41144 Morgan Ave · Pennington Gap, VA 24277

$119,900

3 bd · 1.0 ba · 1,478 sqft · SingleFamily public records · 436 Days on market

Built 1939 0.28 ac lot $81/sqft · 21% above area Est $99k · 21% over ↓ 20% since listing

---

Why this score? — see what drove the C 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 +22.3/30.0
• Appreciation +7.8/10.0
• DSCR +7.1/10.0
• Schools +5.0/10.0
• 1% rule +4.7/10.0
• Livability +3.1/5.0
• Rent growth +2.5/5.0
• Condition / age +2.5/5.0
• ARV discount +0.0/15.0

Listing remarks MLS

Welcome to this enchanting 1939 brick Craftsman bungalow, a true gem brimming with character and endless potential! This charming home features 4 bedrooms and 1 bath, providing ample living space for anyone looking to enjoy the convenience of one-level living as all your essential rooms are on the main level. As you step inside, the inviting living room welcomes you with a cozy fireplace, perfect for gatherings. The layout flows effortlessly into the dining room and kitchen, making this space ideal for hosting dinner parties or simply hanging out with your friends. This home offers versatile spaces with two additional rooms that can be customized to fit your lifestyle—whether you envision them as an office, craft room, or additional guest area, the possibilities are endless! Outside, enjoy your morning coffee or evening gatherings on the covered back porch, or relax on the large front porch that adds to the home's charm and curb appeal—perfect for summertime barbecues or simply unwinding at the end of the day. The property also includes a 1-car carport for your convenience. While some updating and improvements are needed, this home is a wonderful opportunity for those ready to put their personal touch on a beloved classic. Don't miss out on the chance to own a piece of history and create your dream home in a charming neighborhood. Schedule your showing today and unlock the potential of this lovely Craftsman bungalow! * * * * Property sold ''as is''

Key facts

• 0.28 acre lot
• Parking
• Built 1939

What this means for you Summary

Snapshot

• This is a 3-bed/1.0-bath single-family listed at $120k.

Deal economics

• At list price, monthly cash flow is $197 ($2k/yr) — positive.
• The deal already cash-flows at list — no discount required.
• To meet the 1% rule (rent ≥ 1% of price), the offer needs to be $117k (2.8% below list).
• Recommended offer: $106k (12.0% below list) — sets the bar for market timing.

Location & tenants

• Location reads 62/100 on livability (#410 in VA) — a middle-class / working-renter tenant base. Strengths: crime A+, cost of living A+, housing B; Watch: amenities F, commute F, employment F.
• Lee County Public School District (rural): math 53% / reading 69% proficiency, ranked #62 of 131 in VA (top 47%) — acceptable for families but not a draw, mixed tenant base, ~2y average lease.
• Market conditions: 31 active listings in the ZIP; 18 units permitted in Lee County in 2024 (0 in 5+ unit buildings).

Forward outlook

• In year one you build about $8k of equity ($829 loan paydown + $7k appreciation (5.6% local appreciation)).
• Lee County population projected at -27% by 2050 — secular population decline; favor cash flow + early exit over multi-decade hold.
• At projected returns (5.6% appreciation + 3.0% rent growth), your $34k cash investment doubles in ~4 years — after that, you're playing with house money.
• By year 5, paydown + projected appreciation supports a ~$33k cash-out refi (75% LTV) — recoverable capital for the next deal without selling this one.

Negotiation context

• It's been on market 436 days — a 12% lower offer ($106k) is reasonable based on typical stale-listing flexibility.

Risks & watch-outs

• Watch-outs: built in 1939 — expect roof / HVAC / electrical / plumbing capex.

Recommended offer $105,512 (12.0% below list)

Questions for the listing agent

1. It's been on market 436 days. Have you received any prior offers? Is the seller open to a 12% concession, seller financing, or rate buy-down credit?
2. Built in 1939 — when were the roof, HVAC, electrical panel, plumbing, and water heater last replaced?
3. Why hasn't it sold? Are there any deal-killer items the seller is aware of (foundation, flood, title, zoning, code violations)?
4. Is there a deadline driving the sale (1031 exchange, divorce, estate, relocation)? That informs how much negotiation room exists.
5. 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.
6. 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.
7. 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: 0.97% ✗
• Cap rate: 8.27%
• Cash-on-cash: 7.05%
• DSCR: 1.31
• GRM: 8.6

CMA / ARV

• ARV (median comp): $98,778
• List price: $119,900
• Delta: 21.38%
• Verdict: OVERPRICED
• Comps: 13 within 1.0 mi

Show comp detail 3 sales within ~0.75 mi

Address	Dist	Beds/Ba	Sqft	Sold	Price	$/sf	Match
775 N Kentucky St	0.53mi	4/2.0 (+1)	1,456 (-2%)	14mo	$158,000	$109	52
40736 Morgan Ave	0.39mi	2/2.0 (-1)	1,279 (-14%)	3mo	$80,000	$63	48
198 Church Ave	0.70mi	3/2.0	1,540 (+4%)	23mo	$95,000	$62	38

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

Projected returns pro-forma

5.59% appreciation · 3.0% rent growth · sell at horizon

5-year hold

• IRR: 20.2%
• Equity multiple: 2.32×
• Total profit: $44,259
• Equity at exit: $72,308

10-year hold

• IRR: 19.7%
• Equity multiple: 4.61×
• Total profit: $121,082
• Equity at exit: $128,559

Cash invested: $33,572 (down + closing). Projections, not guarantees.

Landlord ↔ Tenant lean methodology

• Overall (STATE): 55 Moderately Landlord-Leaning
• State Virginia: 55 Moderately Landlord-Leaning · D+2
• County: — inherits STATE
• City: — inherits STATE

VRLTA gives some tenant protections; Northern Virginia courts slower; rural VA landlord-leaning.

Methodology + full state rankings →

ZIP-level market 24277

• Home prices YoY: 3.5%
• Active inventory: 31
• Price-to-rent: 8.6×

Monthly cashflow live

• Estimated rent: $1,166 medium
• Mortgage (P&I): −$629
• Tax from tax record: −$45 /mo · $537/yr
• Insurance: −$50
• HOA: −$0
• Vacancy / Maint / Mgmt: −$245
• Net cashflow: $197

Break-even live

Break-even rent $916

Max offer price $119,900

Occupancy floor 78%

Sensitivity live

Price	-10% $265	-5% $231	+0% $197	+5% $163	+10% $129
Rent	-10% $105	-5% $151	+0% $197	+5% $243	+10% $289
Rate	-1.0pp $258	-0.5pp $228	base $197	+0.5pp $166	+1.0pp $135

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: $29,975
• Closing costs: $3,597
• Reserves months: —
• Total cash needed: —

Listing history 20 events

1. 2026-06-21
   days on market $119,900 Active 436 DOM
2. 2026-06-18
   days on market $119,900 Active 434 DOM
3. 2026-06-17
   days on market $119,900 Active 433 DOM
4. 2026-06-16
   days on market $119,900 Active 432 DOM
5. 2026-06-15
   days on market $119,900 Active 431 DOM
6. 2026-06-15
   days on market $119,900 Active 430 DOM
7. 2026-06-13
   days on market $119,900 Active 429 DOM
8. 2026-06-12
   days on market $119,900 Active 428 DOM
9. 2026-06-09
   days on market $119,900 Active 425 DOM
10. 2026-06-08
    days on market $119,900 Active 424 DOM
11. 2026-06-08
    days on market $119,900 Active 423 DOM
12. 2026-06-07
    days on market $119,900 Active 422 DOM
13. 2026-06-03
    days on market $119,900 Active 419 DOM
14. 2026-06-02
    days on market $119,900 Active 418 DOM
15. 2026-06-01
    days on market $119,900 Active 417 DOM
16. 2026-05-31
    days on market $119,900 Active 416 DOM
17. 2026-04-09
    price $119,900 1487-char remark

    Show marketing remark (1487 chars)

    Welcome to this enchanting 1939 brick Craftsman bungalow, a true gem brimming with character and endless potential! This charming home features 4 bedrooms and 1 bath, providing ample living space for anyone looking to enjoy the convenience of one-level living as all your essential rooms are on the main level. As you step inside, the inviting living room welcomes you with a cozy fireplace, perfect for gatherings. The layout flows effortlessly into the dining room and kitchen, making this space ideal for hosting dinner parties or simply hanging out with your friends. This home offers versatile spaces with two additional rooms that can be customized to fit your lifestyle—whether you envision them as an office, craft room, or additional guest area, the possibilities are endless! Outside, enjoy your morning coffee or evening gatherings on the covered back porch, or relax on the large front porch that adds to the home's charm and curb appeal—perfect for summertime barbecues or simply unwinding at the end of the day. The property also includes a 1-car carport for your convenience. While some updating and improvements are needed, this home is a wonderful opportunity for those ready to put their personal touch on a beloved classic. Don't miss out on the chance to own a piece of history and create your dream home in a charming neighborhood. Schedule your showing today and unlock the potential of this lovely Craftsman bungalow! * * * * Property sold ''as is''

18. 2025-09-15
    price $129,900 1487-char remark

    Show marketing remark (1487 chars)

    Welcome to this enchanting 1939 brick Craftsman bungalow, a true gem brimming with character and endless potential! This charming home features 4 bedrooms and 1 bath, providing ample living space for anyone looking to enjoy the convenience of one-level living as all your essential rooms are on the main level. As you step inside, the inviting living room welcomes you with a cozy fireplace, perfect for gatherings. The layout flows effortlessly into the dining room and kitchen, making this space ideal for hosting dinner parties or simply hanging out with your friends. This home offers versatile spaces with two additional rooms that can be customized to fit your lifestyle—whether you envision them as an office, craft room, or additional guest area, the possibilities are endless! Outside, enjoy your morning coffee or evening gatherings on the covered back porch, or relax on the large front porch that adds to the home's charm and curb appeal—perfect for summertime barbecues or simply unwinding at the end of the day. The property also includes a 1-car carport for your convenience. While some updating and improvements are needed, this home is a wonderful opportunity for those ready to put their personal touch on a beloved classic. Don't miss out on the chance to own a piece of history and create your dream home in a charming neighborhood. Schedule your showing today and unlock the potential of this lovely Craftsman bungalow! * * * * Property sold ''as is''

19. 2025-05-30
    price $139,900 1487-char remark

    Show marketing remark (1487 chars)

    Welcome to this enchanting 1939 brick Craftsman bungalow, a true gem brimming with character and endless potential! This charming home features 4 bedrooms and 1 bath, providing ample living space for anyone looking to enjoy the convenience of one-level living as all your essential rooms are on the main level. As you step inside, the inviting living room welcomes you with a cozy fireplace, perfect for gatherings. The layout flows effortlessly into the dining room and kitchen, making this space ideal for hosting dinner parties or simply hanging out with your friends. This home offers versatile spaces with two additional rooms that can be customized to fit your lifestyle—whether you envision them as an office, craft room, or additional guest area, the possibilities are endless! Outside, enjoy your morning coffee or evening gatherings on the covered back porch, or relax on the large front porch that adds to the home's charm and curb appeal—perfect for summertime barbecues or simply unwinding at the end of the day. The property also includes a 1-car carport for your convenience. While some updating and improvements are needed, this home is a wonderful opportunity for those ready to put their personal touch on a beloved classic. Don't miss out on the chance to own a piece of history and create your dream home in a charming neighborhood. Schedule your showing today and unlock the potential of this lovely Craftsman bungalow! * * * * Property sold ''as is''

20. 2025-04-09
    listed $149,900 Active 1487-char remark

    Show marketing remark (1487 chars)

    Welcome to this enchanting 1939 brick Craftsman bungalow, a true gem brimming with character and endless potential! This charming home features 4 bedrooms and 1 bath, providing ample living space for anyone looking to enjoy the convenience of one-level living as all your essential rooms are on the main level. As you step inside, the inviting living room welcomes you with a cozy fireplace, perfect for gatherings. The layout flows effortlessly into the dining room and kitchen, making this space ideal for hosting dinner parties or simply hanging out with your friends. This home offers versatile spaces with two additional rooms that can be customized to fit your lifestyle—whether you envision them as an office, craft room, or additional guest area, the possibilities are endless! Outside, enjoy your morning coffee or evening gatherings on the covered back porch, or relax on the large front porch that adds to the home's charm and curb appeal—perfect for summertime barbecues or simply unwinding at the end of the day. The property also includes a 1-car carport for your convenience. While some updating and improvements are needed, this home is a wonderful opportunity for those ready to put their personal touch on a beloved classic. Don't miss out on the chance to own a piece of history and create your dream home in a charming neighborhood. Schedule your showing today and unlock the potential of this lovely Craftsman bungalow! * * * * Property sold ''as is''

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

Tax reassessment forecast VA · Resets to sale price

• Current annual tax: $537 · $45/mo
• Projected year-2 tax: $983 · $82/mo
• Expected delta: +$446/yr (+$37/mo · 83.1%)

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

Taxation est. · year 1

• Rental income: $13,987
• − Mortgage interest: −$6,716
• − Property taxes: −$537
• − Insurance: −$600
• − Repairs & maintenance: −$1,119
• − Management: −$1,119
• − Depreciation: −$3,488
• Taxable income: $409
• Est. tax owed @ 24.0%: −$98
• After-tax cash flow: $2,270/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: Lee County Public School District
• NCES district ID: 5102190
• Math proficiency: 53% ▼ -31.00%
• Reading proficiency: 69% ▼ -9.00%
• Median HH income: $31,356
• Composite: 50.06/100
• National rank: #1913
• State rank: #62 of 131 in VA

Livability — Pennington Gap

• Score: 62/100
• State rank: #410
• US rank: #17149

Category grades

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

Schools grade is shown separately in the Schools card above.

Census & demographics

• Census place: Pennington Gap, VA
• Population (ZIP): 6,379

Population outlook (Lee County) Hauer SSP2

• Today (2025): 22,861 people
• By 2030: 21,701 · -5.1%
• By 2040: 19,188 · -16.1%
• By 2050: 16,619 · -27.3%
• By 2075: 11,795 · -48.4%
• By 2100: 8,290 · -63.7%

Race, ethnicity, and origin ACS 2023

• Neighborhood character: Predominantly White (79%)
• Race & ethnicity: White 79% Black 14% Hispanic / Latino 5% Two or more races 2%
• Common ancestry: Serbian 1% Slovak 1% Romanian 1%
• Foreign-born: 4% · Canada
• Languages at home: 95% English-only · Spanish 4%

Political lean MEDSL · Lee

• 2024 margin: Solid R (+72.0) · D 13.8% · R 85.8%
• 2008→2024 swing: -43.8pp toward R · 2008: -28.2pp · 2024: -72.0pp
• All cycles: 2024: R+72.0 2020: R+69.1 2016: R+63.2 2012: R+44.4 2008: R+28.2

Not yet ingested

• Civics: —

Market trends

• HPI YoY: ▲ 5.59%
• Current HPI: 165.997
• Rent YoY: —
• Metro: —
• State GDP YoY: ▲ 2.40%
• F500 in state: 50

Industry mix (Fortune 500 HQ in VA)

Industry	F500 HQs	Revenue
▸Aerospace / Defense	4	$236B
▸Technology / Defense	3	$32B
▸Financial Services	2	$176B
▸Utilities	2	$27B
▸Insurance	2	$25B
▸Technology	2	$15B

Price history

-20.0% since first listed

4 events — show timeline

• 2026-04-09 Price Changed $119,900 TVRMLS
• 2025-09-15 Price Changed $129,900 TVRMLS
• 2025-05-30 Price Changed $139,900 TVRMLS
• 2025-04-09 Listed $149,900 TVRMLS

Property tax history

+4.5%/yr

Latest (2025): $537 · +31.2% YoY. Source: county tax records.