1004 College Ave · Morgantown, WV 26505

$199,900

4 bd · 2.0 ba · 744 sqft · MultiFamily public records · 119 Days on market

Built 1941 0.27 ac lot $269/sqft · 99% above area Est $206k · at est.

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Why this score? — see what drove the C grade

The composite is a weighted blend of 9 inputs, each scored 0–100. Each bar is that input's sub-score; the figure is the points it added to the 100-point composite (weight × sub-score).

• Cash flow +20.5/30.0
• ARV discount +8.9/15.0
• DSCR +6.5/10.0
• 1% rule +4.6/10.0
• Livability +4.2/5.0
• Schools +4.1/10.0
• Rent growth +3.9/5.0
• Condition / age +2.5/5.0
• Appreciation +0.0/10.0

Multi-family units

County records classify this as Multi-Family (2-4 Unit). Listing-text estimate: 1 unit. estimate disagrees with records

Listing remarks MLS

Location, Location, Location! Calling all WVU parents who are looking to buy for their sons or daughters instead of renting while in school! This 4 Bedroom, 2 Bathroom house is PERFECT! With plenty of off-street parking, central AC, and a stones throw away from downtown and the Mountain Lair! Book your tour now before it is too late!

Key facts

• Central ac
• Downtown
• Off-street parking

Tags

• OFF-STREET PARKING
• CENTRAL AC
• DOWNTOWN

What this means for you Summary

Snapshot

• This is a 4-bed/2.0-bath multifamily listed at $200k.

Deal economics

• At list price, monthly cash flow is $263 ($3k/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 $192k (4.0% below list).
• Recommended offer: $182k (9.0% below list) — sets the bar for market timing.
• Cap rate 7.9% vs local median 3.1% in Morgantown — 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.

Location & tenants

• Location reads 84/100 on livability (#5 in WV, #674 nationally) — a professional / high-income tenant draw. Strengths: amenities A+, commute A+, cost of living A+; Watch: schools D+, employment D-.
• Monongalia County Schools (urban): math 45% / reading 53% proficiency, ranked #1 of 55 in WV (top 2%) — families likely to look elsewhere, expect single-tenant / working-renter base with shorter leases.
• Market conditions: Rents rising fast (+5.5%/yr); 119 active listings in the ZIP; 23 units permitted in Monongalia County in 2024 (15 in 5+ unit buildings).
• At $1,919/mo this rent would consume 51% of the median local household income ($46k/yr) (locally 3256% of renters already pay >50% of income on rent) — very limited rent-growth headroom before tenants either downsize or default.

Forward outlook

• Local home prices are declining (-3.0%/yr); year-one equity from $1k of loan paydown is wiped out by about $6k of value loss. Plan a longer hold.
• Monongalia County population projected at +38% by 2050 — long-run rental-demand tailwind backs the buy-and-hold thesis.

Negotiation context

• It's been on market 119 days — a 9% lower offer ($182k) is reasonable based on typical stale-listing flexibility.
• 2 sale attempts since 10y 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 $123k; list at $200k implies a 63% gain — meaningful room to come down on a strong offer.

Risks & watch-outs

• Watch-outs: built in 1941 — expect roof / HVAC / electrical / plumbing capex.

Recommended offer $181,909 (9.0% below list)

Questions for the listing agent

1. It's been on market 119 days. Have you received any prior offers? Is the seller open to a 9% concession, seller financing, or rate buy-down credit?
2. Built in 1941 — when were the roof, HVAC, electrical panel, plumbing, and water heater last replaced?
3. Why hasn't it sold? Are there any deal-killer items the seller is aware of (foundation, flood, title, zoning, code violations)?
4. Is there a deadline driving the sale (1031 exchange, divorce, estate, relocation)? That informs how much negotiation room exists.
5. 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?
6. 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.
7. 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.
8. How much new apartment / multifamily construction is in the pipeline within 1–3 miles? Heavy new supply (>2% of stock underway) typically softens rents 12–24 months out; light construction supports rent growth.

Investment metrics

• 1% rule: 0.96% ✗
• Cap rate: 7.87%
• Cash-on-cash: 5.63%
• DSCR: 1.25
• GRM: 8.7

CMA / ARV

• ARV (median comp): $206,236
• List price: $199,900
• Delta: -3.07%
• Verdict: FAIR
• Comps: 20 within 1.0 mi

Projected returns pro-forma

-3.0% appreciation · 5.46% rent growth · sell at horizon

5-year hold

• IRR: -5.1%
• Equity multiple: 0.81×
• Total profit: $-10,842
• Equity at exit: $29,806

10-year hold

• IRR: 7.1%
• Equity multiple: 1.59×
• Total profit: $32,905
• Equity at exit: $17,284

Cash invested: $55,972 (down + closing). Projections, not guarantees.

Landlord ↔ Tenant lean methodology

• Overall (STATE): 83 Strongly Landlord-Friendly
• State West Virginia: 83 Strongly Landlord-Friendly · R+22
• County: — inherits STATE
• City: — inherits STATE

Landlord-favorable; preempted; minimal protections.

Methodology + full state rankings →

ZIP-level market 26505

• Home prices YoY: -31.9%
• Rents YoY: 5.5%
• Active inventory: 119
• Price-to-rent: 17.4×

Monthly cashflow live

• Estimated rent: $1,919 medium
• Mortgage (P&I): −$1,048
• Tax from tax record: −$122 /mo · $1,460/yr
• Insurance: −$83
• HOA: −$0
• Vacancy / Maint / Mgmt: −$403
• Net cashflow: $263

Break-even live

Break-even rent $1,586

Max offer price $199,900

Occupancy floor 81%

2-unit breakdown (identical units grouped — click to expand)

Units	Beds	Baths	Est. rent
▸ 2× units	2	1	$1,920
Total (2 units)			$1,919

UW: 25.0% down · 7.5% · 30yr · 1.5% tax · 5.0% vac · 8.0% maint · 8.0% mgmt

Financing live

Cash to close

• Down payment: $49,975
• Closing costs: $5,997
• Reserves months: —
• Total cash needed: —

Listing history 22 events

1. 2026-06-19
   days on market $199,900 Active 119 DOM
2. 2026-06-18
   days on market $199,900 Active 118 DOM
3. 2026-06-17
   days on market $199,900 Active 117 DOM
4. 2026-06-16
   days on market $199,900 Active 116 DOM
5. 2026-06-15
   days on market $199,900 Active 115 DOM
6. 2026-06-14
   days on market $199,900 Active 113 DOM
7. 2026-06-13
   days on market $199,900 Active 112 DOM
8. 2026-06-10
   days on market $199,900 Active 110 DOM
9. 2026-06-09
   days on market $199,900 Active 109 DOM
10. 2026-06-08
    days on market $199,900 Active 108 DOM
11. 2026-06-07
    days on market $199,900 Active 107 DOM
12. 2026-06-05
    days on market $199,900 Active 104 DOM
13. 2026-06-03
    days on market $199,900 Active 103 DOM
14. 2026-06-02
    days on market $199,900 Active 102 DOM
15. 2026-06-01
    days on market $199,900 Active 101 DOM
16. 2026-05-31
    days on market $199,900 Active 100 DOM
17. 2026-05-30
    days on market $199,900 Active 99 DOM
18. 2026-02-20
    listed $199,900 Active 335-char remark

    Show marketing remark (335 chars)

    Location, Location, Location! Calling all WVU parents who are looking to buy for their sons or daughters instead of renting while in school! This 4 Bedroom, 2 Bathroom house is PERFECT! With plenty of off-street parking, central AC, and a stones throw away from downtown and the Mountain Lair! Book your tour now before it is too late!

19. 2017-05-22
    soldstatus $123,000
20. 2017-05-15
    soldstatus $123,000 505-char remark

    Show marketing remark (505 chars)

    Excellent rental property, letter of compliance thru 2017. Prime location just a short walk to WVU downtown campus and a quick drive to Evansdale. This home boasts up to 5 bedrooms to configure to your needs. Large basement bedroom could be a family room/den. Eat in kitchen with sliding glass door leading to deck, bathroom on each level, 2 washer/dryer hookups and dry basement! Parking in front and back. Home was just painted and new carpeting installed througout making this home ready for occupancy!

21. 2016-02-16
    listed $139,900 505-char remark

    Show marketing remark (505 chars)

    Excellent rental property, letter of compliance thru 2017. Prime location just a short walk to WVU downtown campus and a quick drive to Evansdale. This home boasts up to 5 bedrooms to configure to your needs. Large basement bedroom could be a family room/den. Eat in kitchen with sliding glass door leading to deck, bathroom on each level, 2 washer/dryer hookups and dry basement! Parking in front and back. Home was just painted and new carpeting installed througout making this home ready for occupancy!

22. 1999-02-22
    soldstatus $44,900

ⓘ Source: listings_history table (triggers on properties + properties_extension) + one-shot backfill from property_details.listing_events for pre-trigger history.

Tax reassessment forecast WV · Resets to sale price

• Current annual tax: $1,460 · $122/mo
• Projected year-2 tax: $1,460 · $122/mo
• Expected delta: $0/yr ($0/mo · 0.0%)

ⓘ Screening estimate from a state-policy table — verify with the county assessor before closing.

Climate risk First Street

• 🌊 Flood 1/10 Low FEMA zone X (unshaded) · 0% chance over 30 yrs
• 🔥 Wildfire 1/10 Low
• 🌡 Heat 4/10 Moderate 7 d/yr ≥97°F today · 17 d/yr by 30 yrs out
• 💨 Wind 1/10 Low
• 🫁 Air quality 2/10 Low 1 unhealthy d/yr today · 2 by 30 yrs out

Taxation est. · year 1

• Rental income: $23,028
• − Mortgage interest: −$11,198
• − Property taxes: −$1,460
• − Insurance: −$1,000
• − Repairs & maintenance: −$1,842
• − Management: −$1,842
• − Depreciation: −$5,815
• Taxable loss: −$129
• Est. tax savings @ 24.0%: +$31
• After-tax cash flow: $3,184/yr

For passive investors: Depreciation is non-cash, so a rental often shows a tax loss while cash-flowing — sheltering income. Rental losses are passive: they offset passive income freely, and up to $25,000/yr can offset ordinary (W-2) income if you actively participate and your MAGI is under $100k (phasing out to $0 by $150k); unused losses carry forward. On sale, claimed depreciation is recaptured at up to 25%, and gains may owe capital-gains tax (a 1031 exchange can defer both). Figures are a year-1 estimate at your 24.0% rate — not tax advice; consult a CPA.

Schools (NCES district)

• District: Monongalia County Schools
• NCES district ID: 5400930
• Math proficiency: 45% ▼ -5.00%
• Reading proficiency: 53% ▼ -2.00%
• Median HH income: $43,820
• Composite: 41.34/100
• National rank: #3503
• State rank: #1 of 55 in WV

Livability — Morgantown

• Score: 84/100
• State rank: #5
• US rank: #674

Category grades

Amenities A+ Commute A+ Cost of living A+ Crime B- Employment D- Housing B+ Health & safety A+ User ratings B+

Schools grade is shown separately in the Schools card above.

Census & demographics

• Census place: Morgantown, WV
• County: Monongalia County · 97,252 people
• City population: 97,252
• Metro: Morgantown, WV
• Population (ZIP): 37,492
• Household income: $45,536
• Rent vs Own: 67.5% rent · 32.5% own
• Severe rent burden: 3256.0

Population outlook (Monongalia County) Hauer SSP2

• Today (2025): 122,188 people
• By 2030: 131,536 · +7.7%
• By 2040: 149,777 · +22.6%
• By 2050: 168,245 · +37.7%
• By 2075: 207,979 · +70.2%
• By 2100: 239,430 · +96.0%

Race, ethnicity, and origin ACS 2023

• Neighborhood character: Predominantly White (82%)
• Race & ethnicity: White 82% Asian 6% Two or more races 5% Black 4% Hispanic / Latino 3%
• Common ancestry: Romanian 5% Slovak 3% Italian 2%
• Foreign-born: 10% · China, Canada, Vietnam
• Languages at home: 88% English-only · Arabic 3% Other Indo-European 2% Chinese 2%

Political lean MEDSL · Monongalia

• 2024 margin: Toss-up / Even · D 46.5% · R 50.9% · Other 2.7%
• 2008→2024 swing: -8.2pp toward R · 2008: 3.9pp · 2024: -4.4pp
• All cycles: 2024: R+4.4 2020: R+1.2 2016: R+10.4 2012: R+9.7 2008: D+3.9

Not yet ingested

• Civics: —

Market trends

• HPI YoY: ▼ -100.05%
• Current HPI: 213.749
• Rent YoY: ▲ 5.46%
• Metro: Morgantown, WV
• State GDP YoY: —
• F500 in state: 0

Price history

+345.2% since first listed

5 events — show timeline

• 2026-02-20 Listed $199,900 NCWVREIN
• 2017-05-22 Sold (Public Records) $123,000 Public Records
• 2017-05-15 Sold (MLS) $123,000 NCWVREIN
• 2016-02-16 Listed $139,900 NCWVREIN
• 1999-02-22 Sold (Public Records) $44,900 Public Records

Property tax history

+2.7%/yr

Latest (2025): $1,460 · +7.1% YoY. Source: county tax records.