6532 Hurley Rd

Grundy, VA 24620

$80,000B

3 bd · 1.5 ba · 1,222 sqft · Built 1984 · Manufactured · Pending · 33 DOM

Cashflow @ list (25.0% down · 7.5%)

• Estimated rent: $1,107/mo
• Mortgage (P&I): −$420
• Tax + insurance: −$50
• HOA: −$0
• Vac / Maint / Mgmt: −$233
• Net cashflow: $406/mo
• Annual: $4,869/yr
• Cap rate: 12.38%
• Cash-on-cash: 21.74%
• DSCR: 1.97
• 1% rule: 1.38%
• Cash to close: $22,400

Investor read

• This is a 3-bed/1.5-bath manufactured listed at $80k.
• At list price, monthly cash flow is $406 ($5k/yr) — positive.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($1k rent vs $80k).
• It's been on market 33 days — a 3% lower offer ($78k) is reasonable based on typical stale-listing flexibility.
• Recommended offer: $78k (3.0% below list) — sets the bar for market timing.
• Local home prices are declining (-3.0%/yr); year-one equity from $553 of loan paydown is wiped out by about $2k of value loss. Plan a longer hold.
• Location reads 67/100 on livability (#309 in VA) — a middle-class / working-renter tenant base. Strengths: cost of living A+, housing A+; Watch: amenities F, commute F, health & safety F.
• Buchanan County Public School District (rural): math 52% / reading 65% proficiency, ranked #76 of 131 in VA (top 58%) — acceptable for families but not a draw, mixed tenant base, ~2y average lease; 62% free/reduced lunch — lower-income household profile, screen leases tightly.
• Zoned schools: Hurley Elementary/Middle (math 43% / reading 61%, grade C-, #696 of 1,108 statewide, top 66%, 357 students, 94% FRL); Hurley High (math 67% / reading 72%, grade B, #159 of 319 statewide, top 53%, 216 students, 98% FRL) — zoned schools average 96% FRL vs 62% district-wide (34 pts higher); higher-poverty schools than district average — tighter screening recommended.
• Market conditions: 4 active listings in the ZIP; 12 units permitted in Buchanan County in 2024 (0 in 5+ unit buildings).
• Buchanan County population projected at -32% by 2050 — secular population decline; favor cash flow + early exit over multi-decade hold.
• At projected returns (-3.0% appreciation + 3.0% rent growth), your $22k cash investment doubles in ~6 years — after that, you're playing with house money.

Questions for listing agent

• It's been on market 33 days. Have you received any prior offers? Is the seller open to a 3% concession, seller financing, or rate buy-down credit?
• Is there a deadline driving the sale (1031 exchange, divorce, estate, relocation)? That informs how much negotiation room exists.
• Schools are B-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?
• 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.