59 Serenity Pl

Charlotte Court House, VA 23923

$179,000D

3 bd · 2.0 ba · 1,971 sqft · Built 1999 · Manufactured · Pending · 7 DOM

Cashflow @ list (25.0% down · 7.5%)

• Estimated rent: $1,156/mo
• Mortgage (P&I): −$939
• Tax + insurance: −$135
• HOA: −$0
• Vac / Maint / Mgmt: −$243
• Net cashflow: $-161/mo
• Annual: $-1,930/yr
• Cap rate: 5.21%
• Cash-on-cash: -3.85%
• DSCR: 0.83
• 1% rule: 0.65%
• Cash to close: $50,120

Investor read

• This is a 3-bed/2.0-bath manufactured listed at $179k.
• At list price, monthly cash flow is $-161 ($-2k/yr) — negative.
• To cash-flow at today's rent, offer at most $151k (15.9% below list).
• To meet the 1% rule (rent ≥ 1% of price), the offer needs to be $116k (35.4% below list).
• Only 7 days on market — expect competitive offers; lowballing is unlikely to land.
• Recommended offer: $116k (35.4% below list) — sets the bar for 1% rule.
• In year one you build about $19k of equity ($1k loan paydown + $18k appreciation (10.0% local appreciation)).
• Location reads 74/100 on livability (#143 in VA, #4,687 nationally) — a middle-class / working-renter tenant base. Strengths: cost of living A+, housing A+, health & safety A+; Watch: crime C-, amenities F, commute F.
• Prince Edward County Public School District (town): math 25% / reading 48% proficiency, ranked #126 of 131 in VA (top 96%) — families likely to look elsewhere, expect single-tenant / working-renter base with shorter leases; 65% free/reduced lunch — lower-income household profile, screen leases tightly.
• Zoned schools: Prince Edward Elementary (math 33% / reading 40%, grade F, #953 of 1,108 statewide, top 86%, 808 students, 100% FRL); Prince Edward Middle (math 23% / reading 47%, grade F, #327 of 342 statewide, top 96%, 544 students, 98% FRL); Prince Edward County High (math 22% / reading 67%, grade F, #310 of 319 statewide, top 98%, 535 students, 101% FRL) — zoned schools average 99% FRL vs 65% district-wide (34 pts higher); higher-poverty schools than district average — tighter screening recommended.
• Market conditions: 19 active listings in the ZIP; 65 units permitted in Prince Edward County in 2024 (5 in 5+ unit buildings).
• Prince Edward County population projected to shrink 9% by 2050 — rents likely to lag national; underwrite the cash flow, not the appreciation.
• By year 2, paydown + projected appreciation supports a ~$31k cash-out refi (75% LTV) — recoverable capital for the next deal without selling this one.
• Climate carrying-cost: extreme-heat days projected 7→17/yr by 2055 (HVAC capex compounding) — expect insurance premiums to compound above CPI over the hold.

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?
• 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?
• 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.
• 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.