1156 Hallieford Rd

Deltaville, VA 23068

$83,000B

2 bd · 1.0 ba · 968 sqft · Built 1947 · SingleFamily · Under Contract · 24 DOM

Cashflow @ list (25.0% down · 7.5%)

• Estimated rent: $1,044/mo
• Mortgage (P&I): −$435
• Tax + insurance: −$138
• HOA: −$0
• Vac / Maint / Mgmt: −$219
• Net cashflow: $251/mo
• Annual: $3,012/yr
• Cap rate: 9.92%
• Cash-on-cash: 12.96%
• DSCR: 1.58
• 1% rule: 1.26%
• Cash to close: $23,240

Investor read

• This is a 2-bed/1.0-bath single-family listed at $83k.
• At list price, monthly cash flow is $251 ($3k/yr) — positive.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($1k rent vs $83k).
• It's been on market 24 days — a 2% lower offer ($82k) is reasonable based on typical stale-listing flexibility.
• Recommended offer: $82k (1.5% below list) — sets the bar for market timing.
• In year one you build about $3k of equity ($574 loan paydown + $2k appreciation (3.0% local appreciation)).
• Location reads 60/100 on livability (#434 in VA) — a middle-class / working-renter tenant base. Strengths: health & safety B+; Watch: housing C-, amenities F, commute F.
• Mathews County Public School District (rural): math 41% / reading 67% proficiency, ranked #79 of 131 in VA (top 60%) — acceptable for families but not a draw, mixed tenant base, ~2y average lease.
• Zoned schools: Mathews Elementary (math 52% / reading 67%, grade B-, #536 of 1,108 statewide, top 51%, 318 students, 68% FRL); Mathews High (math 57% / reading 87%, grade B+, #134 of 319 statewide, top 45%, 310 students, 72% FRL) — zoned schools average 70% FRL vs 34% district-wide (36 pts higher); higher-poverty schools than district average — tighter screening recommended.
• Watch-outs: built in 1947 — expect roof / HVAC / electrical / plumbing capex.
• Market conditions: 3 active listings in the ZIP; 27 units permitted in Mathews County in 2024 (0 in 5+ unit buildings).
• Mathews County population projected at -15% by 2050 — secular population decline; favor cash flow + early exit over multi-decade hold.
• 3 sale attempts 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.
• At projected returns (3.0% appreciation + 3.0% rent growth), your $23k cash investment doubles in ~4 years — after that, you're playing with house money.
• Climate carrying-cost: severe wind risk, 80% chance of damaging wind over 30y; extreme-heat days projected 7→17/yr by 2055 (HVAC capex compounding) — expect insurance premiums to compound above CPI over the hold.
• Cap rate 9.9% vs local median 0.9% in Deltaville — 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

• Built in 1947 — 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.