204 Rock House Rd

Bolt, WV 25865

$170,000C-

3 bd · 2.0 ba · 1,456 sqft · Built 1976 · SingleFamily · Active · 67 DOM

Cashflow @ list (25.0% down · 7.5%)

• Estimated rent: $1,216/mo
• Mortgage (P&I): −$891
• Tax + insurance: −$120
• HOA: −$10
• Vac / Maint / Mgmt: −$255
• Net cashflow: $-61/mo
• Annual: $-730/yr
• Cap rate: 5.86%
• Cash-on-cash: -1.53%
• DSCR: 0.93
• 1% rule: 0.72%
• Cash to close: $47,600

Investor read

• This is a 3-bed/2.0-bath single-family listed at $170k.
• At list price, monthly cash flow is $-61 ($-730/yr) — negative.
• To cash-flow at today's rent, offer at most $159k (6.3% below list).
• To meet the 1% rule (rent ≥ 1% of price), the offer needs to be $122k (28.5% below list).
• It's been on market 67 days — a 6% lower offer ($160k) is reasonable based on typical stale-listing flexibility.
• Recommended offer: $122k (28.5% below list) — sets the bar for 1% rule.
• In year one you build about $11k of equity ($1k loan paydown + $10k appreciation (6.0% local appreciation)).
• Location reads 53/100 on livability (#300 in WV) — a working-class tenant base; expect higher turnover. Strengths: cost of living A+, crime A, housing B; Watch: amenities F, commute F, health & safety F.
• Raleigh County Schools (rural): math 29% / reading 42% proficiency, ranked #14 of 55 in WV (top 26%) — families likely to look elsewhere, expect single-tenant / working-renter base with shorter leases.
• Zoned schools: Fairdale Elementary School (math 27% / reading 42%, grade F, #148 of 377 statewide, top 49%, 418 students, 0% FRL); Trap Hill Middle School (math 28% / reading 43%, grade F, #32 of 109 statewide, top 29%, 376 students, 0% FRL); Liberty High School (math 22% / reading 37%, grade F, #69 of 110 statewide, top 71%, 512 students, 0% FRL) — zoned schools average 0% FRL vs 46% district-wide (46 pts lower); this property's tenant base skews higher-income than the district average.
• Market conditions: 6 active listings in the ZIP; 41 units permitted in Raleigh County in 2024 (0 in 5+ unit buildings).
• Raleigh County population projected at -16% by 2050 — secular population decline; favor cash flow + early exit over multi-decade hold.
• Current owner paid $41k; list at $170k implies a 317% gain — meaningful room to come down on a strong offer.
• At projected returns (6.0% appreciation + 3.0% rent growth), your $48k cash investment doubles in ~4 years — after that, you're playing with house money.
• By year 4, paydown + projected appreciation supports a ~$39k 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.

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?
• It's been on market 67 days. Have you received any prior offers? Is the seller open to a 28% concession, seller financing, or rate buy-down credit?
• Built in 1976 — when were the roof, HVAC, electrical panel, plumbing, and water heater last replaced?
• What does the HOA fee cover, when was the last increase, and are there any pending special assessments or reserve-fund shortfalls?
• 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 D-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.