2517 Cedar Springs Rd

Atkins, VA 24375

$79,500B

3 bd · 1.0 ba · 748 sqft · Built 1920 · Other · Active · 247 DOM

Cashflow @ list (25.0% down · 7.5%)

• Estimated rent: $973/mo
• Mortgage (P&I): −$417
• Tax + insurance: −$48
• HOA: −$0
• Vac / Maint / Mgmt: −$204
• Net cashflow: $304/mo
• Annual: $3,645/yr
• Cap rate: 10.88%
• Cash-on-cash: 16.37%
• DSCR: 1.73
• 1% rule: 1.22%
• Cash to close: $22,260

Investor read

• This is a 3-bed/1.0-bath other listed at $80k.
• At list price, monthly cash flow is $304 ($4k/yr) — positive.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($973 rent vs $80k).
• It's been on market 247 days — a 12% lower offer ($70k) is reasonable based on typical stale-listing flexibility.
• Recommended offer: $70k (12.0% below list) — sets the bar for market timing.
• In year one you build about $2k of equity ($550 loan paydown + $1k appreciation (1.9% local appreciation)).
• Location reads 57/100 on livability (#496 in VA) — a working-class tenant base; expect higher turnover. Strengths: cost of living A+, crime A; Watch: health & safety C-, amenities F, commute F.
• Smyth County Public School District (rural): math 46% / reading 63% proficiency, ranked #89 of 131 in VA (top 68%) — acceptable for families but not a draw, mixed tenant base, ~2y average lease.
• Watch-outs: built in 1920 — expect roof / HVAC / electrical / plumbing capex.
• Market conditions: 10 active listings in the ZIP; 38 units permitted in Smyth County in 2024 (0 in 5+ unit buildings).
• Smyth County population projected at -20% by 2050 — secular population decline; favor cash flow + early exit over multi-decade hold.
• 2 sale attempts; this cycle's ask has dropped $16k (16%) from the opening price — seller is motivated, your offer sets the floor, not the list.
• At projected returns (1.9% appreciation + 3.0% rent growth), your $22k cash investment doubles in ~4 years — after that, you're playing with house money.

Questions for listing agent

• It's been on market 247 days. Have you received any prior offers? Is the seller open to a 12% concession, seller financing, or rate buy-down credit?
• Built in 1920 — 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 B-rated — typically a magnet for longer-tenancy family renters. What's the average tenant stay here, and is there a school-zone premium baked into asking?
• 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.