411 Riverside Dr

Rich Creek, VA 24147

$90,000B

3 bd · 2.0 ba · 1,248 sqft · Built 1991 · Manufactured · Active · 11 DOM

Cashflow @ list (25.0% down · 7.5%)

• Estimated rent: $1,047/mo
• Mortgage (P&I): −$472
• Tax + insurance: −$82
• HOA: −$0
• Vac / Maint / Mgmt: −$220
• Net cashflow: $273/mo
• Annual: $3,271/yr
• Cap rate: 9.93%
• Cash-on-cash: 12.98%
• DSCR: 1.58
• 1% rule: 1.16%
• Cash to close: $25,200

Investor read

• This is a 3-bed/2.0-bath manufactured listed at $90k.
• At list price, monthly cash flow is $273 ($3k/yr) — positive.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($1k rent vs $90k).
• Only 11 days on market — expect competitive offers; lowballing is unlikely to land.
• In year one you build about $5k of equity ($622 loan paydown + $5k appreciation (5.2% local appreciation)).
• Location reads 54/100 on livability (#529 in VA) — a working-class tenant base; expect higher turnover. Strengths: cost of living A+, housing A+; Watch: schools F, crime F, amenities F.
• Giles County Public School District (rural): math 56% / reading 68% proficiency, ranked #54 of 131 in VA (top 41%) — acceptable for families but not a draw, mixed tenant base, ~2y average lease.
• Market conditions: 9 active listings in the ZIP; 25 units permitted in Giles County in 2024 (0 in 5+ unit buildings).
• Giles County population projected at -18% by 2050 — secular population decline; favor cash flow + early exit over multi-decade hold.
• 2 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 (5.2% appreciation + 3.0% rent growth), your $25k cash investment doubles in ~3 years — after that, you're playing with house money.
• By year 7, paydown + projected appreciation supports a ~$34k cash-out refi (75% LTV) — recoverable capital for the next deal without selling this one.
• Climate carrying-cost: major wildfire risk — expect insurance premiums to compound above CPI over the hold.

Questions for listing agent

• 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?
• Crime grade is F in this area — have there been break-ins, vandalism, or insurance claims at this property in the last 3 years? What carrier currently insures it and at what premium?
• 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.