704 Willey St · Morgantown, WV 26505

$350,000

9 bd · 5.0 ba · 2,988 sqft · MultiFamily public records · 8 Days on market

Built 1925 4,356 sqft lot Est $379k · 8% under

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Why this score? — see what drove the C+ grade

The composite is a weighted blend of 9 inputs, each scored 0–100. Each bar is that input's sub-score; the figure is the points it added to the 100-point composite (weight × sub-score).

• Cash flow +25.0/30.0
• ARV discount +11.0/15.0
• DSCR +8.2/10.0
• 1% rule +5.8/10.0
• Livability +4.2/5.0
• Schools +4.1/10.0
• Rent growth +3.9/5.0
• Condition / age +2.5/5.0
• Appreciation +0.0/10.0

Multi-family units

County records classify this as Multi-Family (2-4 Unit). Listing-text estimate: 3 units. confirmed

Listing remarks

Exceptional income-producing multifamily investment opportunity just steps from downtown and campus! This well-maintained property offers four separate rental units with private entrances, providing flexibility for investors and strong appeal for student housing. Featuring a total of 9 bedrooms, 5 bathrooms, approximately 2,988 square feet of living space, and built in 1925, this property combines historic character with modern updates. Currently, 3 of the 4 units are leased, providing immediate rental income with additional upside potential. The shared basement includes washer and dryer facilities for tenant convenience. The four-bedroom unit has been updated with a new kitchen, including

Key facts

• Private entrances
• Spacious porches
• New concrete steps

Tags

• FOUR SEPARATE RENTAL UNITS
• PRIVATE ENTRANCES
• UPDATED KITCHEN
• NEW BATHROOM FLOORING
• NEW CONCRETE STEPS
• SPACIOUS PORCHES

Property features AI

Exterior

• Parking: On-street parking
• Security: Smoke detector(s)
• Utilities: Public water; Public sewer; Cable available
• Home design: Multi-family residential (2-4 family); Two stories
• Construction: Brick, frame, vinyl siding, and wood siding construction; Shingle roof; Slab foundation
• Exterior features: Balcony; Lot approx. 58 x 100; Zoned for apartment residential

Interior

• Kitchen: Range, Refrigerator, Microwave, Dishwasher not listed
• Bedrooms: Two 2-bedroom units; One 4+-bedroom unit
• Flooring: Vinyl flooring; Wood flooring
• Bathrooms: Five full bathrooms
• Heating & cooling: Central air; Ceiling fans; Window units; Forced air heating (natural gas)
• Interior features: Dryer, Refrigerator, Microwave, Range, Washer; Vinyl and wood flooring; Unfinished basement; Ceiling fan(s), Central air, Window unit(s); Forced air heating (natural gas)
• Laundry & utility: Washer and dryer included; Gas dryer hookup

What this means for you Summary

Snapshot

• This is a 3 × 3-bed/?-bath units multifamily listed at $350k.

Deal economics

• At list price, monthly cash flow is $765 ($9k/yr) — positive. Per door: $255/mo.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($4k rent vs $350k).
• Cap rate 8.9% vs local median 3.1% in Morgantown — 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.

Location & tenants

• Location reads 84/100 on livability (#5 in WV, #674 nationally) — a professional / high-income tenant draw. Strengths: amenities A+, commute A+, cost of living A+; Watch: employment D-.
• Monongalia County Schools (urban): math 45% / reading 53% proficiency, ranked #1 of 55 in WV (top 2%) — families likely to look elsewhere, expect single-tenant / working-renter base with shorter leases.
• Zoned schools: North Elementary School (math 57% / reading 62%, grade B-, #15 of 377 statewide, top 5%, 584 students, 0% FRL); Mountaineer Middle School (math 52% / reading 60%, grade B-, #1 of 109 statewide, top 0%, 619 students, 0% FRL); Morgantown High School (math 49% / reading 73%, grade C+, #2 of 110 statewide, top 1%, 1,859 students, 0% FRL) — zoned schools average 0% FRL vs 32% district-wide (32 pts lower); this property's tenant base skews higher-income than the district average.
• Market conditions: Rents rising fast (+5.5%/yr); 119 active listings in the ZIP; 23 units permitted in Monongalia County in 2024 (15 in 5+ unit buildings).
• At $3,781/mo this rent would consume 100% of the median local household income ($46k/yr) (locally 3256% of renters already pay >50% of income on rent) — very limited rent-growth headroom before tenants either downsize or default.

Forward outlook

• Local home prices are declining (-3.0%/yr); year-one equity from $2k of loan paydown is wiped out by about $10k of value loss. Plan a longer hold.
• Monongalia County population projected at +38% by 2050 — long-run rental-demand tailwind backs the buy-and-hold thesis.
• At projected returns (-3.0% appreciation + 5.5% rent growth), your $98k cash investment doubles in ~9 years — after that, you're playing with house money.

Negotiation context

• Only 8 days on market — expect competitive offers; lowballing is unlikely to land.
• Current owner paid $28k; list at $350k implies a 1173% gain — meaningful room to come down on a strong offer.

Risks & watch-outs

• Watch-outs: built in 1925 — expect roof / HVAC / electrical / plumbing capex.

Recommended offer $350,000

Questions for the listing agent

1. Can we see the unit-by-unit rent roll, current vacancy, and any below-market leases? What's the average tenancy length?
2. What capital expenditures (roof, boiler, parking lot, exteriors) have been made in the last 5 years, and what's planned in the next 2?
3. Built in 1925 — when were the roof, HVAC, electrical panel, plumbing, and water heater last replaced?
4. Is there a deadline driving the sale (1031 exchange, divorce, estate, relocation)? That informs how much negotiation room exists.
5. Schools are D-rated, which usually means shorter tenancies and higher turnover. Who's the typical renter profile here, and what's been the actual vacancy rate?
6. 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.
7. 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.
8. 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.

Investment metrics

• 1% rule: 1.08% ✓
• Cap rate: 8.92%
• Cash-on-cash: 9.37%
• DSCR: 1.42
• GRM: 7.7

CMA / ARV

• ARV (on-the-fly): $379,476
• Comps found: 4

Show comp detail 4 sales within ~0.75 mi

Address	Dist	Beds/Ba	Sqft	Sold	Price	$/sf	Match
728 Willey St	0.03mi	9/7.5	3,000 (+0%)	7mo	$350,000	$117	82
336-340 Willey St	0.19mi	9/4.5	2,808 (-6%)	3mo	$525,000	$187	77
408 Forest	0.26mi	9/6.0	2,766 (-7%)	12mo	$350,000	$127	61
685 E Brockway Ave	0.71mi	8/4.0 (-1)	3,120 (+4%)	2mo	$350,000	$112	49

Match score weights: distance 35% · size 25% · config 20% · recency 20%. Top-matched comps best support the ARV.

Projected returns pro-forma

-3.0% appreciation · 5.46% rent growth · sell at horizon

5-year hold

• IRR: 0.4%
• Equity multiple: 1.02×
• Total profit: $1,556
• Equity at exit: $52,186

10-year hold

• IRR: 12.3%
• Equity multiple: 2.07×
• Total profit: $105,244
• Equity at exit: $30,262

Cash invested: $98,000 (down + closing). Projections, not guarantees.

Landlord ↔ Tenant lean methodology

• Overall (STATE): 83 Strongly Landlord-Friendly
• State West Virginia: 83 Strongly Landlord-Friendly · R+22
• County: — inherits STATE
• City: — inherits STATE

Landlord-favorable; preempted; minimal protections.

Methodology + full state rankings →

ZIP-level market 26505

• Home prices YoY: -31.9%
• Rents YoY: 5.5%
• Active inventory: 119
• Price-to-rent: 23.1×

Monthly cashflow live

• Estimated rent: $3,781 medium
• Mortgage (P&I): −$1,835
• Tax from tax record: −$240 /mo · $2,884/yr
• Insurance: −$146
• HOA: −$0
• Vacancy / Maint / Mgmt: −$794
• Net cashflow: $765

Break-even live

Break-even rent $2,812

Max offer price $350,000

Occupancy floor 75%

3-unit breakdown (identical units grouped — click to expand)

Units	Beds	Baths	Est. rent
▸ 3× units	3	—	$3,780
Total (3 units)			$3,781

UW: 25.0% down · 7.5% · 30yr · 1.5% tax · 5.0% vac · 8.0% maint · 8.0% mgmt

Financing live

Cash to close

• Down payment: $87,500
• Closing costs: $10,500
• Reserves months: —
• Total cash needed: —

Listing history 8 events

1. 2026-06-19
   days on market $350,000 Active 8 DOM
2. 2026-06-18
   days on market $350,000 Active 7 DOM
3. 2026-06-17
   days on market $350,000 Active 6 DOM
4. 2026-06-16
   days on market $350,000 Active 5 DOM
5. 2026-06-15
   days on market $350,000 Active 4 DOM
6. 2026-06-14
   days on market $350,000 Active 2 DOM
7. 2026-06-13
   remarks 699-char remark
8. 2026-06-13
   listed $350,000 Active 1 DOM

ⓘ Source: listings_history table (triggers on properties + properties_extension) + one-shot backfill from property_details.listing_events for pre-trigger history.

Tax reassessment forecast WV · Resets to sale price

• Current annual tax: $2,884 · $240/mo
• Projected year-2 tax: $2,884 · $240/mo
• Expected delta: $0/yr ($0/mo · 0.0%)

ⓘ Screening estimate from a state-policy table — verify with the county assessor before closing.

Climate risk First Street

• 🌊 Flood 1/10 Low FEMA zone X (unshaded) · 0% chance over 30 yrs
• 🔥 Wildfire 1/10 Low
• 🌡 Heat 4/10 Moderate 7 d/yr ≥97°F today · 19 d/yr by 30 yrs out
• 💨 Wind 1/10 Low
• 🫁 Air quality 2/10 Low 1 unhealthy d/yr today · 2 by 30 yrs out

Taxation est. · year 1

• Rental income: $45,372
• − Mortgage interest: −$19,605
• − Property taxes: −$2,884
• − Insurance: −$1,750
• − Repairs & maintenance: −$3,630
• − Management: −$3,630
• − Depreciation: −$10,182
• Taxable income: $3,691
• Est. tax owed @ 24.0%: −$886
• After-tax cash flow: $8,299/yr

For passive investors: Depreciation is non-cash, so a rental often shows a tax loss while cash-flowing — sheltering income. Rental losses are passive: they offset passive income freely, and up to $25,000/yr can offset ordinary (W-2) income if you actively participate and your MAGI is under $100k (phasing out to $0 by $150k); unused losses carry forward. On sale, claimed depreciation is recaptured at up to 25%, and gains may owe capital-gains tax (a 1031 exchange can defer both). Figures are a year-1 estimate at your 24.0% rate — not tax advice; consult a CPA.

Schools (NCES district)

• District: Monongalia County Schools
• NCES district ID: 5400930
• Math proficiency: 45% ▼ -5.00%
• Reading proficiency: 53% ▼ -2.00%
• Median HH income: $43,820
• Composite: 41.34/100
• National rank: #3503
• State rank: #1 of 55 in WV

Livability — Morgantown

• Score: 84/100
• State rank: #5
• US rank: #674

Category grades

Amenities A+ Commute A+ Cost of living A+ Crime B- Employment D- Housing B+ Health & safety A+ User ratings B+

Schools grade is shown separately in the Schools card above.

Census & demographics

• Census place: Morgantown, WV
• County: Monongalia County · 97,252 people
• City population: 97,252
• Metro: Morgantown, WV
• Population (ZIP): 37,492
• Household income: $45,536
• Rent vs Own: 67.5% rent · 32.5% own
• Severe rent burden: 3256.0

Population outlook (Monongalia County) Hauer SSP2

• Today (2025): 122,188 people
• By 2030: 131,536 · +7.7%
• By 2040: 149,777 · +22.6%
• By 2050: 168,245 · +37.7%
• By 2075: 207,979 · +70.2%
• By 2100: 239,430 · +96.0%

Race, ethnicity, and origin ACS 2023

• Neighborhood character: Predominantly White (82%)
• Race & ethnicity: White 82% Asian 6% Two or more races 5% Black 4% Hispanic / Latino 3%
• Common ancestry: Romanian 5% Slovak 3% Italian 2%
• Foreign-born: 10% · China, Canada, Vietnam
• Languages at home: 88% English-only · Arabic 3% Other Indo-European 2% Chinese 2%

Political lean MEDSL · Monongalia

• 2024 margin: Toss-up / Even · D 46.5% · R 50.9% · Other 2.7%
• 2008→2024 swing: -8.2pp toward R · 2008: 3.9pp · 2024: -4.4pp
• All cycles: 2024: R+4.4 2020: R+1.2 2016: R+10.4 2012: R+9.7 2008: D+3.9

Not yet ingested

• Civics: —

Market trends

• HPI YoY: ▼ -100.05%
• Current HPI: 213.749
• Rent YoY: ▲ 5.46%
• Metro: Morgantown, WV
• State GDP YoY: —
• F500 in state: 0

Price history

+1172.7% since first listed

2 events — show timeline

• 2026-06-11 Listed $350,000 NCWVREIN
• 1982-11-24 Sold (Public Records) $27,500 Public Records

Property tax history

+3.1%/yr

Latest (2025): $2,884 · +0.2% YoY. Source: county tax records.