198 Mt Hope Church

Mineral, VA 23024

$250,000B-

3 bd · 1.0 ba · 1,375 sqft · Built 1999 · SingleFamily · Active · 23 DOM

Cashflow @ list (25.0% down · 7.5%)

• Estimated rent: $2,348/mo
• Mortgage (P&I): −$1,311
• Tax + insurance: −$172
• HOA: −$0
• Vac / Maint / Mgmt: −$493
• Net cashflow: $372/mo
• Annual: $4,465/yr
• Cap rate: 8.08%
• Cash-on-cash: 6.38%
• DSCR: 1.28
• 1% rule: 0.94%
• Cash to close: $70,000

Investor read

• This is a 3-bed/1.0-bath single-family listed at $250k. Condition is rated fair.
• At list price, monthly cash flow is $372 ($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 $235k (6.1% below list).
• It's been on market 23 days — a 2% lower offer ($246k) is reasonable based on typical stale-listing flexibility.
• Recommended offer: $235k (6.1% below list) — sets the bar for 1% rule.
• Local home prices are declining (-2.0%/yr); year-one equity from $2k of loan paydown is wiped out by about $5k of value loss. Plan a longer hold.
• Location reads 69/100 on livability (#246 in VA) — a middle-class / working-renter tenant base. Strengths: cost of living A+, health & safety A+, housing A-; Watch: amenities F, commute F.
• Louisa County Public School District (rural): math 64% / reading 77% proficiency, ranked #19 of 131 in VA (top 14%) — strong family-tenant draw, lease renewals of 3-5y typical.
• Market conditions: 167 active listings in the ZIP; 408 units permitted in Louisa County in 2024 (0 in 5+ unit buildings).
• Louisa County population projected at +4% by 2050 — modest demand growth; plan on rents tracking national, not racing it.
• 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 $87k; list at $250k implies a 187% gain — meaningful room to come down on a strong offer.
• Cap rate 8.1% vs local median 2.2% in Mineral — 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

• Have any recent inspections been done? Can we get a copy of the seller's disclosures and any deferred-maintenance estimates?
• Is there a deadline driving the sale (1031 exchange, divorce, estate, relocation)? That informs how much negotiation room exists.
• Schools are B-rated — typically a magnet for longer-tenancy family renters. What's the average tenant stay here, and is there a school-zone premium baked into asking?
• 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.

Repairs flagged (vision-AI assessment)

• Major: kitchen cabinets — severely worn and outdated
• Major: bathroom fixtures — dated and non-functional
• Major: roof — visible rust and wear
• Major: exterior siding — chipped paint and damage
• Major: HVAC system — outdated and likely inefficient