1501 Mills Ave · Wheeling, WV 26003

$125,000

3 bd · 1.5 ba · 1,632 sqft · SingleFamily public records · 17 Days on market

Built 1927 3,419 sqft lot Est $202k · 38% 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 +19.3/30.0
• ARV discount +15.0/15.0
• DSCR +6.1/10.0
• 1% rule +4.8/10.0
• Schools +3.5/10.0
• Livability +3.5/5.0
• Rent growth +3.3/5.0
• Condition / age +2.5/5.0
• Appreciation +0.0/10.0

Listing remarks MLS

Quaint and cozy cape cod style home located near Wheeling Jesuit University

Key facts

• 3,419 sq ft lot
• Garage
• Built 1927

Property features AI

Exterior

• Parking: 1-car garage; Concrete driveway/parking surface
• Utilities: Public water; Public sewer; Cable available
• Home design: Single family residence (Traditional); 2 stories
• Construction: Vinyl siding; Shingle roof
• Exterior features: Deck; Porch; Level lot

Interior

• Kitchen: Dishwasher; Range; Refrigerator
• Bathrooms: 1 full bathroom; 1 half bathroom
• Heating & cooling: Forced air heating (natural gas); Central air conditioning; Ceiling fan(s)
• Interior features: Fireplace (1); Full basement
• Laundry & utility: Gas water heater

What this means for you Summary

Snapshot

• This is a 3-bed/1.5-bath single-family listed at $125k.

Deal economics

• At list price, monthly cash flow is $138 ($2k/yr) — positive.
• The deal already cash-flows at list — no discount required.
• To meet the 1% rule (rent ≥ 1% of price), the offer needs to be $122k (2.4% below list).
• Recommended offer: $122k (2.4% below list) — sets the bar for 1% rule.
• Cap rate 7.6% vs local median 4.3% in Wheeling — 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 69/100 on livability (#74 in WV) — a middle-class / working-renter tenant base. Strengths: cost of living A+, housing A+, health & safety A-; Watch: crime F, amenities F, commute F.
• Ohio County Schools (urban): math 34% / reading 49% proficiency, ranked #5 of 55 in WV (top 9%) — families likely to look elsewhere, expect single-tenant / working-renter base with shorter leases.
• Market conditions: Rents rising (+3.0%/yr); 223 active listings in the ZIP; 2 units permitted in Ohio County in 2024 (0 in 5+ unit buildings).

Forward outlook

• Local home prices are declining (-3.0%/yr); year-one equity from $864 of loan paydown is wiped out by about $4k of value loss. Plan a longer hold.
• Ohio County population projected at -17% by 2050 — secular population decline; favor cash flow + early exit over multi-decade hold.

Negotiation context

• It's been on market 17 days — a 2% lower offer ($123k) is reasonable based on typical stale-listing flexibility.
• 2 sale attempts since 19y 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 $64k; list at $125k implies a 97% gain — meaningful room to come down on a strong offer.

Risks & watch-outs

• Watch-outs: built in 1927 — expect roof / HVAC / electrical / plumbing capex.

Recommended offer $122,036 (2.4% below list)

Questions for the listing agent

1. Built in 1927 — when were the roof, HVAC, electrical panel, plumbing, and water heater last replaced?
2. Is there a deadline driving the sale (1031 exchange, divorce, estate, relocation)? That informs how much negotiation room exists.
3. 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?
4. Crime grade is F 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?
5. 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.
6. 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.
7. 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.

Investment metrics

• 1% rule: 0.98% ✗
• Cap rate: 7.61%
• Cash-on-cash: 4.72%
• DSCR: 1.21
• GRM: 8.5

CMA / ARV

• ARV (on-the-fly): $202,368
• Comps found: 12

Show comp detail 12 sales within ~0.75 mi

Address	Dist	Beds/Ba	Sqft	Sold	Price	$/sf	Match
227 Washington Ave	0.13mi	3/1.5	1,663 (+2%)	8mo	$240,000	$144	84
36 Fairfax Ave	0.15mi	3/2.5	1,650 (+1%)	9mo	$230,000	$139	79
10 Greenwood Ave	0.27mi	3/1.0	1,700 (+4%)	2mo	$211,000	$124	77
1301 Valley View Ave	0.13mi	4/2.5 (+1)	1,578 (-3%)	5mo	$190,000	$120	75
16 Greenwood Ave	0.28mi	2/2.0 (-1)	1,663 (+2%)	9mo	$205,000	$123	70
20 Byrd Ave	0.55mi	3/1.5	1,647 (+1%)	5mo	$190,000	$115	69
1322 Valley View Ave	0.06mi	3/1.5	1,392 (-15%)	8mo	$135,000	$97	66
38 Fairfax Ave	0.14mi	3/2.0	1,456 (-11%)	9mo	$150,000	$103	66
10 Pearl Ave	0.30mi	3/3.0	1,757 (+8%)	8mo	$340,000	$194	61
7 Arlington Dr	0.60mi	2/2.5 (-1)	1,612 (-1%)	3mo	$215,000	$133	59
46 Arcadia Ave	0.20mi	3/2.0	1,396 (-14%)	9mo	$185,000	$133	57
43 View St	0.71mi	4/2.0 (+1)	1,608 (-2%)	5mo	$25,000	$16	53

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 · 3.03% rent growth · sell at horizon

5-year hold

• IRR: -8.9%
• Equity multiple: 0.67×
• Total profit: $-11,463
• Equity at exit: $18,638

10-year hold

• IRR: 0.6%
• Equity multiple: 1.04×
• Total profit: $1,432
• Equity at exit: $10,808

Cash invested: $35,000 (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 26003

• Home prices YoY: -23.4%
• Rents YoY: 3.0%
• Active inventory: 223
• Price-to-rent: 8.5×

Monthly cashflow live

• Estimated rent: $1,220 medium
• Mortgage (P&I): −$656
• Tax from tax record: −$119 /mo · $1,427/yr
• Insurance: −$52
• HOA: −$0
• Vacancy / Maint / Mgmt: −$256
• Net cashflow: $138

Break-even live

Break-even rent $1,046

Max offer price $125,000

Occupancy floor 84%

Sensitivity live

Price	-10% $208	-5% $173	+0% $138	+5% $102	+10% $67
Rent	-10% $41	-5% $89	+0% $138	+5% $186	+10% $234
Rate	-1.0pp $200	-0.5pp $169	base $138	+0.5pp $105	+1.0pp $72

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: $31,250
• Closing costs: $3,750
• Reserves months: —
• Total cash needed: —

Listing history 5 events

1. 2026-05-15
   status Pending
2. 2026-04-27
   listed $125,000 Active
3. 2008-03-30
   soldstatus $63,500 75-char remark

   Show marketing remark (75 chars)

   Quaint and cozy cape cod style home located near Wheeling Jesuit University

4. 2007-11-16
   listed $76,500 75-char remark

   Show marketing remark (75 chars)

   Quaint and cozy cape cod style home located near Wheeling Jesuit University

5. 2001-03-13
   soldstatus $48,000

ⓘ 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: $1,427 · $119/mo
• Projected year-2 tax: $1,427 · $119/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 3/10 Moderate 7 d/yr ≥97°F today · 18 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: $14,644
• − Mortgage interest: −$7,002
• − Property taxes: −$1,427
• − Insurance: −$625
• − Repairs & maintenance: −$1,172
• − Management: −$1,172
• − Depreciation: −$3,636
• Taxable loss: −$389
• Est. tax savings @ 24.0%: +$93
• After-tax cash flow: $1,744/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: Ohio County Schools
• NCES district ID: 5401050
• Math proficiency: 34% ▼ -9.00%
• Reading proficiency: 49% ▼ -6.00%
• Median HH income: $41,572
• Composite: 34.88/100
• National rank: #5085
• State rank: #5 of 55 in WV

Livability — Wheeling

• Score: 69/100
• State rank: #74
• US rank: #8950

Category grades

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

Schools grade is shown separately in the Schools card above.

Census & demographics

• Census place: Wheeling, WV
• County: Ohio County · 39,982 people
• City population: 39,982
• Metro: Wheeling, WV-OH
• Population (ZIP): 39,982
• Household income: $57,703
• Rent vs Own: 32.5% rent · 67.5% own
• Severe rent burden: 1630.0

Population outlook (Ohio County) Hauer SSP2

• Today (2025): 40,604 people
• By 2030: 39,150 · -3.6%
• By 2040: 36,039 · -11.2%
• By 2050: 33,582 · -17.3%
• By 2075: 28,662 · -29.4%
• By 2100: 22,963 · -43.4%

Race, ethnicity, and origin ACS 2023

• Neighborhood character: Predominantly White (90%)
• Race & ethnicity: White 90% Two or more races 6% Black 3% Hispanic / Latino 2%
• Common ancestry: Romanian 6% Serbian 3% Slovak 2%
• Foreign-born: 3% · Canada
• Languages at home: 97% English-only · Other Indo-European 1% Spanish 1% German/W. Germanic 1%

Political lean MEDSL · Ohio

• 2024 margin: Strong R (+26.0) · D 36.0% · R 62.0% · Other 2.0%
• 2008→2024 swing: -15.3pp toward R · 2008: -10.8pp · 2024: -26.0pp
• All cycles: 2024: R+26.0 2020: R+25.8 2016: R+31.6 2012: R+22.5 2008: R+10.8

Not yet ingested

• Civics: —

Market trends

• HPI YoY: ▼ -68.09%
• Current HPI: 223.4106
• Rent YoY: ▲ 3.03%
• Metro: Wheeling, WV-OH
• State GDP YoY: —
• F500 in state: 0

Price history

+160.4% since first listed

5 events — show timeline

• 2026-05-15 Pending — WBOR
• 2026-04-27 Listed $125,000 WBOR
• 2008-03-30 Sold (MLS) $63,500 WBOR
• 2007-11-16 Listed $76,500 WBOR
• 2001-03-13 Sold (Public Records) $48,000 Public Records

Property tax history

+2.3%/yr

Latest (2025): $1,427 · +4.3% YoY. Source: county tax records.