expenditures (roof, boiler, parking lot, exteriors) have been made in the last 5 years, and what's planned in the next 2?
4. Have any recent inspections been done? Can we get a copy of the seller's disclosures and any deferred-maintenance estimates?
5. Built in 1920 — when were the roof, HVAC, electrical panel, plumbing, and water heater last replaced?
6. Why hasn't it sold? Are there any deal-killer items the seller is aware of (foundation, flood, title, zoning, code violations)?
7. Is there a deadline driving the sale (1031 exchange, divorce, estate, relocation)? That informs how much negotiation room exists.
8. 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?
9. Crime grade is F in this area — have there been break-ins, vandalism, or insurance claims at this property in the last 3 years? What carrier currently insures it and at what premium?
10. 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.
11. 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.
12. 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.

Investment metrics

• 1% rule: 1.78% ✓
• Cap rate: 14.88%
• Cash-on-cash: 30.66%
• DSCR: 2.36
• GRM: 4.7

CMA / ARV

• ARV (median comp): $48,987
• List price: $275,000
• Delta: 461.37%
• Verdict: OVERPRICED
• Comps: 4 within 2.0 mi

Projected returns pro-forma

-3.0% appreciation · 3.03% rent growth · sell at horizon

5-year hold

• IRR: 25.4%
• Equity multiple: 2.05×
• Total profit: $80,963
• Equity at exit: $41,003

10-year hold

• IRR: 33.2%
• Equity multiple: 4.02×
• Total profit: $232,756
• Equity at exit: $23,777

Cash invested: $77,000 (down + closing). Projections, not guarantees.

Landlord ↔ Tenant lean methodology

• Overall (STATE): 83 Strongly Landlord-Friendly
• State West Virginia: 83 Strongly Landlord-Friendly · R+22
• County: — inherits STATE
• City: — inherits STATE

Landlord-favorable; preempted; minimal protections.

Methodology + full state rankings →

ZIP-level market 26003

• Home prices YoY: -23.4%
• Rents YoY: 3.0%
• Active inventory: 223
• Price-to-rent: 18.7×

Monthly cashflow live

• Estimated rent: $4,896 medium
• Mortgage (P&I): −$1,442
• Tax est. 1.5%: −$344 /mo · $4,125/yr
• Insurance: −$115
• HOA: −$0
• Vacancy / Maint / Mgmt: −$1,028
• Net cashflow: $1,967

Break-even live

Break-even rent $2,406

Max offer price $275,000

Occupancy floor 55%

4-unit breakdown (identical units grouped — click to expand)

Units	Beds	Baths	Est. rent
▸ 4× units	3	—	$4,896
Total (4 units)			$4,896

UW: 25.0% down · 7.5% · 30yr · 1.5% tax · 5.0% vac · 8.0% maint · 8.0% mgmt

Financing live

Cash to close

• Down payment: $68,750
• Closing costs: $8,250
• Reserves months: —
• Total cash needed: —

Listing history 35 events

1. 2026-06-19
   days on market $275,000 Active 192 DOM
2. 2026-06-18
   price $275,000 Active 191 DOM
3. 2026-06-18
   days on market $294,900 Active 191 DOM
4. 2026-06-17
   days on market $294,900 Active 190 DOM
5. 2026-06-16
   days on market $294,900 Active 189 DOM
6. 2026-06-15
   days on market $294,900 Active 188 DOM
7. 2026-06-14
   days on market $294,900 Active 186 DOM
8. 2026-06-12
   days on market $294,900 Active 185 DOM
9. 2026-06-09
   days on market $294,900 Active 182 DOM
10. 2026-06-08
    days on market $294,900 Active 181 DOM
11. 2026-06-07
    days on market $294,900 Active 180 DOM
12. 2026-06-05
    days on market $294,900 Active 177 DOM
13. 2026-06-03
    days on market $294,900 Active 176 DOM
14. 2026-06-02
    days on market $294,900 Active 175 DOM
15. 2026-06-01
    days on market $294,900 Active 174 DOM
16. 2026-05-31
    price $294,900 Active 173 DOM
17. 2026-05-31
    days on market $299,900 Active 173 DOM
18. 2026-05-30
    days on market $299,900 Active 172 DOM
19. 2026-04-03
    price $299,900 333-char remark

    Show marketing remark (333 chars)

    This prime multi-unit apartment building is a fantastic investment opportunity, offering steady revenue generation in a highly desirable location. With well-maintained units and strong rental demand, it promises reliable cash flow and potential for appreciation. Don't miss out on owning a profitable property in a sought-after area.

20. 2026-02-11
    price $305,000 333-char remark

    Show marketing remark (333 chars)

    This prime multi-unit apartment building is a fantastic investment opportunity, offering steady revenue generation in a highly desirable location. With well-maintained units and strong rental demand, it promises reliable cash flow and potential for appreciation. Don't miss out on owning a profitable property in a sought-after area.

21. 2025-12-09
    listed $310,000 Active 333-char remark

    Show marketing remark (333 chars)

    This prime multi-unit apartment building is a fantastic investment opportunity, offering steady revenue generation in a highly desirable location. With well-maintained units and strong rental demand, it promises reliable cash flow and potential for appreciation. Don't miss out on owning a profitable property in a sought-after area.

22. 2025-08-01
    price $297,400
23. 2025-06-05
    price $299,900
24. 2025-04-30
    price $305,000
25. 2025-04-02
    price $309,000
26. 2024-10-21
    price $309,900
27. 2024-06-05
    price $312,500
28. 2019-08-21
    soldstatus $295,000
29. 2019-04-10
    listed $349,900
30. 2014-03-21
    soldstatus $40,000
31. 2013-12-27
    listed $45,000
32. 2006-12-15
    soldstatus $86,500
33. 2006-01-16
    listed $99,000
34. 2003-06-07
    soldstatus $117,000
35. 2003-01-03
    listed $130,000

ⓘ Source: listings_history table (triggers on properties + properties_extension) + one-shot backfill from property_details.listing_events for pre-trigger history.

Climate risk First Street

• 🌊 Flood 1/10 Low FEMA zone X (unshaded) · 0% chance over 30 yrs
• 🔥 Wildfire 1/10 Low
• 🌡 Heat 4/10 Moderate 7 d/yr ≥98°F today · 19 d/yr by 30 yrs out
• 💨 Wind 1/10 Low
• 🫁 Air quality 2/10 Low 1 unhealthy d/yr today · 2 by 30 yrs out

Taxation est. · year 1

• Rental income: $58,752
• − Mortgage interest: −$15,404
• − Property taxes: −$4,125
• − Insurance: −$1,375
• − Repairs & maintenance: −$4,700
• − Management: −$4,700
• − Depreciation: −$8,000
• Taxable income: $20,447
• Est. tax owed @ 24.0%: −$4,907
• After-tax cash flow: $18,701/yr

For passive investors: Depreciation is non-cash, so a rental often shows a tax loss while cash-flowing — sheltering income. Rental losses are passive: they offset passive income freely, and up to $25,000/yr can offset ordinary (W-2) income if you actively participate and your MAGI is under $100k (phasing out to $0 by $150k); unused losses carry forward. On sale, claimed depreciation is recaptured at up to 25%, and gains may owe capital-gains tax (a 1031 exchange can defer both). Figures are a year-1 estimate at your 24.0% rate — not tax advice; consult a CPA.

Condition & rehab AI · 13 photos

Fair 45/100 Moderate rehab

This multi-family apartment building is in fair condition, with significant repairs and maintenance needed to improve its overall condition and increase its value for both resale and rental.

Repairs flagged

• Major roof — The roof appears to be in need of replacement, with visible signs of wear and tear.
• Major exterior walls — The exterior walls appear to be in poor condition, with visible cracks and discoloration.
• Major fencing — The fencing appears to be in poor condition, with visible rust and damage.

Value-add opportunities

• Both roof replacement — Replacing the roof would significantly improve the overall condition of the property and increase its value for both resale and rental.
• Both exterior wall repairs — Repairing the exterior walls would improve the overall condition of the property and increase its value for both resale and rental.
• Both fencing replacement — Replacing the fencing would improve the overall condition of the property and increase its value for both resale and rental.

Renovation cost estimate screening

Repair item	Severity	Est. cost
roof · The roof appears to be in need of replacement, with visible signs of wear and tear.	Major	$15,000–50,000
exterior walls · The exterior walls appear to be in poor condition, with visible cracks and discoloration.	Major	$15,000–50,000
fencing · The fencing appears to be in poor condition, with visible rust and damage.	Major	$15,000–50,000
Total estimated repair cost · 3 items		$45,000–150,000

Value-add ROI direction

• Both roof replacement — Replacing the roof would significantly improve the overall condition of the property and increase its value for both resale and rental. ↑
• Both exterior wall repairs — Repairing the exterior walls would improve the overall condition of the property and increase its value for both resale and rental. ↑
• Both fencing replacement — Replacing the fencing would improve the overall condition of the property and increase its value for both resale and rental. ↑

ⓘ Cost ranges are severity-bucket heuristics (US national rule-of-thumb). Get contractor quotes + a written scope before underwriting a rehab budget.

Schools (NCES district)

• District: Ohio County Schools
• NCES district ID: 5401050
• Math proficiency: 34% ▼ -9.00%
• Reading proficiency: 49% ▼ -6.00%
• Median HH income: $41,572
• Composite: 34.88/100
• National rank: #5085
• State rank: #5 of 55 in WV

Livability — Wheeling

• Score: 69/100
• State rank: #74
• US rank: #8950

Category grades

Amenities F Commute F Cost of living A+ Crime F Employment D- Housing A+ Health & safety A- User ratings B-

Schools grade is shown separately in the Schools card above.

Census & demographics

• Census place: Wheeling, WV
• County: Ohio County · 39,982 people
• City population: 39,982
• Metro: Wheeling, WV-OH
• Population (ZIP): 39,982
• Household income: $57,703
• Rent vs Own: 32.5% rent · 67.5% own
• Severe rent burden: 1630.0

Population outlook (Ohio County) Hauer SSP2

• Today (2025): 40,604 people
• By 2030: 39,150 · -3.6%
• By 2040: 36,039 · -11.2%
• By 2050: 33,582 · -17.3%
• By 2075: 28,662 · -29.4%
• By 2100: 22,963 · -43.4%

Race, ethnicity, and origin ACS 2023

• Neighborhood character: Predominantly White (90%)
• Race & ethnicity: White 90% Two or more races 6% Black 3% Hispanic / Latino 2%
• Common ancestry: Romanian 6% Serbian 3% Slovak 2%
• Foreign-born: 3% · Canada
• Languages at home: 97% English-only · Other Indo-European 1% Spanish 1% German/W. Germanic 1%

Political lean MEDSL · Ohio

• 2024 margin: Strong R (+26.0) · D 36.0% · R 62.0% · Other 2.0%
• 2008→2024 swing: -15.3pp toward R · 2008: -10.8pp · 2024: -26.0pp
• All cycles: 2024: R+26.0 2020: R+25.8 2016: R+31.6 2012: R+22.5 2008: R+10.8

Not yet ingested

• Civics: —

Market trends

• HPI YoY: ▼ -68.09%
• Current HPI: 223.4106
• Rent YoY: ▲ 3.03%
• Metro: Wheeling, WV-OH
• State GDP YoY: —
• F500 in state: 0

Price history

+130.7% since first listed

17 events — show timeline

• 2026-04-03 Price Changed $299,900 WBOR
• 2026-02-11 Price Changed $305,000 WBOR
• 2025-12-09 Listed $310,000 WBOR
• 2025-08-01 Price Changed $297,400 WBOR
• 2025-06-05 Price Changed $299,900 WBOR
• 2025-04-30 Price Changed $305,000 WBOR
• 2025-04-02 Price Changed $309,000 WBOR
• 2024-10-21 Price Changed $309,900 WBOR
• 2024-06-05 Price Changed $312,500 WBOR
• 2019-08-21 Sold (MLS) $295,000 WBOR
• 2019-04-10 Listed $349,900 WBOR
• 2014-03-21 Sold (MLS) $40,000 WBOR
• 2013-12-27 Listed $45,000 WBOR
• 2006-12-15 Sold (MLS) $86,500 WBOR
• 2006-01-16 Listed $99,000 WBOR
• 2003-06-07 Sold (MLS) $117,000 WBOR
• 2003-01-03 Listed $130,000 WBOR