219 Allgood Rd

Thynedale, VA 23924

$199,000C

3 bd · 2.0 ba · 2,833 sqft · Built 1830 · SingleFamily · Pending · 222 DOM

Cashflow @ list (25.0% down · 7.5%)

• Estimated rent: $1,890/mo
• Mortgage (P&I): −$1,044
• Tax + insurance: −$153
• HOA: −$0
• Vac / Maint / Mgmt: −$397
• Net cashflow: $297/mo
• Annual: $3,561/yr
• Cap rate: 8.08%
• Cash-on-cash: 6.39%
• DSCR: 1.28
• 1% rule: 0.95%
• Cash to close: $55,720

Investor read

• This is a 3-bed/2.0-bath single-family listed at $199k.
• At list price, monthly cash flow is $297 ($4k/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 $189k (5.0% below list).
• It's been on market 222 days — a 12% lower offer ($175k) is reasonable based on typical stale-listing flexibility.
• Recommended offer: $175k (12.0% below list) — sets the bar for market timing.
• In year one you build about $5k of equity ($1k loan paydown + $4k appreciation (2.0% local appreciation)).
• Location reads 58/100 on livability (#484 in VA) — a working-class tenant base; expect higher turnover. Strengths: employment A+, cost of living A+, crime A; Watch: health & safety C-, amenities F, commute F.
• Mecklenburg County Public School District (rural): math 57% / reading 72% proficiency, ranked #49 of 131 in VA (top 37%) — acceptable for families but not a draw, mixed tenant base, ~2y average lease.
• Zoned schools: Chase City Elementary (math 47% / reading 57%, grade C-, #696 of 1,108 statewide, top 66%, 387 students, 89% FRL); Mecklenburg County Middle (874 students, 88% FRL); Mecklenburg County High (1,163 students, 88% FRL) — zoned schools average 88% FRL vs 54% district-wide (35 pts higher); higher-poverty schools than district average — tighter screening recommended.
• Zoned-school proficiency averages 52% at this address vs 64% district-wide (-12 pts) — the specific schools serving this property underperform the Mecklenburg County Public School District average; the district grade overstates school quality for this exact location.
• Watch-outs: built in 1830 — expect roof / HVAC / electrical / plumbing capex.
• Market conditions: 41 active listings in the ZIP; 153 units permitted in Mecklenburg County in 2024 (0 in 5+ unit buildings).
• Mecklenburg County population projected at -26% by 2050 — secular population decline; favor cash flow + early exit over multi-decade hold.
• 4 sale attempts since 7y ago; this cycle's ask has dropped $19k (9%) from the opening price — seller is motivated, your offer sets the floor, not the list.
• Current owner paid $135k; 47% above their basis — modest negotiation headroom, anchor on the comps not their cost.
• At projected returns (2.0% appreciation + 3.0% rent growth), your $56k cash investment doubles in ~6 years — after that, you're playing with house money.
• By year 7, paydown + projected appreciation supports a ~$35k cash-out refi (75% LTV) — recoverable capital for the next deal without selling this one.

Questions for listing agent

• It's been on market 222 days. Have you received any prior offers? Is the seller open to a 12% concession, seller financing, or rate buy-down credit?
• Built in 1830 — when were the roof, HVAC, electrical panel, plumbing, and water heater last replaced?
• 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?
• 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.