13573 Cooley Spring Ln

Broadway, VA 22815

$179,900C

3 bd · 1.0 ba · 1,522 sqft · Built 1800 · SingleFamily · Pending · 77 DOM

Cashflow @ list (25.0% down · 7.5%)

• Estimated rent: $1,620/mo
• Mortgage (P&I): −$943
• Tax + insurance: −$135
• HOA: −$0
• Vac / Maint / Mgmt: −$340
• Net cashflow: $201/mo
• Annual: $2,416/yr
• Cap rate: 7.64%
• Cash-on-cash: 4.80%
• DSCR: 1.21
• 1% rule: 0.90%
• Cash to close: $50,372

Investor read

• This is a 3-bed/1.0-bath single-family listed at $180k.
• At list price, monthly cash flow is $201 ($2k/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 $162k (9.9% below list).
• It's been on market 77 days — a 6% lower offer ($169k) is reasonable based on typical stale-listing flexibility.
• Recommended offer: $162k (9.9% below list) — sets the bar for 1% rule.
• Local home prices are declining (-3.0%/yr); year-one equity from $1k of loan paydown is wiped out by about $5k of value loss. Plan a longer hold.
• Location reads 75/100 on livability (#132 in VA, #4,225 nationally) — a middle-class / working-renter tenant base. Strengths: crime A+, health & safety A+, cost of living A; Watch: amenities F, commute F.
• Rockingham County Public School District (rural): math 47% / reading 64% proficiency, ranked #77 of 131 in VA (top 59%) — acceptable for families but not a draw, mixed tenant base, ~2y average lease.
• Zoned schools: John C. Myers Elementary (math 21% / reading 54%, grade F, #931 of 1,108 statewide, top 84%, 496 students, 52% FRL); J. Frank Hillyard Middle (math 51% / reading 59%, grade B-, #189 of 342 statewide, top 56%, 665 students, 49% FRL); Broadway High (math 68% / reading 79%, grade B+, #124 of 319 statewide, top 40%, 923 students, 42% FRL) — zoned schools average 48% FRL vs 32% district-wide (16 pts higher); higher-poverty schools than district average — tighter screening recommended.
• Watch-outs: built in 1800 — expect roof / HVAC / electrical / plumbing capex.
• Market conditions: 63 active listings in the ZIP; 683 units permitted in Rockingham County in 2024 (0 in 5+ unit buildings).
• Rockingham County population projected at +6% by 2050 — modest demand growth; plan on rents tracking national, not racing it.
• 2 sale attempts; this cycle's ask has dropped $20k (10%) from the opening price — seller is motivated, your offer sets the floor, not the list.
• Climate carrying-cost: moderate flood risk — expect insurance premiums to compound above CPI over the hold.
• Cap rate 7.6% vs local median 2.9% in Broadway — 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

• It's been on market 77 days. Have you received any prior offers? Is the seller open to a 10% concession, seller financing, or rate buy-down credit?
• Built in 1800 — 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 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.