2589 Philippi

Anmoore, WV 26323

$15,000D+

2 bd · 1.0 ba · 952 sqft · Built 1910 · SingleFamily · Active · 256 DOM

Cashflow @ list (25.0% down · 7.5%)

• Estimated rent: $885/mo
• Mortgage (P&I): −$79
• Tax + insurance: −$45
• HOA: −$0
• Vac / Maint / Mgmt: −$186
• Net cashflow: $575/mo
• Annual: $6,903/yr
• Cap rate: 52.32%
• Cash-on-cash: 164.37%
• DSCR: 8.31
• 1% rule: 5.90%
• Cash to close: $4,200

Investor read

• This is a 2-bed/1.0-bath single-family listed at $15k.
• At list price, monthly cash flow is $575 ($7k/yr) — positive.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($885 rent vs $15k).
• It's been on market 256 days — a 12% lower offer ($13k) is reasonable based on typical stale-listing flexibility.
• Recommended offer: $13k (12.0% below list) — sets the bar for market timing.
• In year one you build about $554 of equity ($104 loan paydown + $450 appreciation (3.0% local appreciation)).
• Location reads 72/100 on livability (#42 in WV) — a middle-class / working-renter tenant base. Strengths: cost of living A+, health & safety A+, commute A; Watch: amenities F, employment F.
• Harrison County Schools (town): math 29% / reading 43% proficiency, ranked #12 of 55 in WV (top 22%) — families likely to look elsewhere, expect single-tenant / working-renter base with shorter leases.
• Zoned schools: Johnson Elementary School (math 53% / reading 59%, grade C+, #28 of 377 statewide, top 7%, 714 students, 0% FRL); Bridgeport Middle School (math 43% / reading 63%, grade C+, #3 of 109 statewide, top 2%, 603 students, 0% FRL); Bridgeport High School (math 47% / reading 72%, grade C+, #3 of 110 statewide, top 2%, 808 students, 0% FRL) — zoned schools average 0% FRL vs 43% district-wide (43 pts lower); this property's tenant base skews higher-income than the district average.
• Zoned-school proficiency averages 56% at this address vs 36% district-wide (+20 pts) — the actual schools serving this property are materially stronger than the Harrison County Schools average implies; a family-tenant draw the district grade alone would hide.
• Watch-outs: property tax is 3.1% of price; built in 1910 — expect roof / HVAC / electrical / plumbing capex.
• Market conditions: 3 active listings in the ZIP; 84 units permitted in Harrison County in 2024 (5 in 5+ unit buildings).
• Harrison County population projected at -11% by 2050 — secular population decline; favor cash flow + early exit over multi-decade hold.
• 3 sale attempts; this cycle's ask has dropped $10k (40%) from the opening price — seller is motivated, your offer sets the floor, not the list.
• At projected returns (3.0% appreciation + 3.0% rent growth), your $4k cash investment doubles in ~1 year — after that, you're playing with house money.

Questions for listing agent

• It's been on market 256 days. Have you received any prior offers? Is the seller open to a 12% concession, seller financing, or rate buy-down credit?
• Built in 1910 — when were the roof, HVAC, electrical panel, plumbing, and water heater last replaced?
• Property tax is high relative to price — has the assessment been appealed recently, and will the sale trigger a re-assessment?
• 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 F-rated, which usually means shorter tenancies and higher turnover. Who's the typical renter profile here, and what's been the actual vacancy rate?
• 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.