307 W 1st St

Madison, WV 25130

$29,900B+

2 bd · 1.0 ba · 677 sqft · Built 1935 · SingleFamily · Pending · 34 DOM

Cashflow @ list (25.0% down · 7.5%)

• Estimated rent: $816/mo
• Mortgage (P&I): −$157
• Tax + insurance: −$496
• HOA: −$0
• Vac / Maint / Mgmt: −$171
• Net cashflow: $-8/mo
• Annual: $-96/yr
• Cap rate: 23.09%
• Cash-on-cash: 59.99%
• DSCR: 3.67
• 1% rule: 2.73%
• Cash to close: $8,372

Investor read

• This is a 2-bed/1.0-bath single-family listed at $30k.
• At list price, monthly cash flow is $-8 ($-96/yr) — negative.
• To cash-flow at today's rent, offer at most $28k (4.7% below list).
• Meets the 1% rule at list price ($816 rent vs $30k).
• It's been on market 34 days — a 3% lower offer ($29k) is reasonable based on typical stale-listing flexibility.
• Recommended offer: $28k (4.7% below list) — sets the bar for cash-flow.
• In year one you build about $3k of equity ($207 loan paydown + $3k appreciation (10.0% local appreciation)).
• Location reads 60/100 on livability (#217 in WV) — a middle-class / working-renter tenant base. Strengths: cost of living A+, crime A, housing A-; Watch: amenities F, commute F, employment F.
• Boone County Schools (rural): math 26% / reading 36% proficiency, ranked #26 of 55 in WV (top 47%) — families likely to look elsewhere, expect single-tenant / working-renter base with shorter leases.
• Zoned schools: Madison Elementary (math 22% / reading 32%, grade F, #261 of 377 statewide, top 75%, 273 students, 0% FRL); Madison Middle School (math 18% / reading 30%, grade F, #89 of 109 statewide, top 82%, 442 students, 0% FRL); Scott High School (math 17% / reading 37%, grade F, #79 of 110 statewide, top 78%, 529 students, 0% FRL) — zoned schools average 0% FRL vs 43% district-wide (43 pts lower); this property's tenant base skews higher-income than the district average.
• Watch-outs: flood insurance adds $427/mo; built in 1935 — expect roof / HVAC / electrical / plumbing capex.
• Market conditions: 17 active listings in the ZIP; 4 units permitted in Boone County in 2024 (0 in 5+ unit buildings).
• Boone County population projected at -34% by 2050 — secular population decline; favor cash flow + early exit over multi-decade hold.
• 5 sale attempts since 10y ago 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 (10.0% appreciation + 3.0% rent growth), your $8k cash investment doubles in ~3 years — after that, you're playing with house money.
• By year 9, paydown + projected appreciation supports a ~$33k cash-out refi (75% LTV) — recoverable capital for the next deal without selling this one.
• Climate carrying-cost: in FEMA flood zone AE (mandatory federal flood insurance); moderate wildfire risk; extreme-heat days projected 8→22/yr by 2055 (HVAC capex compounding) — expect insurance premiums to compound above CPI over the hold.

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 34 days. Have you received any prior offers? Is the seller open to a 5% concession, seller financing, or rate buy-down credit?
• Built in 1935 — when were the roof, HVAC, electrical panel, plumbing, and water heater last replaced?
• 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 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?
• 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.