15586 Bishop Rd

Chilhowie, VA 24319

$374,900A-

None bd · None ba · 900 sqft · Built 1992 · MultiFamily · Active · 154 DOM

Cashflow @ list (25.0% down · 7.5%)

• Estimated rent: $7,339/mo
• Mortgage (P&I): −$1,966
• Tax + insurance: −$625
• HOA: −$0
• Vac / Maint / Mgmt: −$1,541
• Net cashflow: $3,207/mo
• Annual: $38,484/yr
• Cap rate: 16.56%
• Cash-on-cash: 36.66%
• DSCR: 2.63
• 1% rule: 1.96%
• Cash to close: $104,972

Investor read

• This is a multifamily listed at $375k. Condition is rated fair.
• At list price, monthly cash flow is $3k ($38k/yr) — positive.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($7k rent vs $375k).
• It's been on market 154 days — a 12% lower offer ($330k) is reasonable based on typical stale-listing flexibility.
• Recommended offer: $330k (12.0% below list) — sets the bar for market timing.
• In year one you build about $40k of equity ($3k loan paydown + $37k appreciation (10.0% local appreciation)).
• Location reads 71/100 on livability (#208 in VA) — a middle-class / working-renter tenant base. Strengths: cost of living A+, housing A+, schools A-; Watch: employment C-, health & safety C-, amenities F.
• Washington County Public School District (rural): math 68% / reading 79% proficiency, ranked #15 of 131 in VA (top 12%) — strong family-tenant draw, lease renewals of 3-5y typical.
• Market conditions: 75 active listings in the ZIP; 99 units permitted in Washington County in 2024 (0 in 5+ unit buildings).
• Washington County population projected at -14% by 2050 — secular population decline; favor cash flow + early exit over multi-decade hold.
• At projected returns (10.0% appreciation + 3.0% rent growth), your $105k cash investment doubles in ~2 years — after that, you're playing with house money.
• By year 2, paydown + projected appreciation supports a ~$64k cash-out refi (75% LTV) — recoverable capital for the next deal without selling this one.
• Climate carrying-cost: moderate wildfire risk — expect insurance premiums to compound above CPI over the hold.

Questions for listing agent

• It's been on market 154 days. Have you received any prior offers? Is the seller open to a 12% concession, seller financing, or rate buy-down credit?
• Have any recent inspections been done? Can we get a copy of the seller's disclosures and any deferred-maintenance estimates?
• 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 A-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 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.

Repairs flagged (vision-AI assessment)

• Major: siding — Severe weathering and rust
• Major: roof — No visible damage