624 Court St

Harrisville, WV 26362

$27,500B

2 bd · 1.0 ba · 1,368 sqft · Built 1930 · SingleFamily · Active · 118 DOM

Cashflow @ list (25.0% down · 7.5%)

• Estimated rent: $1,056/mo
• Mortgage (P&I): −$144
• Tax + insurance: −$46
• HOA: −$0
• Vac / Maint / Mgmt: −$222
• Net cashflow: $644/mo
• Annual: $7,731/yr
• Cap rate: 34.40%
• Cash-on-cash: 100.40%
• DSCR: 5.47
• 1% rule: 3.84%
• Cash to close: $7,700

Investor read

• This is a 2-bed/1.0-bath single-family listed at $28k. Condition is rated poor.
• At list price, monthly cash flow is $644 ($8k/yr) — positive.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($1k rent vs $28k).
• It's been on market 118 days — a 9% lower offer ($25k) is reasonable based on typical stale-listing flexibility.
• Recommended offer: $25k (9.0% below list) — sets the bar for market timing.
• In year one you build about $1k of equity ($190 loan paydown + $825 appreciation (3.0% local appreciation)).
• Location reads 66/100 on livability (#102 in WV) — a middle-class / working-renter tenant base. Strengths: crime A+, cost of living A+, housing A+; Watch: schools F, amenities F, commute F.
• Ritchie County Schools (rural): math 31% / reading 40% proficiency, ranked #16 of 55 in WV (top 29%) — families likely to look elsewhere, expect single-tenant / working-renter base with shorter leases.
• Watch-outs: built in 1930 — expect roof / HVAC / electrical / plumbing capex.
• Market conditions: 7 active listings in the ZIP; 25 units permitted in Ritchie County in 2024 (0 in 5+ unit buildings).
• Ritchie County population projected at -27% by 2050 — secular population decline; favor cash flow + early exit over multi-decade hold.
• At projected returns (3.0% appreciation + 3.0% rent growth), your $8k cash investment doubles in ~1 year — after that, you're playing with house money.

Questions for listing agent

• It's been on market 118 days. Have you received any prior offers? Is the seller open to a 9% 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?
• Built in 1930 — 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?
• 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.

Repairs flagged (vision-AI assessment)

• Major: roof — Significant rust and damage
• Major: exterior siding — Weathered and peeling
• Major: flooring — Damaged and uneven
• Major: interior walls — Peeling paint and visible damage
• Major: windows — Broken and missing
• Major: HVAC system — No visible system, likely needs replacement