211 Watertank Rd

Millboro, VA 24460

$154,200D

2 bd · 1.0 ba · 739 sqft · Built 1984 · SingleFamily · Active · 44 DOM

Cashflow @ list (25.0% down · 7.5%)

• Estimated rent: $837/mo
• Mortgage (P&I): −$809
• Tax + insurance: −$101
• HOA: −$0
• Vac / Maint / Mgmt: −$176
• Net cashflow: $-248/mo
• Annual: $-2,974/yr
• Cap rate: 4.36%
• Cash-on-cash: -6.89%
• DSCR: 0.69
• 1% rule: 0.54%
• Cash to close: $43,176

Investor read

• This is a 2-bed/1.0-bath single-family listed at $154k.
• At list price, monthly cash flow is $-248 ($-3k/yr) — negative.
• To cash-flow at today's rent, offer at most $110k (28.4% below list).
• To meet the 1% rule (rent ≥ 1% of price), the offer needs to be $84k (45.7% below list).
• It's been on market 44 days — a 3% lower offer ($150k) is reasonable based on typical stale-listing flexibility.
• Recommended offer: $84k (45.7% below list) — sets the bar for 1% rule.
• In year one you build about $7k of equity ($1k loan paydown + $6k appreciation (3.9% local appreciation)).
• Location reads: area grade D — affects rentability + tenant quality, not the cash-flow math above.
• Bath County Public School District (rural): math 59% / reading 67% proficiency, ranked #50 of 131 in VA (top 38%) — acceptable for families but not a draw, mixed tenant base, ~2y average lease.
• Zoned schools: Millboro Elementary (math 77% / reading 72%, grade A, #220 of 1,108 statewide, top 22%, 145 students, 100% FRL); Bath County High (math 57% / reading 77%, grade B, #185 of 319 statewide, top 61%, 184 students, 77% FRL) — zoned schools average 89% FRL vs 36% district-wide (53 pts higher); higher-poverty schools than district average — tighter screening recommended.
• Market conditions: 12 active listings in the ZIP; 8 units permitted in Bath County in 2024 (0 in 5+ unit buildings).
• Bath County population projected at -14% by 2050 — secular population decline; favor cash flow + early exit over multi-decade hold.
• 3 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.
• By year 5, paydown + projected appreciation supports a ~$30k cash-out refi (75% LTV) — recoverable capital for the next deal without selling this one.

Questions for listing agent

• What do current leases actually rent for vs. the listed asking? Can we see a recent rent roll and the last 12 months of T-12 income?
• It's been on market 44 days. Have you received any prior offers? Is the seller open to a 46% concession, seller financing, or rate buy-down credit?
• Is there a deadline driving the sale (1031 exchange, divorce, estate, relocation)? That informs how much negotiation room exists.
• The area grade is low — what's the realistic commute time and amenity access for the typical tenant pool here? Any planned neighborhood developments (good or bad) we should know about?
• 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.