4902 Raven Dr

Rand, WV 25306

$43,000C-

4 bd · 2.0 ba · 1,760 sqft · Built 1974 · MultiFamily · Pending · 17 DOM

Cashflow @ list (25.0% down · 7.5%)

• Estimated rent: $2,773/mo
• Mortgage (P&I): −$225
• Tax + insurance: −$112
• HOA: −$0
• Vac / Maint / Mgmt: −$582
• Net cashflow: $1,853/mo
• Annual: $22,233/yr
• Cap rate: 59.85%
• Cash-on-cash: 191.28%
• DSCR: 9.51
• 1% rule: 6.45%
• Cash to close: $12,040

Investor read

• This is a 2 × 2-bed/1-bath units multifamily listed at $43k.
• At list price, monthly cash flow is $2k ($22k/yr) — positive. Per door: $926/mo.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($3k rent vs $43k).
• It's been on market 17 days — a 2% lower offer ($42k) is reasonable based on typical stale-listing flexibility.
• Recommended offer: $42k (1.5% below list) — sets the bar for market timing.
• In year one you build about $2k of equity ($297 loan paydown + $2k appreciation (4.0% local appreciation)).
• Location reads 64/100 on livability (#138 in WV) — a middle-class / working-renter tenant base. Strengths: cost of living A+; Watch: commute D+, amenities F, health & safety F.
• 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: Malden Elementary School (math 22% / reading 17%, grade F, #350 of 377 statewide, top 95%, 152 students, 0% FRL); Du Pont Middle School (math 17% / reading 34%, grade F, #75 of 109 statewide, top 73%, 423 students, 0% FRL); Riverside High School (math 17% / reading 47%, grade F, #55 of 110 statewide, top 59%, 1,220 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: flood insurance adds $66/mo.
• Market conditions: Rents rising fast (+7.6%/yr); 24 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.
• 2 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.
• At projected returns (4.0% appreciation + 7.6% rent growth), your $12k cash investment doubles in ~1 year — after that, you're playing with house money.
• Climate carrying-cost: severe flood risk; extreme-heat days projected 8→21/yr by 2055 (HVAC capex compounding) — expect insurance premiums to compound above CPI over the hold.
• At $2,773/mo this rent would consume 46% of the median local household income ($72k/yr) (locally 124% of renters already pay >50% of income on rent) — very limited rent-growth headroom before tenants either downsize or default.

Questions for listing agent

• Can we see the unit-by-unit rent roll, current vacancy, and any below-market leases? What's the average tenancy length?
• What capital expenditures (roof, boiler, parking lot, exteriors) have been made in the last 5 years, and what's planned in the next 2?
• Built in 1974 — when were the roof, HVAC, electrical panel, plumbing, and water heater last replaced?
• 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.
• 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?
• 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.