108 Kitten Ln

Rural Retreat, VA 24368

$650,000B-

15 bd · 4.0 ba · 10,000 sqft · Built 1970 · MultiFamily · Active · 52 DOM

Cashflow @ list (25.0% down · 7.5%)

• Estimated rent: $7,372/mo
• Mortgage (P&I): −$3,409
• Tax + insurance: −$1,083
• HOA: −$0
• Vac / Maint / Mgmt: −$1,548
• Net cashflow: $1,332/mo
• Annual: $15,983/yr
• Cap rate: 8.75%
• Cash-on-cash: 8.78%
• DSCR: 1.39
• 1% rule: 1.13%
• Cash to close: $182,000

Investor read

• This is a 5 × 3-bed/?-bath units multifamily listed at $650k. Condition is rated average.
• At list price, monthly cash flow is $1k ($16k/yr) — positive. Per door: $266/mo.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($7k rent vs $650k).
• It's been on market 52 days — a 3% lower offer ($630k) is reasonable based on typical stale-listing flexibility.
• Recommended offer: $630k (3.0% below list) — sets the bar for market timing.
• In year one you build about $5k of equity ($4k loan paydown + $430 appreciation (0.1% local appreciation)).
• Location reads 75/100 on livability (#134 in VA, #4,304 nationally) — a middle-class / working-renter tenant base. Strengths: crime A+, cost of living A+, housing A+; Watch: amenities F, commute F, health & safety 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.
• Zoned schools: Rural Retreat Elementary (math 72% / reading 82%, grade A, #171 of 1,108 statewide, top 17%, 362 students, 75% FRL); Rural Retreat Middle (math 73% / reading 80%, grade A, #40 of 342 statewide, top 12%, 231 students, 75% FRL); Rural Retreat High (math 67% / reading 87%, grade A-, #90 of 319 statewide, top 30%, 312 students, 74% FRL) — zoned schools average 75% FRL vs 41% district-wide (34 pts higher); higher-poverty schools than district average — tighter screening recommended.
• Market conditions: 43 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.
• At projected returns (0.1% appreciation + 3.0% rent growth), your $182k cash investment doubles in ~7 years — after that, you're playing with house money.
• By year 7, paydown + projected appreciation supports a ~$42k cash-out refi (75% LTV) — recoverable capital for the next deal without selling this one.
• Climate carrying-cost: major wildfire risk — expect insurance premiums to compound above CPI over the hold.
• Cap rate 8.8% vs local median 4.3% in Rural Retreat — 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

• It's been on market 52 days. Have you received any prior offers? Is the seller open to a 3% concession, seller financing, or rate buy-down credit?
• Can we see the unit-by-unit rent roll, current vacancy, and any below-market leases? What's the average tenancy length?
• What capital expenditures (roof, boiler, parking lot, exteriors) have been made in the last 5 years, and what's planned in the next 2?
• Built in 1970 — 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?
• 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.

Repairs flagged (vision-AI assessment)

• Major: Landscaping — The landscaping appears overgrown and could benefit from trimming and planting.
• Major: Fencing — The fencing appears to be in poor condition and may need replacement or repair.