34 East 19th St

Front Royal, VA 22630

$199,900B

2 bd · 2.5 ba · 1,692 sqft · Built 1992 · SingleFamily · Pending

Cashflow @ list (25.0% down · 7.5%)

• Estimated rent: $2,325/mo
• Mortgage (P&I): −$1,048
• Tax + insurance: −$234
• HOA: −$0
• Vac / Maint / Mgmt: −$488
• Net cashflow: $554/mo
• Annual: $6,652/yr
• Cap rate: 9.62%
• Cash-on-cash: 11.88%
• DSCR: 1.53
• 1% rule: 1.16%
• Cash to close: $55,972

Investor read

• This is a 2-bed/2.5-bath single-family listed at $200k.
• At list price, monthly cash flow is $554 ($7k/yr) — positive.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($2k rent vs $200k).
• Only 0 days on market — expect competitive offers; lowballing is unlikely to land.
• Local home prices are declining (-3.0%/yr); year-one equity from $1k of loan paydown is wiped out by about $6k of value loss. Plan a longer hold.
• Location reads 73/100 on livability (#162 in VA) — a middle-class / working-renter tenant base. Strengths: health & safety A+, housing A, cost of living B+; Watch: commute F, employment D-.
• Warren County Public School District (town): math 49% / reading 64% proficiency, ranked #70 of 131 in VA (top 53%) — acceptable for families but not a draw, mixed tenant base, ~2y average lease.
• Zoned schools: E. Wilson Morrison Elementary (math 47% / reading 57%, grade C-, #696 of 1,108 statewide, top 66%, 449 students, 66% FRL); Skyline High (math 36% / reading 77%, grade C, #270 of 319 statewide, top 86%, 893 students, 66% FRL) — zoned schools average 66% FRL vs 34% district-wide (32 pts higher); higher-poverty schools than district average — tighter screening recommended.
• Market conditions: Rents rising fast (+8.3%/yr); 283 active listings in the ZIP; 2 comparable units currently listed for rent nearby; solid renter incomes; 170 units permitted in Warren County in 2024 (0 in 5+ unit buildings).
• Warren County population projected at +8% by 2050 — modest demand growth; plan on rents tracking national, not racing it.
• 12 sale attempts since 29y 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.
• At projected returns (-3.0% appreciation + 8.0% rent growth), your $56k cash investment doubles in ~7 years — after that, you're playing with house money.
• Cap rate 9.6% vs local median 3.1% in Front Royal — 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.
• This rent runs 33% of the median local income ($85k/yr) — at the standard rent-burdened threshold; future hikes will face affordability resistance.

Questions for listing agent

• Is there a deadline driving the sale (1031 exchange, divorce, estate, relocation)? That informs how much negotiation room exists.
• Schools are B-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 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.