2403 45th St

Parkersburg, WV 26104

$139,000D-

2 bd · 1.0 ba · 910 sqft · Built 1950 · SingleFamily · Active · 114 DOM

Cashflow @ list (25.0% down · 7.5%)

• Estimated rent: $981/mo
• Mortgage (P&I): −$729
• Tax + insurance: −$90
• HOA: −$0
• Vac / Maint / Mgmt: −$206
• Net cashflow: $-45/mo
• Annual: $-538/yr
• Cap rate: 5.91%
• Cash-on-cash: -1.38%
• DSCR: 0.94
• 1% rule: 0.71%
• Cash to close: $38,920

Investor read

• This is a 2-bed/1.0-bath single-family listed at $139k.
• At list price, monthly cash flow is $-45 ($-538/yr) — negative.
• To cash-flow at today's rent, offer at most $131k (5.7% below list).
• To meet the 1% rule (rent ≥ 1% of price), the offer needs to be $98k (29.5% below list).
• It's been on market 114 days — a 9% lower offer ($126k) is reasonable based on typical stale-listing flexibility.
• Recommended offer: $98k (29.5% below list) — sets the bar for 1% rule.
• Local home prices are declining (-3.0%/yr); year-one equity from $961 of loan paydown is wiped out by about $4k of value loss. Plan a longer hold.
• Location reads 72/100 on livability (#46 in WV) — a middle-class / working-renter tenant base. Strengths: cost of living A+, housing A+, health & safety A+; Watch: crime D+, commute F, employment F.
• Wood County Schools (urban): math 38% / reading 48% proficiency, ranked #3 of 55 in WV (top 6%) — families likely to look elsewhere, expect single-tenant / working-renter base with shorter leases.
• Zoned schools: Hamilton Middle School (math 33% / reading 45%, grade F, #21 of 109 statewide, top 19%, 432 students, 0% FRL); Parkersburg High School (math 25% / reading 49%, grade F, #32 of 110 statewide, top 34%, 1,651 students, 0% FRL) — zoned schools average 0% FRL vs 47% district-wide (47 pts lower); this property's tenant base skews higher-income than the district average.
• Watch-outs: built in 1950 — expect roof / HVAC / electrical / plumbing capex.
• Market conditions: 56 active listings in the ZIP; 124 units permitted in Wood County in 2024 (33 in 5+ unit buildings).
• Wood County population projected at -13% by 2050 — secular population decline; favor cash flow + early exit over multi-decade hold.
• 4 sale attempts since 12y 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.
• Current owner paid $120k; 16% above their basis — modest negotiation headroom, anchor on the comps not their cost.

Questions for listing agent

• 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?
• It's been on market 114 days. Have you received any prior offers? Is the seller open to a 29% concession, seller financing, or rate buy-down credit?
• Built in 1950 — 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 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?
• Crime grade is D in this area — have there been break-ins, vandalism, or insurance claims at this property in the last 3 years? What carrier currently insures it and at what premium?
• 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?