102 Boss Row

Fries, VA 24330

$199,000D-

2 bd · 1.0 ba · 1,808 sqft · Built 1900 · SingleFamily · Active · 9 DOM

Cashflow @ list (25.0% down · 7.5%)

• Estimated rent: $1,041/mo
• Mortgage (P&I): −$1,044
• Tax + insurance: −$117
• HOA: −$0
• Vac / Maint / Mgmt: −$219
• Net cashflow: $-339/mo
• Annual: $-4,064/yr
• Cap rate: 4.25%
• Cash-on-cash: -7.29%
• DSCR: 0.68
• 1% rule: 0.52%
• Cash to close: $55,720

Investor read

• This is a 2-bed/1.0-bath single-family listed at $199k.
• At list price, monthly cash flow is $-339 ($-4k/yr) — negative.
• To cash-flow at today's rent, offer at most $139k (30.1% below list).
• To meet the 1% rule (rent ≥ 1% of price), the offer needs to be $104k (47.7% below list).
• Only 9 days on market — expect competitive offers; lowballing is unlikely to land.
• Recommended offer: $104k (47.7% below list) — sets the bar for 1% rule.
• In year one you build about $18k of equity ($1k loan paydown + $16k appreciation (8.2% local appreciation)).
• Location reads 61/100 on livability (#416 in VA) — a middle-class / working-renter tenant base. Strengths: cost of living A+, housing B+; Watch: crime D+, amenities F, commute F.
• Grayson County Public School District (rural): math 68% / reading 76% proficiency, ranked #27 of 131 in VA (top 21%) — strong family-tenant draw, lease renewals of 3-5y typical.
• Zoned schools: Fries Elementary (math 62% / reading 77%, grade A-, #313 of 1,108 statewide, top 32%, 253 students, 87% FRL) — zoned schools average 87% FRL vs 53% district-wide (34 pts higher); higher-poverty schools than district average — tighter screening recommended.
• Watch-outs: built in 1900 — expect roof / HVAC / electrical / plumbing capex.
• Market conditions: 32 active listings in the ZIP; 38 units permitted in Grayson County in 2024 (0 in 5+ unit buildings).
• Grayson County population projected at -24% by 2050 — secular population decline; favor cash flow + early exit over multi-decade hold.
• By year 3, paydown + projected appreciation supports a ~$44k cash-out refi (75% LTV) — recoverable capital for the next deal without selling this one.

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?
• Built in 1900 — when were the roof, HVAC, electrical panel, plumbing, and water heater last replaced?
• 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?
• Crime grade is D 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?
• 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.