64 Carolina Ave

Salem, WV 26426

$60,999B-

3 bd · 1.0 ba · 1,348 sqft · Built 1900 · SingleFamily · Active · 350 DOM

Cashflow @ list (25.0% down · 7.5%)

• Estimated rent: $1,097/mo
• Mortgage (P&I): −$320
• Tax + insurance: −$168
• HOA: −$0
• Vac / Maint / Mgmt: −$230
• Net cashflow: $379/mo
• Annual: $4,547/yr
• Cap rate: 15.05%
• Cash-on-cash: 31.29%
• DSCR: 2.39
• 1% rule: 1.80%
• Cash to close: $17,080

Investor read

• This is a 3-bed/1.0-bath single-family listed at $61k.
• At list price, monthly cash flow is $379 ($5k/yr) — positive.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($1k rent vs $61k).
• It's been on market 350 days — a 12% lower offer ($54k) is reasonable based on typical stale-listing flexibility.
• Recommended offer: $54k (12.0% below list) — sets the bar for market timing.
• In year one you build about $3k of equity ($421 loan paydown + $2k appreciation (3.8% local appreciation)).
• Location reads 66/100 on livability (#106 in WV) — a middle-class / working-renter tenant base. Strengths: crime A+, cost of living A+, housing A+; Watch: health & safety C-, amenities F, commute F.
• Harrison County Schools (town): math 29% / reading 43% proficiency, ranked #12 of 55 in WV (top 22%) — families likely to look elsewhere, expect single-tenant / working-renter base with shorter leases.
• Zoned schools: Salem Elementary (math 52% / reading 47%, grade D, #49 of 377 statewide, top 16%, 189 students, 0% FRL); Robert C Byrd High School (math 22% / reading 52%, grade F, #32 of 110 statewide, top 34%, 765 students, 0% FRL) — zoned schools average 0% FRL vs 43% district-wide (43 pts lower); this property's tenant base skews higher-income than the district average.
• Watch-outs: flood insurance adds $66/mo; built in 1900 — expect roof / HVAC / electrical / plumbing capex.
• Market conditions: 13 active listings in the ZIP; 84 units permitted in Harrison County in 2024 (5 in 5+ unit buildings).
• Harrison County population projected at -11% by 2050 — secular population decline; favor cash flow + early exit over multi-decade hold.
• 2 sale attempts; this cycle's ask has dropped $5k (8%) from the opening price — seller is motivated, your offer sets the floor, not the list.
• At projected returns (3.8% appreciation + 3.0% rent growth), your $17k cash investment doubles in ~3 years — after that, you're playing with house money.
• Climate carrying-cost: severe flood risk — expect insurance premiums to compound above CPI over the hold.

Questions for listing agent

• It's been on market 350 days. Have you received any prior offers? Is the seller open to a 12% concession, seller financing, or rate buy-down credit?
• Built in 1900 — when were the roof, HVAC, electrical panel, plumbing, and water heater last replaced?
• What's the actual annual flood-insurance premium (NFIP or private), and is the property in a SFHA with mandatory coverage?
• 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.