417 Norris Rd

Glenville, WV 26351

$34,900B

3 bd · 1.0 ba · 1,064 sqft · Built 1961 · SingleFamily · Active · 10 DOM

Cashflow @ list (25.0% down · 7.5%)

• Estimated rent: $982/mo
• Mortgage (P&I): −$183
• Tax + insurance: −$53
• HOA: −$0
• Vac / Maint / Mgmt: −$206
• Net cashflow: $540/mo
• Annual: $6,480/yr
• Cap rate: 24.86%
• Cash-on-cash: 66.31%
• DSCR: 3.95
• 1% rule: 2.81%
• Cash to close: $9,772

Investor read

• This is a 3-bed/1.0-bath single-family listed at $35k.
• At list price, monthly cash flow is $540 ($6k/yr) — positive.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($982 rent vs $35k).
• Only 10 days on market — expect competitive offers; lowballing is unlikely to land.
• In year one you build about $753 of equity ($241 loan paydown + $512 appreciation (1.5% local appreciation)).
• Location reads 82/100 on livability (#7 in WV, #1,135 nationally) — a professional / high-income tenant draw. Strengths: crime A+, commute A+, cost of living A+; Watch: amenities D-, employment F.
• Gilmer County Schools (rural): math 25% / reading 39% proficiency, ranked #23 of 55 in WV (top 42%) — families likely to look elsewhere, expect single-tenant / working-renter base with shorter leases.
• Zoned schools: Gilmer County High School (math 25% / reading 47%, grade F, #39 of 110 statewide, top 36%, 449 students, 0% FRL) — zoned schools average 0% FRL vs 48% district-wide (48 pts lower); this property's tenant base skews higher-income than the district average.
• Market conditions: 5 active listings in the ZIP; 9 units permitted in Gilmer County in 2024 (0 in 5+ unit buildings).
• Gilmer County population projected to shrink 8% by 2050 — rents likely to lag national; underwrite the cash flow, not the appreciation.
• At projected returns (1.5% appreciation + 3.0% rent growth), your $10k cash investment doubles in ~2 years — after that, you're playing with house money.

Questions for listing agent

• Built in 1961 — when were the roof, HVAC, electrical panel, plumbing, and water heater last replaced?
• 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.
• 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.