601 Second St · Martinsburg, WV 25404

$125,000

3 bd · 1.0 ba · 2,007 sqft · SingleFamily public records · 38 Days on market

Built 1910 3,240 sqft lot Est $227k · 45% under

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Why this score? — see what drove the B+ 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 +30.0/30.0
• ARV discount +15.0/15.0
• 1% rule +10.0/10.0
• DSCR +10.0/10.0
• Rent growth +4.1/5.0
• Livability +3.8/5.0
• Schools +2.6/10.0
• Condition / age +2.5/5.0
• Appreciation +0.0/10.0

Listing remarks

SO MUCH POTENTIAL! LARGE 4-BEDROOM HOUSE ON A CORNER LOT. GREAT OPPORTUNITY IN DOWNTOWN MARTINSBURG. EXCELLENT RENOVATION PROJECT FOR FLIPPERS AND OTHERS WHO ARE WILLING TO ROLL UP THEIR SLEEVES AND GET TO WORK. Sold strictly as-is, where-is. Cash only. Hardwood floors. Lovely built-in cabinet. This is one of six houses in various stages of interior demo/reno being offered for sale by this owner. Six building lots also are for sale. The Eastern Panhandle is one of the fastest growing areas of West Virginia. Residents of Martinsburg and Berkeley County are attracted to the small-town atmosphere, employment opportunities, restaurants, shopping, services, medical facilities, a revitalizing dow

Key facts

• Downtown martinsburg
• Built-in cabinet
• Eastern panhandle

Tags

• CORNER LOT
• HARDWOOD FLOORS
• BUILT-IN CABINET
• DOWNTOWN MARTINSBURG
• EASTERN PANHANDLE

Property features AI

Exterior

• Parking: On-street parking
• Utilities: Public water; Public sewer; Electric power
• Home design: Detached property; Metal roof; Vinyl siding; Fee simple ownership; Not in a federal flood zone; Major rehabilitation needed
• Construction: Permanent foundation
• Exterior features: Corner lot; Partial finished basement

Interior

• Kitchen: Kitchen
• Bedrooms: One bedroom on the main level; Three bedrooms on the upper level
• Flooring: Wood flooring; Vinyl flooring
• Bathrooms: One full bathroom; One half bathroom
• Heating & cooling: Forced air heating; Central air conditioning; Electric and natural gas heating fuel; Electric hot water
• Interior features: Living room; Dining room

What this means for you Summary

Snapshot

• This is a 3-bed/1.0-bath single-family listed at $125k.

Deal economics

• At list price, monthly cash flow is $702 ($8k/yr) — positive.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($2k rent vs $125k).
• Recommended offer: $121k (3.0% below list) — sets the bar for market timing.
• Cap rate 13.0% vs local median 4.0% in Martinsburg — 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 75/100 on livability (#29 in WV, #4,057 nationally) — a middle-class / working-renter tenant base. Strengths: amenities A+, cost of living A+, housing A+; Watch: commute F, employment D-.
• Berkeley County Schools (other): math 21% / reading 38% proficiency, ranked #24 of 55 in WV (top 44%) — low school quality limits family demand, transient renter base, plan for 1-2y turnover.
• Zoned schools: Tuscarora Elementary School (409 students, 0% FRL); Martinsburg North Middle School (math 10% / reading 34%, grade F, #95 of 109 statewide, top 88%, 666 students, 0% FRL); Martinsburg High School (math 17% / reading 49%, grade F, #53 of 110 statewide, top 48%, 1,471 students, 0% FRL) — zoned schools average 0% FRL vs 42% district-wide (42 pts lower); this property's tenant base skews higher-income than the district average.
• Market conditions: Rents rising fast (+6.3%/yr); 109 active listings in the ZIP; 9 comparable units currently listed for rent nearby; rentals at typical pace (median 22d on market — plan ~3-4 weeks tenant-placement turnaround); 1,460 units permitted in Berkeley County in 2024 (16 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.
• Berkeley County population projected at +25% by 2050 — long-run rental-demand tailwind backs the buy-and-hold thesis.
• At projected returns (-3.0% appreciation + 6.3% rent growth), your $35k cash investment doubles in ~5 years — after that, you're playing with house money.

Negotiation context

• It's been on market 38 days — a 3% lower offer ($121k) is reasonable based on typical stale-listing flexibility.
• 6 sale attempts since 26y 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 $12k; list at $125k implies a 942% gain — meaningful room to come down on a strong offer.

Risks & watch-outs

• Watch-outs: built in 1910 — expect roof / HVAC / electrical / plumbing capex.
• Climate carrying-cost: extreme-heat days projected 7→16/yr by 2055 (HVAC capex compounding) — expect insurance premiums to compound above CPI over the hold.

Recommended offer $121,250 (3.0% below list)

Questions for the listing agent

1. It's been on market 38 days. Have you received any prior offers? Is the seller open to a 3% concession, seller financing, or rate buy-down credit?
2. Built in 1910 — when were the roof, HVAC, electrical panel, plumbing, and water heater last replaced?
3. Is there a deadline driving the sale (1031 exchange, divorce, estate, relocation)? That informs how much negotiation room exists.
4. 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.
5. 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.
6. 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: 1.53% ✓
• Cap rate: 13.03%
• Cash-on-cash: 24.07%
• DSCR: 2.07
• GRM: 5.4

CMA / ARV

• ARV (on-the-fly): $226,791
• Comps found: 12

Show comp detail 12 sales within ~0.75 mi

Address	Dist	Beds/Ba	Sqft	Sold	Price	$/sf	Match
613 Albert St	0.26mi	3/2.0	2,000 (-0%)	3mo	$135,000	$68	81
509 E Moler Ave	0.37mi	3/2.0	1,856 (-8%)	1mo	$249,900	$135	65
329 N High St	0.30mi	3/2.0	1,860 (-7%)	8mo	$243,000	$131	64
314 W Martin St	0.50mi	4/1.0 (+1)	1,952 (-3%)	6mo	$115,000	$59	62
209 S Maple Ave	0.67mi	3/1.5	2,100 (+5%)	1mo	$160,000	$76	58
218 W Race St	0.39mi	2/1.0 (-1)	1,784 (-11%)	2mo	$140,000	$78	57
819 E Moler Ave	0.65mi	4/2.5 (+1)	2,010 (+0%)	3mo	$295,000	$147	56
210 Gussie Ave	0.48mi	3/2.0	1,816 (-10%)	4mo	$179,000	$99	55
39 Rolling Meadows Dr	0.47mi	3/2.0	1,776 (-12%)	1mo	$200,000	$113	54
1002 N Queen St	0.40mi	3/1.5	1,728 (-14%)	8mo	$208,000	$120	50
503 Vicky Bullett St	0.33mi	4/2.0 (+1)	2,304 (+15%)	1mo	$260,500	$113	50
101 Cabriolet Ct	0.60mi	4/2.5 (+1)	1,932 (-4%)	6mo	$381,900	$198	50

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 · 6.3% rent growth · sell at horizon

5-year hold

• IRR: 20.9%
• Equity multiple: 1.89×
• Total profit: $31,045
• Equity at exit: $18,638

10-year hold

• IRR: 31.1%
• Equity multiple: 4.24×
• Total profit: $113,514
• 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 25404

• Home prices YoY: -10.7%
• Rents YoY: 6.3%
• Active inventory: 109
• Price-to-rent: 5.4×

Monthly cashflow live

• Estimated rent: $1,919 high
• Mortgage (P&I): −$656
• Tax from tax record: −$106 /mo · $1,271/yr
• Insurance: −$52
• HOA: −$0
• Vacancy / Maint / Mgmt: −$403
• Net cashflow: $702

Break-even live

Break-even rent $1,030

Max offer price $125,000

Occupancy floor 58%

Sensitivity live

Price	-10% $773	-5% $738	+0% $702	+5% $667	+10% $631
Rent	-10% $551	-5% $626	+0% $702	+5% $778	+10% $854
Rate	-1.0pp $765	-0.5pp $734	base $702	+0.5pp $670	+1.0pp $637

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: —

Rent comps 9 comps

Address	Beds	Baths	Sqft	Rent	$/sqft	DOM	Units	Dist
530 N 3rd St Unit A Martinsburg, WV	4.0	2.5	2440	$2,430	$1.00	21d	1	0.12mi
721 2nd St Unit A Martinsburg, WV	2.0	1.0	1412	$1,180	$0.84	14d	1	0.14mi
328 Boyd Ave Martinsburg, WV	3.0	2.0	1700	$1,450	$0.85	21d	1	0.38mi
507 W John St Unit C Martinsburg, WV	2.0	1.0	2564	$1,100	$0.43	14d	1	0.81mi
1100 Myna Ct Martinsburg, WV	2.0–3.0	2.0–2.5	1400	$1,870	$1.34	14d	15	0.95mi
1123 Shepherdstown Rd Martinsburg, WV	3.0	1.0	1429	$1,900	$1.33	21d	1	1.01mi
61 Quartz Rd Martinsburg, WV	3.0	3.5	2400	$2,000	$0.83	21d	1	1.10mi
403 S Tennessee Ave Martinsburg, WV	3.0	2.0	1880	$2,000	$1.06	21d	1	1.16mi
653 Faulkner Ave Martinsburg, WV	3.0	1.5	1442	$1,450	$1.01	21d	1	1.24mi

Listing history 26 events

1. 2026-06-18
   days on market $125,000 Active 38 DOM
2. 2026-06-17
   days on market $125,000 Active 37 DOM
3. 2026-06-16
   days on market $125,000 Active 36 DOM
4. 2026-06-15
   days on market $125,000 Active 35 DOM
5. 2026-06-14
   days on market $125,000 Active 33 DOM
6. 2026-06-13
   days on market $125,000 Active 32 DOM
7. 2026-06-10
   days on market $125,000 Active 30 DOM
8. 2026-06-09
   days on market $125,000 Active 29 DOM
9. 2026-06-08
   days on market $125,000 Active 28 DOM
10. 2026-06-07
    days on market $125,000 Active 27 DOM
11. 2026-06-02
    days on market $125,000 Active 22 DOM
12. 2026-06-01
    days on market $125,000 Active 21 DOM
13. 2026-05-31
    days on market $125,000 Active 20 DOM
14. 2026-05-30
    days on market $125,000 Active 19 DOM
15. 2026-05-22
    status Active
16. 2025-12-24
    historical
17. 2025-12-14
    listed $125,000 Active
18. 2018-07-16
    historical
19. 2018-07-16
    historical Withdrawn
20. 2017-11-09
    listed Active
21. 2017-11-09
    listed $140,000 Active
22. 2003-03-25
    historical
23. 2003-01-27
    listed
24. 2000-04-28
    soldstatus $12,000
25. 2000-04-04
    historical
26. 2000-03-09
    listed $15,000

ⓘ 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: $1,271 · $106/mo
• Projected year-2 tax: $1,271 · $106/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 3/10 Moderate
• 🌡 Heat 5/10 Major 7 d/yr ≥103°F today · 16 d/yr by 30 yrs out
• 💨 Wind 2/10 Low 2% chance of damaging wind over 30 yrs
• 🫁 Air quality 2/10 Low 0 unhealthy d/yr today · 1 by 30 yrs out

Taxation est. · year 1

• Rental income: $23,023
• − Mortgage interest: −$7,002
• − Property taxes: −$1,271
• − Insurance: −$625
• − Repairs & maintenance: −$1,842
• − Management: −$1,842
• − Depreciation: −$3,636
• Taxable income: $6,805
• Est. tax owed @ 24.0%: −$1,633
• After-tax cash flow: $6,793/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: Berkeley County Schools
• NCES district ID: 5400060
• Math proficiency: 21% ▼ -12.00%
• Reading proficiency: 38% ▼ -6.00%
• Median HH income: $54,599
• Composite: 26.16/100
• National rank: #7273
• State rank: #24 of 55 in WV

Livability — Martinsburg

• Score: 75/100
• State rank: #29
• US rank: #4057

Category grades

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

Schools grade is shown separately in the Schools card above.

Census & demographics

• Census place: Martinsburg, WV
• County: Berkeley County · 85,235 people
• City population: 55,439
• Metro: Hagerstown-Martinsburg, MD-WV
• Population (ZIP): 23,990
• Household income: $70,633
• Rent vs Own: 40.0% rent · 60.0% own
• Severe rent burden: 833.0

Population outlook (Berkeley County) Hauer SSP2

• Today (2025): 127,359 people
• By 2030: 134,684 · +5.8%
• By 2040: 148,219 · +16.4%
• By 2050: 159,300 · +25.1%
• By 2075: 179,920 · +41.3%
• By 2100: 183,896 · +44.4%

Race, ethnicity, and origin ACS 2023

• Neighborhood character: Predominantly White (78%)
• Race & ethnicity: White 78% Black 9% Two or more races 8% Hispanic / Latino 7% Asian 1%
• Hispanic origin (detail): Mexican 3% Puerto Rican 1%
• Common ancestry: Slovak 3% Romanian 3% Italian 1%
• Foreign-born: 6% · Canada, South Korea
• Languages at home: 94% English-only · Spanish 5%

Political lean MEDSL · Berkeley

• 2024 margin: Solid R (+35.8) · D 31.2% · R 67.0% · Other 1.8%
• 2008→2024 swing: -22.8pp toward R · 2008: -13.0pp · 2024: -35.8pp
• All cycles: 2024: R+35.8 2020: R+31.2 2016: R+37.2 2012: R+21.3 2008: R+13.0

Not yet ingested

• Civics: —

Market trends

• HPI YoY: ▼ -24.58%
• Current HPI: 205.3277
• Rent YoY: ▲ 6.30%
• Metro: Hagerstown-Martinsburg, MD-WV
• State GDP YoY: —
• F500 in state: 0

Price history

+733.3% since first listed

12 events — show timeline

• 2026-05-22 Relisted — BRIGHT MLS
• 2025-12-24 Listing Removed — BRIGHT MLS
• 2025-12-14 Listed $125,000 BRIGHT MLS
• 2018-07-16 Listing Removed — BRIGHT MLS
• 2018-07-16 Delisted — MRIS
• 2017-11-09 Listed — MRIS
• 2017-11-09 Listed $140,000 BRIGHT MLS
• 2003-03-25 Delisted — MRIS
• 2003-01-27 Listed — MRIS
• 2000-04-28 Sold (MLS) $12,000 MRIS
• 2000-04-04 Delisted — MRIS
• 2000-03-09 Listed $15,000 MRIS

Property tax history

-1.2%/yr

Latest (2025): $1,271 · +5.5% YoY. Source: county tax records.