223 High St W

Woodstock, VA 22664

$195,000B-

2 bd · 1.5 ba · 1,124 sqft · Built 1912 · SingleFamily · Pending · 3 DOM

Cashflow @ list (25.0% down · 7.5%)

• Estimated rent: $1,857/mo
• Mortgage (P&I): −$1,023
• Tax + insurance: −$136
• HOA: −$0
• Vac / Maint / Mgmt: −$390
• Net cashflow: $309/mo
• Annual: $3,703/yr
• Cap rate: 8.19%
• Cash-on-cash: 6.78%
• DSCR: 1.30
• 1% rule: 0.95%
• Cash to close: $54,600

Investor read

• This is a 2-bed/1.5-bath single-family listed at $195k.
• At list price, monthly cash flow is $309 ($4k/yr) — positive.
• The deal already cash-flows at list — no discount required.
• To meet the 1% rule (rent ≥ 1% of price), the offer needs to be $186k (4.8% below list).
• Only 3 days on market — expect competitive offers; lowballing is unlikely to land.
• Recommended offer: $186k (4.8% below list) — sets the bar for 1% rule.
• Local home prices are declining (-1.9%/yr); year-one equity from $1k of loan paydown is wiped out by about $4k of value loss. Plan a longer hold.
• Location reads 79/100 on livability (#70 in VA, #2,185 nationally) — a middle-class / working-renter tenant base. Strengths: housing A+, health & safety A+, cost of living A-; Watch: amenities F, commute F.
• Shenandoah County Public School District (town): math 46% / reading 58% proficiency, ranked #91 of 131 in VA (top 70%) — acceptable for families but not a draw, mixed tenant base, ~2y average lease.
• Zoned schools: W.W. Robinson Elementary (math 53% / reading 49%, grade C-, #733 of 1,108 statewide, top 66%, 1,061 students, 74% FRL); Peter Muhlenberg Middle (math 33% / reading 57%, grade D, #274 of 342 statewide, top 81%, 451 students, 73% FRL); Central High (math 46% / reading 66%, grade C, #275 of 319 statewide, top 87%, 749 students, 73% FRL) — zoned schools average 73% FRL vs 37% district-wide (36 pts higher); higher-poverty schools than district average — tighter screening recommended.
• Watch-outs: built in 1912 — expect roof / HVAC / electrical / plumbing capex.
• Market conditions: 55 active listings in the ZIP; 4 comparable units currently listed for rent nearby; rentals leasing fast (median 12d on market — plan ~1-2 weeks tenant-placement turnaround); 224 units permitted in Shenandoah County in 2024 (0 in 5+ unit buildings).
• Shenandoah County population projected at +5% by 2050 — modest demand growth; plan on rents tracking national, not racing it.
• 4 sale attempts since 4y 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.
• Current owner paid $165k; 18% above their basis — modest negotiation headroom, anchor on the comps not their cost.
• Climate carrying-cost: extreme-heat days projected 8→19/yr by 2055 (HVAC capex compounding) — expect insurance premiums to compound above CPI over the hold.
• Cap rate 8.2% vs local median 3.2% in Woodstock — 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

• Built in 1912 — when were the roof, HVAC, electrical panel, plumbing, and water heater last replaced?
• 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.