1212 Eagle View Dr NE

Riner, VA 24138

$239,000D

3 bd · 2.0 ba · 1,729 sqft · Built 1990 · Other · Active · 104 DOM

Cashflow @ list (25.0% down · 7.5%)

• Estimated rent: $1,367/mo
• Mortgage (P&I): −$1,253
• Tax + insurance: −$220
• HOA: −$0
• Vac / Maint / Mgmt: −$287
• Net cashflow: $-393/mo
• Annual: $-4,716/yr
• Cap rate: 4.32%
• Cash-on-cash: -7.05%
• DSCR: 0.69
• 1% rule: 0.57%
• Cash to close: $66,920

Investor read

• This is a 3-bed/2.0-bath other listed at $239k.
• At list price, monthly cash flow is $-393 ($-5k/yr) — negative.
• To cash-flow at today's rent, offer at most $170k (29.0% below list).
• To meet the 1% rule (rent ≥ 1% of price), the offer needs to be $137k (42.8% below list).
• It's been on market 104 days — a 9% lower offer ($217k) is reasonable based on typical stale-listing flexibility.
• Recommended offer: $137k (42.8% below list) — sets the bar for 1% rule.
• In year one you build about $5k of equity ($2k loan paydown + $3k appreciation (1.2% local appreciation)).
• Location reads 72/100 on livability (#185 in VA) — a middle-class / working-renter tenant base. Strengths: crime A+, employment A+, housing A+; Watch: cost of living D, amenities F, commute F.
• Floyd County Public School District (rural): math 56% / reading 70% proficiency, ranked #51 of 131 in VA (top 39%) — acceptable for families but not a draw, mixed tenant base, ~2y average lease.
• Zoned schools: Floyd Elementary (math 58% / reading 68%, grade B, #470 of 1,108 statewide, top 43%, 455 students, 77% FRL); Floyd County High (math 59% / reading 74%, grade B, #195 of 319 statewide, top 62%, 701 students, 74% FRL) — zoned schools average 76% FRL vs 39% district-wide (37 pts higher); higher-poverty schools than district average — tighter screening recommended.
• Market conditions: 22 active listings in the ZIP; 69 units permitted in Floyd County in 2024 (0 in 5+ unit buildings).
• Floyd County population projected to shrink 3% by 2050 — rents likely to lag national; underwrite the cash flow, not the appreciation.
• 3 sale attempts; this cycle's ask is 74% above the opening price — seller raised mid-cycle; expect resistance to lowballs.
• Current owner paid $117k; list at $239k implies a 104% gain — meaningful room to come down on a strong offer.
• By year 7, paydown + projected appreciation supports a ~$31k cash-out refi (75% LTV) — recoverable capital for the next deal without selling this one.
• Climate carrying-cost: moderate wildfire risk — expect insurance premiums to compound above CPI over the hold.
• Cap rate 4.3% vs local median 1.6% in Riner — 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.

Questions for listing agent

• What do current leases actually rent for vs. the listed asking? Can we see a recent rent roll and the last 12 months of T-12 income?
• It's been on market 104 days. Have you received any prior offers? Is the seller open to a 43% concession, seller financing, or rate buy-down credit?
• 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 A-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?
• The area grade is low — what's the realistic commute time and amenity access for the typical tenant pool here? Any planned neighborhood developments (good or bad) we should know about?
• 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.