55 Kipps Dr

Augusta, WV 26704

$35,000B

1 bd · 1.0 ba · 560 sqft · Built 1988 · Other · Pending · 45 DOM

Cashflow @ list (25.0% down · 7.5%)

• Estimated rent: $842/mo
• Mortgage (P&I): −$184
• Tax + insurance: −$28
• HOA: −$13
• Vac / Maint / Mgmt: −$177
• Net cashflow: $441/mo
• Annual: $5,294/yr
• Cap rate: 21.42%
• Cash-on-cash: 54.02%
• DSCR: 3.40
• 1% rule: 2.41%
• Cash to close: $9,800

Investor read

• This is a 1-bed/1.0-bath other listed at $35k.
• At list price, monthly cash flow is $441 ($5k/yr) — positive.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($842 rent vs $35k).
• It's been on market 45 days — a 3% lower offer ($34k) is reasonable based on typical stale-listing flexibility.
• Recommended offer: $34k (3.0% below list) — sets the bar for market timing.
• In year one you build about $636 of equity ($242 loan paydown + $394 appreciation (1.1% local appreciation)).
• Location reads: area grade B — affects rentability + tenant quality, not the cash-flow math above.
• Hampshire County Schools (rural): math 25% / reading 38% proficiency, ranked #30 of 55 in WV (top 54%) — families likely to look elsewhere, expect single-tenant / working-renter base with shorter leases.
• Zoned schools: Augusta Elementary School (math 37% / reading 37%, grade F, #130 of 377 statewide, top 39%, 305 students, 0% FRL); Capon Bridge Middle School (math 21% / reading 41%, grade F, #55 of 109 statewide, top 51%, 245 students, 0% FRL); Hampshire Senior High School (math 8% / reading 42%, grade F, #89 of 110 statewide, top 82%, 818 students, 0% FRL) — zoned schools average 0% FRL vs 53% district-wide (53 pts lower); this property's tenant base skews higher-income than the district average.
• Market conditions: 37 active listings in the ZIP; 124 units permitted in Hampshire County in 2024 (0 in 5+ unit buildings).
• Hampshire County population projected at -29% by 2050 — secular population decline; favor cash flow + early exit over multi-decade hold.
• 2 sale attempts; this cycle's ask has dropped $10k (22%) from the opening price — seller is motivated, your offer sets the floor, not the list.
• Current owner paid $8k; list at $35k implies a 312% gain — meaningful room to come down on a strong offer.
• At projected returns (1.1% appreciation + 3.0% rent growth), your $10k cash investment doubles in ~2 years — after that, you're playing with house money.
• Climate carrying-cost: moderate wildfire risk — expect insurance premiums to compound above CPI over the hold.

Questions for listing agent

• It's been on market 45 days. Have you received any prior offers? Is the seller open to a 3% concession, seller financing, or rate buy-down credit?
• What does the HOA fee cover, when was the last increase, and are there any pending special assessments or reserve-fund shortfalls?
• Is there a deadline driving the sale (1031 exchange, divorce, estate, relocation)? That informs how much negotiation room exists.
• 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.