349 Morris Ln

West Point, VA 23156

$165,000D+

3 bd · 2.0 ba · 1,512 sqft · Built 2001 · Manufactured · Pending · 3 DOM

Cashflow @ list (25.0% down · 7.5%)

• Estimated rent: $1,310/mo
• Mortgage (P&I): −$865
• Tax + insurance: −$133
• HOA: −$0
• Vac / Maint / Mgmt: −$275
• Net cashflow: $37/mo
• Annual: $446/yr
• Cap rate: 6.56%
• Cash-on-cash: 0.96%
• DSCR: 1.04
• 1% rule: 0.79%
• Cash to close: $46,200

Investor read

• This is a 3-bed/2.0-bath manufactured listed at $165k.
• At list price, monthly cash flow is $37 ($446/yr) — positive.
• The deal already cash-flows at list — no discount required.
• To meet the 1% rule (rent ≥ 1% of price), the offer needs to be $131k (20.6% below list).
• Only 3 days on market — expect competitive offers; lowballing is unlikely to land.
• Recommended offer: $131k (20.6% below list) — sets the bar for 1% rule.
• In year one you build about $7k of equity ($1k loan paydown + $6k appreciation (3.8% local appreciation)).
• Location reads 76/100 on livability (#111 in VA, #3,458 nationally) — a middle-class / working-renter tenant base. Strengths: crime A+, employment A+, housing A+; Watch: amenities F, commute F.
• King And Queen County Public School District (rural): math 35% / reading 63% proficiency, ranked #101 of 131 in VA (top 77%) — families likely to look elsewhere, expect single-tenant / working-renter base with shorter leases.
• Zoned schools: King & Queen Elementary (math 32% / reading 67%, grade D, #742 of 1,108 statewide, top 70%, 274 students, 107% FRL); Central High (math 37% / reading 77%, grade C, #263 of 319 statewide, top 84%, 273 students, 105% FRL) — zoned schools average 106% FRL vs 53% district-wide (53 pts higher); higher-poverty schools than district average — tighter screening recommended.
• Market conditions: 11 active listings in the ZIP; 36 units permitted in King and Queen County in 2024 (0 in 5+ unit buildings).
• King and Queen County population projected at +4% by 2050 — modest demand growth; plan on rents tracking national, not racing it.
• 4 sale attempts since 18y ago; this cycle's ask has dropped $85k (34%) from the opening price — seller is motivated, your offer sets the floor, not the list.
• Current owner paid $109k; list at $165k implies a 51% gain — meaningful room to come down on a strong offer.
• At projected returns (3.8% appreciation + 3.0% rent growth), your $46k cash investment doubles in ~5 years — after that, you're playing with house money.
• By year 5, paydown + projected appreciation supports a ~$32k cash-out refi (75% LTV) — recoverable capital for the next deal without selling this one.
• Climate carrying-cost: major wind risk, 59% chance of damaging wind over 30y; extreme-heat days projected 7→16/yr by 2055 (HVAC capex compounding) — expect insurance premiums to compound above CPI over the hold.
• Cap rate 6.6% vs local median 3.4% in West Point — 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

• 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?
• 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.