603 33rd St

Parkersburg, WV 26101

$97,000B-

4 bd · 2.0 ba · 1,664 sqft · Built 1921 · MultiFamily · Active · 80 DOM

Cashflow @ list (25.0% down · 7.5%)

• Estimated rent: $1,718/mo
• Mortgage (P&I): −$509
• Tax + insurance: −$134
• HOA: −$0
• Vac / Maint / Mgmt: −$361
• Net cashflow: $715/mo
• Annual: $8,577/yr
• Cap rate: 15.14%
• Cash-on-cash: 31.58%
• DSCR: 2.41
• 1% rule: 1.77%
• Cash to close: $27,160

Investor read

• This is a 2 × 2-bed/1.0-bath units multifamily listed at $97k.
• At list price, monthly cash flow is $715 ($9k/yr) — positive. Per door: $357/mo.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($2k rent vs $97k).
• It's been on market 80 days — a 6% lower offer ($91k) is reasonable based on typical stale-listing flexibility.
• Recommended offer: $91k (6.0% below list) — sets the bar for market timing.
• Local home prices are declining (-3.0%/yr); year-one equity from $671 of loan paydown is wiped out by about $3k of value loss. Plan a longer hold.
• Location reads 72/100 on livability (#46 in WV) — a middle-class / working-renter tenant base. Strengths: cost of living A+, housing A+, health & safety A+; Watch: crime D+, commute F, employment F.
• Wood County Schools (urban): math 38% / reading 48% proficiency, ranked #3 of 55 in WV (top 6%) — families likely to look elsewhere, expect single-tenant / working-renter base with shorter leases.
• Zoned schools: Madison Elementary School (math 52% / reading 52%, grade C-, #39 of 377 statewide, top 12%, 287 students, 0% FRL); Van Devender Middle School (math 16% / reading 24%, grade F, #104 of 109 statewide, top 96%, 311 students, 0% FRL); Parkersburg High School (math 25% / reading 49%, grade F, #32 of 110 statewide, top 34%, 1,651 students, 0% FRL) — zoned schools average 0% FRL vs 47% district-wide (47 pts lower); this property's tenant base skews higher-income than the district average.
• Watch-outs: built in 1921 — expect roof / HVAC / electrical / plumbing capex.
• Market conditions: 148 active listings in the ZIP; 124 units permitted in Wood County in 2024 (33 in 5+ unit buildings).
• Wood County population projected at -13% by 2050 — secular population decline; favor cash flow + early exit over multi-decade hold.
• 4 sale attempts since 22y 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 $19k; list at $97k implies a 411% gain — meaningful room to come down on a strong offer.
• At projected returns (-3.0% appreciation + 3.0% rent growth), your $27k cash investment doubles in ~4 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 15.1% vs local median 5.5% in Parkersburg — 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 80 days. Have you received any prior offers? Is the seller open to a 6% concession, seller financing, or rate buy-down credit?
• Can we see the unit-by-unit rent roll, current vacancy, and any below-market leases? What's the average tenancy length?
• What capital expenditures (roof, boiler, parking lot, exteriors) have been made in the last 5 years, and what's planned in the next 2?
• Built in 1921 — when were the roof, HVAC, electrical panel, plumbing, and water heater last replaced?
• 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?
• Crime grade is D 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?