208 Riffe St

Sophia, WV 25921

$113,000C-

3 bd · 2.0 ba · 1,152 sqft · Built 1993 · Manufactured · Active · 85 DOM

Cashflow @ list (25.0% down · 7.5%)

• Estimated rent: $1,061/mo
• Mortgage (P&I): −$593
• Tax + insurance: −$101
• HOA: −$0
• Vac / Maint / Mgmt: −$223
• Net cashflow: $144/mo
• Annual: $1,730/yr
• Cap rate: 7.82%
• Cash-on-cash: 5.47%
• DSCR: 1.24
• 1% rule: 0.94%
• Cash to close: $31,640

Investor read

• This is a 3-bed/2.0-bath manufactured listed at $113k.
• At list price, monthly cash flow is $144 ($2k/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 $106k (6.1% below list).
• It's been on market 85 days — a 6% lower offer ($106k) is reasonable based on typical stale-listing flexibility.
• Recommended offer: $106k (6.1% below list) — sets the bar for 1% rule.
• Local home prices are declining (-0.9%/yr); year-one equity from $781 of loan paydown is wiped out by about $975 of value loss. Plan a longer hold.
• Location reads 57/100 on livability (#260 in WV) — a working-class tenant base; expect higher turnover. Strengths: crime A+, cost of living A+, housing A+; Watch: schools F, amenities F, commute F.
• Raleigh County Schools (rural): math 29% / reading 42% proficiency, ranked #14 of 55 in WV (top 26%) — families likely to look elsewhere, expect single-tenant / working-renter base with shorter leases.
• Market conditions: 3 active listings in the ZIP; 41 units permitted in Raleigh County in 2024 (0 in 5+ unit buildings).
• Raleigh County population projected at -16% by 2050 — secular population decline; favor cash flow + early exit over multi-decade hold.
• 2 sale attempts since 5y ago; this cycle's ask has dropped $17k (13%) from the opening price — seller is motivated, your offer sets the floor, not the list.
• Current owner paid $67k; list at $113k implies a 69% gain — meaningful room to come down on a strong offer.
• At projected returns (-0.9% appreciation + 3.0% rent growth), your $32k cash investment doubles in ~10 years — after that, you're playing with house money.
• Climate carrying-cost: major flood risk — expect insurance premiums to compound above CPI over the hold.

Questions for listing agent

• It's been on market 85 days. Have you received any prior offers? Is the seller open to a 6% 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 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.
• 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.