3728 Garrett Fork Rd

Chapmanville, WV 25508

$135,000D

2 bd · 1.0 ba · 1,674 sqft · Built 1992 · SingleFamily · Active · 30 DOM

Cashflow @ list (25.0% down · 7.5%)

• Estimated rent: $1,019/mo
• Mortgage (P&I): −$708
• Tax + insurance: −$176
• HOA: −$0
• Vac / Maint / Mgmt: −$214
• Net cashflow: $-79/mo
• Annual: $-950/yr
• Cap rate: 6.18%
• Cash-on-cash: -0.40%
• DSCR: 0.98
• 1% rule: 0.75%
• Cash to close: $37,800

Investor read

• This is a 2-bed/1.0-bath single-family listed at $135k.
• At list price, monthly cash flow is $-79 ($-950/yr) — negative.
• To cash-flow at today's rent, offer at most $121k (10.4% below list).
• To meet the 1% rule (rent ≥ 1% of price), the offer needs to be $102k (24.5% below list).
• It's been on market 30 days — a 2% lower offer ($133k) is reasonable based on typical stale-listing flexibility.
• Recommended offer: $102k (24.5% below list) — sets the bar for 1% rule.
• In year one you build about $9k of equity ($933 loan paydown + $8k appreciation (6.0% local appreciation)).
• Location reads 62/100 on livability (#178 in WV) — a middle-class / working-renter tenant base. Strengths: crime A+, cost of living A+; Watch: amenities F, commute F, employment F.
• Logan County Schools (rural): math 18% / reading 32% proficiency, ranked #48 of 55 in WV (top 87%) — low school quality limits family demand, transient renter base, plan for 1-2y turnover.
• Zoned schools: Chapmanville Primary School (285 students, 0% FRL); Chapmanville Middle School (math 13% / reading 38%, grade F, #75 of 109 statewide, top 73%, 524 students, 0% FRL); Chapmanville Regional High School (math 12% / reading 42%, grade F, #79 of 110 statewide, top 78%, 721 students, 0% FRL) — zoned schools average 0% FRL vs 49% district-wide (49 pts lower); this property's tenant base skews higher-income than the district average.
• Watch-outs: flood insurance adds $66/mo.
• Market conditions: 23 active listings in the ZIP; 1 units permitted in Logan County in 2024 (0 in 5+ unit buildings).
• Logan County population projected at -35% by 2050 — secular population decline; favor cash flow + early exit over multi-decade hold.
• 3 sale attempts since 7y ago with the ask held roughly flat each time — persistent listings suggest the price (not the market) is what's stuck; bring a comps-based counter.
• Current owner paid $96k; 41% above their basis — modest negotiation headroom, anchor on the comps not their cost.
• At projected returns (6.0% appreciation + 3.0% rent growth), your $38k cash investment doubles in ~5 years — after that, you're playing with house money.
• By year 4, paydown + projected appreciation supports a ~$31k cash-out refi (75% LTV) — recoverable capital for the next deal without selling this one.
• Climate carrying-cost: severe flood risk; moderate wildfire risk; extreme-heat days projected 8→21/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?
• What's the actual annual flood-insurance premium (NFIP or private), and is the property in a SFHA with mandatory coverage?
• Is there a deadline driving the sale (1031 exchange, divorce, estate, relocation)? That informs how much negotiation room exists.
• 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.