604 S 24th St

Weirton, WV 26062

$71,500B+

3 bd · 1.0 ba · 1,383 sqft · Built 1955 · SingleFamily · Active · 214 DOM

Cashflow @ list (25.0% down · 7.5%)

• Estimated rent: $1,100/mo
• Mortgage (P&I): −$375
• Tax + insurance: −$82
• HOA: −$0
• Vac / Maint / Mgmt: −$231
• Net cashflow: $412/mo
• Annual: $4,947/yr
• Cap rate: 13.21%
• Cash-on-cash: 24.71%
• DSCR: 2.10
• 1% rule: 1.54%
• Cash to close: $20,020

Investor read

• This is a 3-bed/1.0-bath single-family listed at $72k.
• At list price, monthly cash flow is $412 ($5k/yr) — positive.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($1k rent vs $72k).
• It's been on market 214 days — a 12% lower offer ($63k) is reasonable based on typical stale-listing flexibility.
• Recommended offer: $63k (12.0% below list) — sets the bar for market timing.
• Local home prices are declining (-3.0%/yr); year-one equity from $494 of loan paydown is wiped out by about $2k of value loss. Plan a longer hold.
• Location reads 69/100 on livability (#70 in WV) — a middle-class / working-renter tenant base. Strengths: crime A+, cost of living A+, housing A+; Watch: commute C-, schools D+, employment D.
• Hancock County Schools (urban): math 37% / reading 43% proficiency, ranked #7 of 55 in WV (top 13%) — families likely to look elsewhere, expect single-tenant / working-renter base with shorter leases.
• Watch-outs: built in 1955 — expect roof / HVAC / electrical / plumbing capex.
• Market conditions: 79 active listings in the ZIP; 1 comparable units currently listed for rent nearby; 15 units permitted in Hancock County in 2024 (0 in 5+ unit buildings).
• Hancock County population projected at -15% by 2050 — secular population decline; favor cash flow + early exit over multi-decade hold.
• 2 sale attempts; this cycle's ask has dropped $28k (28%) from the opening price — seller is motivated, your offer sets the floor, not the list.
• Current owner paid $32k; list at $72k implies a 123% gain — meaningful room to come down on a strong offer.
• At projected returns (-3.0% appreciation + 3.0% rent growth), your $20k cash investment doubles in ~5 years — after that, you're playing with house money.
• Cap rate 13.2% vs local median 4.3% in Weirton — 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 214 days. Have you received any prior offers? Is the seller open to a 12% concession, seller financing, or rate buy-down credit?
• Built in 1955 — 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 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.