2509 Mckinley St

St. Albans, WV 25177

$39,900B-

2 bd · 1.0 ba · 796 sqft · Built 1947 · SingleFamily · Pending · 13 DOM

Cashflow @ list (25.0% down · 7.5%)

• Estimated rent: $846/mo
• Mortgage (P&I): −$209
• Tax + insurance: −$168
• HOA: −$0
• Vac / Maint / Mgmt: −$178
• Net cashflow: $291/mo
• Annual: $3,494/yr
• Cap rate: 16.72%
• Cash-on-cash: 37.24%
• DSCR: 2.66
• 1% rule: 2.12%
• Cash to close: $11,172

Investor read

• This is a 2-bed/1.0-bath single-family listed at $40k.
• At list price, monthly cash flow is $291 ($3k/yr) — positive.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($846 rent vs $40k).
• Only 13 days on market — expect competitive offers; lowballing is unlikely to land.
• Local home prices are declining (-3.0%/yr); year-one equity from $276 of loan paydown is wiped out by about $1k of value loss. Plan a longer hold.
• Location reads: area grade B — affects rentability + tenant quality, not the cash-flow math above.
• Kanawha County Schools (suburban): math 29% / reading 40% proficiency, ranked #17 of 55 in WV (top 31%) — families likely to look elsewhere, expect single-tenant / working-renter base with shorter leases.
• Zoned schools: Alban Elementary School (math 32% / reading 37%, grade F, #148 of 377 statewide, top 49%, 253 students, 0% FRL); Hayes Middle School (math 24% / reading 39%, grade F, #52 of 109 statewide, top 49%, 436 students, 0% FRL); Saint Albans High School (math 32% / reading 57%, grade F, #11 of 110 statewide, top 11%, 993 students, 0% FRL) — zoned schools average 0% FRL vs 46% district-wide (46 pts lower); this property's tenant base skews higher-income than the district average.
• Watch-outs: property tax is 2.9% of price; flood insurance adds $56/mo; built in 1947 — expect roof / HVAC / electrical / plumbing capex.
• Market conditions: 116 active listings in the ZIP; 103 units permitted in Kanawha County in 2024 (0 in 5+ unit buildings).
• Kanawha County population projected at -17% by 2050 — secular population decline; favor cash flow + early exit over multi-decade hold.
• Current owner paid $29k; 38% above their basis — modest negotiation headroom, anchor on the comps not their cost.
• At projected returns (-3.0% appreciation + 3.0% rent growth), your $11k cash investment doubles in ~4 years — after that, you're playing with house money.
• Climate carrying-cost: severe flood risk; extreme-heat days projected 7→21/yr by 2055 (HVAC capex compounding) — expect insurance premiums to compound above CPI over the hold.
• Cap rate 16.7% vs local median 4.9% in St. Albans — 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

• Built in 1947 — when were the roof, HVAC, electrical panel, plumbing, and water heater last replaced?
• Property tax is high relative to price — has the assessment been appealed recently, and will the sale trigger a re-assessment?
• What's the actual annual flood-insurance premium (NFIP or private), and is the property in a SFHA with mandatory coverage?
• Is there a deadline driving the sale (1031 exchange, divorce, estate, relocation)? That informs how much negotiation room exists.
• 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.