152 Poplar Dr

Ivanhoe, VA 24350

$135,000B-

4 bd · 1.0 ba · 1,429 sqft · Built 1930 · SingleFamily · Active · 420 DOM

Cashflow @ list (25.0% down · 7.5%)

• Estimated rent: $1,230/mo
• Mortgage (P&I): −$708
• Tax + insurance: −$81
• HOA: −$0
• Vac / Maint / Mgmt: −$258
• Net cashflow: $183/mo
• Annual: $2,198/yr
• Cap rate: 7.92%
• Cash-on-cash: 5.82%
• DSCR: 1.26
• 1% rule: 0.91%
• Cash to close: $37,800

Investor read

• This is a 4-bed/1.0-bath single-family listed at $135k.
• At list price, monthly cash flow is $183 ($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 $123k (8.9% below list).
• It's been on market 420 days — a 12% lower offer ($119k) is reasonable based on typical stale-listing flexibility.
• Recommended offer: $119k (12.0% below list) — sets the bar for market timing.
• In year one you build about $8k of equity ($933 loan paydown + $7k appreciation (4.9% local appreciation)).
• Location reads 56/100 on livability (#509 in VA) — a working-class tenant base; expect higher turnover. Strengths: cost of living A+, housing B+; Watch: employment D+, schools F, amenities F.
• Wythe County Public School District (rural): math 67% / reading 77% proficiency, ranked #20 of 131 in VA (top 15%) — strong family-tenant draw, lease renewals of 3-5y typical.
• Watch-outs: built in 1930 — expect roof / HVAC / electrical / plumbing capex.
• Market conditions: 18 active listings in the ZIP; 63 units permitted in Wythe County in 2024 (12 in 5+ unit buildings).
• Wythe County population projected to shrink 7% by 2050 — rents likely to lag national; underwrite the cash flow, not the appreciation.
• 2 sale attempts; this cycle's ask has dropped $76k (36%) from the opening price — seller is motivated, your offer sets the floor, not the list.
• At projected returns (4.9% appreciation + 3.0% rent growth), your $38k cash investment doubles in ~4 years — after that, you're playing with house money.
• By year 5, paydown + projected appreciation supports a ~$33k cash-out refi (75% LTV) — recoverable capital for the next deal without selling this one.

Questions for listing agent

• It's been on market 420 days. Have you received any prior offers? Is the seller open to a 12% concession, seller financing, or rate buy-down credit?
• Built in 1930 — when were the roof, HVAC, electrical panel, plumbing, and water heater last replaced?
• 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 F-rated, which usually means shorter tenancies and higher turnover. Who's the typical renter profile here, and what's been the actual vacancy rate?
• 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.