1622 Sycamore St

Kenova, WV 25530

$87,000C+

3 bd · 2.0 ba · 980 sqft · Built 1996 · Manufactured · Pending · 32 DOM

Cashflow @ list (25.0% down · 7.5%)

• Estimated rent: $800/mo
• Mortgage (P&I): −$456
• Tax + insurance: −$118
• HOA: −$0
• Vac / Maint / Mgmt: −$168
• Net cashflow: $58/mo
• Annual: $696/yr
• Cap rate: 8.01%
• Cash-on-cash: 6.13%
• DSCR: 1.27
• 1% rule: 0.92%
• Cash to close: $24,360

Investor read

• This is a 3-bed/2.0-bath manufactured listed at $87k.
• At list price, monthly cash flow is $58 ($696/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 $80k (8.0% below list).
• It's been on market 32 days — a 3% lower offer ($84k) is reasonable based on typical stale-listing flexibility.
• Recommended offer: $80k (8.0% below list) — sets the bar for 1% rule.
• In year one you build about $9k of equity ($601 loan paydown + $9k appreciation (10.0% local appreciation)).
• Location reads 84/100 on livability (#6 in WV, #796 nationally) — a professional / high-income tenant draw. Strengths: crime A+, commute A+, cost of living A+; Watch: schools F, employment D-.
• Wayne County Schools (rural): math 25% / reading 38% proficiency, ranked #25 of 55 in WV (top 46%) — families likely to look elsewhere, expect single-tenant / working-renter base with shorter leases.
• Watch-outs: flood insurance adds $66/mo.
• Market conditions: 25 active listings in the ZIP; 67 units permitted in Wayne County in 2024 (0 in 5+ unit buildings).
• Wayne County population projected at -22% by 2050 — secular population decline; favor cash flow + early exit over multi-decade hold.
• 2 sale attempts since 2y 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 $19k; list at $87k implies a 358% gain — meaningful room to come down on a strong offer.
• At projected returns (10.0% appreciation + 3.0% rent growth), your $24k cash investment doubles in ~3 years — after that, you're playing with house money.
• By year 4, paydown + projected appreciation supports a ~$33k cash-out refi (75% LTV) — recoverable capital for the next deal without selling this one.
• Climate carrying-cost: severe flood risk; extreme-heat days projected 7→20/yr by 2055 (HVAC capex compounding) — expect insurance premiums to compound above CPI over the hold.

Questions for listing agent

• It's been on market 32 days. Have you received any prior offers? Is the seller open to a 8% concession, seller financing, or rate buy-down credit?
• What's the actual annual flood-insurance premium (NFIP or private), and is the property in a SFHA with mandatory coverage?
• 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.