66 Olga Dr · Falling Waters, WV 25403

$259,000

3 bd · 2.5 ba · 1,480 sqft · Townhouse public records · 12 Days on market

Built 2023 2,178 sqft lot Est $269k · at est. $21/mo HOA · 1% of rent

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Why this score? — see what drove the D- grade

The composite is a weighted blend of 9 inputs, each scored 0–100. Each bar is that input's sub-score; the figure is the points it added to the 100-point composite (weight × sub-score).

• Cash flow +12.9/30.0
• ARV discount +9.2/15.0
• DSCR +3.9/10.0
• Livability +3.3/5.0
• 1% rule +2.8/10.0
• Schools +2.6/10.0
• Rent growth +2.5/5.0
• Condition / age +2.5/5.0
• Appreciation +0.0/10.0

Listing remarks MLS

This 3 bedroom, 2.5 bath two-story townhome has an open concept design on the main floor w/ 42" soft close cabinets, a high low peninsula with granite top for entertaining, stainless-steel appliances, a large living room w/ a bump out, coat closet and a half bath. The upper level features a large primary bedroom w/ cathedral ceiling, walk-in closet, double vanity and a walk-in tile shower; two guest bedrooms, one of which has a 2-story bump out, full guest bathroom, linen closet and laundry. 12 x 16 deck included. Throughout the home you will find recessed LED's, ceiling fans in the Primary bedroom & living room w/ each additional bedroom pre-wired for ceiling fans. High/Low outlets w/ pass through plates w/ CAT5/COAX/HDMI in Owner's bedroom & living room to make mounting your TV a breeze. You get more for your money with Four Points Construction. We are a featured loaded builder. Winner of WV Best in Class for Energy Efficiency - The Communities of Burwell has done it again! Pictures are of similar construction townhome; interior colors can be chosen by Buyer now. Many Lenders offer lock and shop rate options. Write your contract now, secure your rate, pick your own interior colors and sit back and relax until the home is complete.

Key facts

• $21 HOA
• 2 parking spots
• Built 2023

What this means for you Summary

Snapshot

• This is a 3-bed/2.5-bath townhouse listed at $259k.

Deal economics

• At list price, monthly cash flow is $-18 ($-219/yr) — negative.
• To cash-flow at today's rent, offer at most $256k (1.2% below list).
• To meet the 1% rule (rent ≥ 1% of price), the offer needs to be $203k (21.5% below list).
• Recommended offer: $203k (21.5% below list) — sets the bar for 1% rule.
• Cap rate 6.2% vs local median 4.0% in Falling Waters — 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.

Location & tenants

• Location reads 66/100 on livability (#116 in WV) — a middle-class / working-renter tenant base. Strengths: crime A+, employment A+, cost of living A+; Watch: amenities F, commute F, health & safety F.
• Berkeley County Schools (other): math 21% / reading 38% proficiency, ranked #24 of 55 in WV (top 44%) — low school quality limits family demand, transient renter base, plan for 1-2y turnover.
• Zoned schools: Hedgesville High School (math 22% / reading 52%, grade F, #32 of 110 statewide, top 34%, 1,392 students, 0% FRL) — zoned schools average 0% FRL vs 42% district-wide (42 pts lower); this property's tenant base skews higher-income than the district average.
• Market conditions: 255 active listings in the ZIP; 3 comparable units currently listed for rent nearby; rentals at typical pace (median 21d on market — plan ~3-4 weeks tenant-placement turnaround); solid renter incomes; 1,460 units permitted in Berkeley County in 2024 (16 in 5+ unit buildings).

Forward outlook

• Local home prices are declining (-3.0%/yr); year-one equity from $2k of loan paydown is wiped out by about $8k of value loss. Plan a longer hold.
• Berkeley County population projected at +25% by 2050 — long-run rental-demand tailwind backs the buy-and-hold thesis.

Negotiation context

• Only 12 days on market — expect competitive offers; lowballing is unlikely to land.
• 2 sale attempts since 3y ago 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.

Recommended offer $203,249 (21.5% below list)

Questions for the listing agent

1. 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?
2. What does the HOA fee cover, when was the last increase, and are there any pending special assessments or reserve-fund shortfalls?
3. Is there a deadline driving the sale (1031 exchange, divorce, estate, relocation)? That informs how much negotiation room exists.
4. 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?
5. 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?
6. 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.
7. 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.
8. 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.

Investment metrics

• 1% rule: 0.78% ✗
• Cap rate: 6.21%
• Cash-on-cash: -0.30%
• DSCR: 0.99
• GRM: 10.6

CMA / ARV

• ARV (on-the-fly): $269,360
• Comps found: 12

Show comp detail 12 sales within ~0.75 mi

Address	Dist	Beds/Ba	Sqft	Sold	Price	$/sf	Match
66 Olga Dr	0.00mi	3/2.5	1,480 (0%)	1mo	$259,000	$175	100
152 Olga Dr	0.09mi	3/2.5	1,440 (-3%)	0mo	$260,000	$181	91
160 Olga Dr	0.10mi	3/2.5	1,440 (-3%)	1mo	$260,000	$181	90
140 Olga Dr	0.06mi	3/2.5	1,440 (-3%)	3mo	$260,000	$181	90
148 Olga Dr	0.08mi	3/2.5	1,440 (-3%)	3mo	$260,000	$181	89
156 Olga Dr	0.09mi	3/2.5	1,440 (-3%)	3mo	$261,500	$182	89
136 Olga Dr	0.06mi	3/2.5	1,440 (-3%)	6mo	$265,000	$184	88
164 Olga Dr	0.10mi	3/2.5	1,440 (-3%)	5mo	$266,500	$185	86
71 Carnes Way	0.13mi	3/2.5	1,416 (-4%)	3mo	$264,900	$187	84
116 Olga Dr	0.03mi	3/2.5	1,440 (-3%)	23mo	$245,000	$170	75
104 Barrier Reef Dr	0.32mi	2/2.0 (-1)	1,527 (+3%)	1mo	$350,000	$229	72
110 Barrier Reef Dr	0.33mi	2/2.0 (-1)	1,527 (+3%)	3mo	$350,000	$229	70

Match score weights: distance 35% · size 25% · config 20% · recency 20%. Top-matched comps best support the ARV.

Projected returns pro-forma

-3.0% appreciation · 3.0% rent growth · sell at horizon

5-year hold

• IRR: -16.8%
• Equity multiple: 0.40×
• Total profit: $-43,203
• Equity at exit: $38,618

10-year hold

• IRR: -8.7%
• Equity multiple: 0.46×
• Total profit: $-39,407
• Equity at exit: $22,394

Cash invested: $72,520 (down + closing). Projections, not guarantees.

Landlord ↔ Tenant lean methodology

• Overall (STATE): 83 Strongly Landlord-Friendly
• State West Virginia: 83 Strongly Landlord-Friendly · R+22
• County: — inherits STATE
• City: — inherits STATE

Landlord-favorable; preempted; minimal protections.

Methodology + full state rankings →

ZIP-level market 25403

• Home prices YoY: -15.2%
• Active inventory: 255
• Price-to-rent: 10.6×

Monthly cashflow live

• Estimated rent: $2,032 medium
• Mortgage (P&I): −$1,358
• Tax from tax record: −$137 /mo · $1,641/yr
• Insurance: −$108
• HOA: −$21
• Vacancy / Maint / Mgmt: −$427
• Net cashflow: $-18

Break-even live

Break-even rent $2,056

Max offer price $255,776

Occupancy floor 96%

UW: 25.0% down · 7.5% · 30yr · 1.5% tax · 5.0% vac · 8.0% maint · 8.0% mgmt

Financing live

Cash to close

• Down payment: $64,750
• Closing costs: $7,770
• Reserves months: —
• Total cash needed: —

Rent comps 3 comps

Address	Beds	Baths	Sqft	Rent	$/sqft	DOM	Units	Dist
148 Olga Dr Martinsburg, WV	3.0	2.5	1440	$1,995	$1.39	21d	1	0.11mi
62 Rhea Dr Martinsburg, WV	3.0	2.5	1414	$1,900	$1.34	13d	1	0.92mi
72 Chennault Trl Falling Waters, WV	3.0	2.5	1718	$1,850	$1.08	21d	1	1.18mi

HOA detail

• Monthly dues: $21 · $252/yr

Listing history 10 events

1. 2026-04-20
   status Pending
2. 2026-04-14
   price $259,000
3. 2026-04-08
   listed $260,000 Active
4. 2026-03-30
   price $260,000
5. 2026-03-24
   historical $265,000
6. 2023-10-10
   soldstatus $240,500 Closed 1269-char remark

   Show marketing remark (1269 chars)

   This 3 bedroom, 2.5 bath two-story townhome has an open concept design on the main floor w/ 42" soft close cabinets, a high low peninsula with granite top for entertaining, stainless-steel appliances, a large living room w/ a bump out, coat closet and a half bath. The upper level features a large primary bedroom w/ cathedral ceiling, walk-in closet, double vanity and a walk-in tile shower; two guest bedrooms, one of which has a 2-story bump out, full guest bathroom, linen closet and laundry. 12 x 16 deck included. Throughout the home you will find recessed LED's, ceiling fans in the Primary bedroom & living room w/ each additional bedroom pre-wired for ceiling fans. High/Low outlets w/ pass through plates w/ CAT5/COAX/HDMI in Owner's bedroom & living room to make mounting your TV a breeze. You get more for your money with Four Points Construction. We are a featured loaded builder. Winner of WV Best in Class for Energy Efficiency - The Communities of Burwell has done it again! Pictures are of similar construction townhome; interior colors can be chosen by Buyer now. Many Lenders offer lock and shop rate options. Write your contract now, secure your rate, pick your own interior colors and sit back and relax until the home is complete.

7. 2023-02-27
   historical Active Under Contract 1269-char remark

   Show marketing remark (1269 chars)

   This 3 bedroom, 2.5 bath two-story townhome has an open concept design on the main floor w/ 42" soft close cabinets, a high low peninsula with granite top for entertaining, stainless-steel appliances, a large living room w/ a bump out, coat closet and a half bath. The upper level features a large primary bedroom w/ cathedral ceiling, walk-in closet, double vanity and a walk-in tile shower; two guest bedrooms, one of which has a 2-story bump out, full guest bathroom, linen closet and laundry. 12 x 16 deck included. Throughout the home you will find recessed LED's, ceiling fans in the Primary bedroom & living room w/ each additional bedroom pre-wired for ceiling fans. High/Low outlets w/ pass through plates w/ CAT5/COAX/HDMI in Owner's bedroom & living room to make mounting your TV a breeze. You get more for your money with Four Points Construction. We are a featured loaded builder. Winner of WV Best in Class for Energy Efficiency - The Communities of Burwell has done it again! Pictures are of similar construction townhome; interior colors can be chosen by Buyer now. Many Lenders offer lock and shop rate options. Write your contract now, secure your rate, pick your own interior colors and sit back and relax until the home is complete.

8. 2023-02-25
   price $240,500 1269-char remark

   Show marketing remark (1269 chars)

   This 3 bedroom, 2.5 bath two-story townhome has an open concept design on the main floor w/ 42" soft close cabinets, a high low peninsula with granite top for entertaining, stainless-steel appliances, a large living room w/ a bump out, coat closet and a half bath. The upper level features a large primary bedroom w/ cathedral ceiling, walk-in closet, double vanity and a walk-in tile shower; two guest bedrooms, one of which has a 2-story bump out, full guest bathroom, linen closet and laundry. 12 x 16 deck included. Throughout the home you will find recessed LED's, ceiling fans in the Primary bedroom & living room w/ each additional bedroom pre-wired for ceiling fans. High/Low outlets w/ pass through plates w/ CAT5/COAX/HDMI in Owner's bedroom & living room to make mounting your TV a breeze. You get more for your money with Four Points Construction. We are a featured loaded builder. Winner of WV Best in Class for Energy Efficiency - The Communities of Burwell has done it again! Pictures are of similar construction townhome; interior colors can be chosen by Buyer now. Many Lenders offer lock and shop rate options. Write your contract now, secure your rate, pick your own interior colors and sit back and relax until the home is complete.

9. 2023-02-01
   price $234,000 1269-char remark

   Show marketing remark (1269 chars)

   This 3 bedroom, 2.5 bath two-story townhome has an open concept design on the main floor w/ 42" soft close cabinets, a high low peninsula with granite top for entertaining, stainless-steel appliances, a large living room w/ a bump out, coat closet and a half bath. The upper level features a large primary bedroom w/ cathedral ceiling, walk-in closet, double vanity and a walk-in tile shower; two guest bedrooms, one of which has a 2-story bump out, full guest bathroom, linen closet and laundry. 12 x 16 deck included. Throughout the home you will find recessed LED's, ceiling fans in the Primary bedroom & living room w/ each additional bedroom pre-wired for ceiling fans. High/Low outlets w/ pass through plates w/ CAT5/COAX/HDMI in Owner's bedroom & living room to make mounting your TV a breeze. You get more for your money with Four Points Construction. We are a featured loaded builder. Winner of WV Best in Class for Energy Efficiency - The Communities of Burwell has done it again! Pictures are of similar construction townhome; interior colors can be chosen by Buyer now. Many Lenders offer lock and shop rate options. Write your contract now, secure your rate, pick your own interior colors and sit back and relax until the home is complete.

10. 2023-01-03
    listed $239,000 Active 1269-char remark

    Show marketing remark (1269 chars)

    This 3 bedroom, 2.5 bath two-story townhome has an open concept design on the main floor w/ 42" soft close cabinets, a high low peninsula with granite top for entertaining, stainless-steel appliances, a large living room w/ a bump out, coat closet and a half bath. The upper level features a large primary bedroom w/ cathedral ceiling, walk-in closet, double vanity and a walk-in tile shower; two guest bedrooms, one of which has a 2-story bump out, full guest bathroom, linen closet and laundry. 12 x 16 deck included. Throughout the home you will find recessed LED's, ceiling fans in the Primary bedroom & living room w/ each additional bedroom pre-wired for ceiling fans. High/Low outlets w/ pass through plates w/ CAT5/COAX/HDMI in Owner's bedroom & living room to make mounting your TV a breeze. You get more for your money with Four Points Construction. We are a featured loaded builder. Winner of WV Best in Class for Energy Efficiency - The Communities of Burwell has done it again! Pictures are of similar construction townhome; interior colors can be chosen by Buyer now. Many Lenders offer lock and shop rate options. Write your contract now, secure your rate, pick your own interior colors and sit back and relax until the home is complete.

ⓘ Source: listings_history table (triggers on properties + properties_extension) + one-shot backfill from property_details.listing_events for pre-trigger history.

Tax reassessment forecast WV · Resets to sale price

• Current annual tax: $1,641 · $137/mo
• Projected year-2 tax: $1,641 · $137/mo
• Expected delta: $0/yr ($0/mo · 0.0%)

ⓘ Screening estimate from a state-policy table — verify with the county assessor before closing.

Taxation est. · year 1

• Rental income: $24,390
• − Mortgage interest: −$14,508
• − Property taxes: −$1,641
• − Insurance: −$1,295
• − Repairs & maintenance: −$1,951
• − Management: −$1,951
• − HOA: −$252
• − Depreciation: −$7,535
• Taxable loss: −$4,743
• Est. tax savings @ 24.0%: +$1,138
• After-tax cash flow: $919/yr

For passive investors: Depreciation is non-cash, so a rental often shows a tax loss while cash-flowing — sheltering income. Rental losses are passive: they offset passive income freely, and up to $25,000/yr can offset ordinary (W-2) income if you actively participate and your MAGI is under $100k (phasing out to $0 by $150k); unused losses carry forward. On sale, claimed depreciation is recaptured at up to 25%, and gains may owe capital-gains tax (a 1031 exchange can defer both). Figures are a year-1 estimate at your 24.0% rate — not tax advice; consult a CPA.

Schools (NCES district)

• District: Berkeley County Schools
• NCES district ID: 5400060
• Math proficiency: 21% ▼ -12.00%
• Reading proficiency: 38% ▼ -6.00%
• Median HH income: $54,599
• Composite: 26.16/100
• National rank: #7273
• State rank: #24 of 55 in WV

Livability — Falling Waters

• Score: 66/100
• State rank: #116
• US rank: #12314

Category grades

Amenities F Commute F Cost of living A+ Crime A+ Employment A+ Housing A- Health & safety F User ratings B+

Schools grade is shown separately in the Schools card above.

Census & demographics

• County: Berkeley County · 85,235 people
• City population: 13,201
• Metro: Hagerstown-Martinsburg, MD-WV
• Population (ZIP): 16,470
• Household income: $87,512
• Rent vs Own: 18.6% rent · 81.4% own
• Severe rent burden: 120.0

Population outlook (Berkeley County) Hauer SSP2

• Today (2025): 127,359 people
• By 2030: 134,684 · +5.8%
• By 2040: 148,219 · +16.4%
• By 2050: 159,300 · +25.1%
• By 2075: 179,920 · +41.3%
• By 2100: 183,896 · +44.4%

Race, ethnicity, and origin ACS 2023

• Neighborhood character: Predominantly White (74%)
• Race & ethnicity: White 74% Hispanic / Latino 10% Black 8% Two or more races 8% Asian 1%
• Hispanic origin (detail): Mexican 3%
• Common ancestry: Italian 2% Romanian 2% Slovak 1%
• Foreign-born: 6% · Canada, Guatemala, Vietnam
• Languages at home: 90% English-only · Spanish 6% Vietnamese 1%

Political lean MEDSL · Berkeley

• 2024 margin: Solid R (+35.8) · D 31.2% · R 67.0% · Other 1.8%
• 2008→2024 swing: -22.8pp toward R · 2008: -13.0pp · 2024: -35.8pp
• All cycles: 2024: R+35.8 2020: R+31.2 2016: R+37.2 2012: R+21.3 2008: R+13.0

Not yet ingested

• Civics: —

Market trends

• HPI YoY: ▼ -34.15%
• Current HPI: 190.9235
• Rent YoY: —
• Metro: Hagerstown-Martinsburg, MD-WV
• State GDP YoY: —
• F500 in state: 0

Price history

+8.4% since first listed

10 events — show timeline

• 2026-04-20 Pending — BRIGHT MLS
• 2026-04-14 Price Changed $259,000 BRIGHT MLS
• 2026-04-08 Listed $260,000 BRIGHT MLS
• 2026-03-30 Price Changed $260,000 BRIGHT MLS
• 2026-03-24 Coming Soon $265,000 BRIGHT MLS
• 2023-10-10 Sold (MLS) $240,500 BRIGHT MLS
• 2023-02-27 Contingent — BRIGHT MLS
• 2023-02-25 Price Changed $240,500 BRIGHT MLS
• 2023-02-01 Price Changed $234,000 BRIGHT MLS
• 2023-01-03 Listed $239,000 BRIGHT MLS

Property tax history

+121.6%/yr

Latest (2025): $1,641 · +121.6% YoY. Source: county tax records.