201 Third St

Parsons, WV 26287

$155,000D

3 bd · 1.5 ba · 1,716 sqft · Built 1920 · SingleFamily · Active · 205 DOM

Cashflow @ list (25.0% down · 7.5%)

• Estimated rent: $1,219/mo
• Mortgage (P&I): −$813
• Tax + insurance: −$159
• HOA: −$0
• Vac / Maint / Mgmt: −$256
• Net cashflow: $-9/mo
• Annual: $-104/yr
• Cap rate: 6.23%
• Cash-on-cash: -0.24%
• DSCR: 0.99
• 1% rule: 0.79%
• Cash to close: $43,400

Investor read

• This is a 3-bed/1.5-bath single-family listed at $155k.
• At list price, monthly cash flow is $-9 ($-104/yr) — negative.
• To cash-flow at today's rent, offer at most $153k (1.0% below list).
• To meet the 1% rule (rent ≥ 1% of price), the offer needs to be $122k (21.3% below list).
• It's been on market 205 days — a 12% lower offer ($136k) is reasonable based on typical stale-listing flexibility.
• Recommended offer: $122k (21.3% below list) — sets the bar for 1% rule.
• Local home prices are declining (-1.5%/yr); year-one equity from $1k of loan paydown is wiped out by about $2k of value loss. Plan a longer hold.
• Location reads 75/100 on livability (#25 in WV, #3,852 nationally) — a middle-class / working-renter tenant base. Strengths: crime A+, cost of living A+, housing A+; Watch: commute D, amenities F, employment F.
• Tucker County Schools (rural): math 20% / reading 36% proficiency, ranked #40 of 55 in WV (top 73%) — low school quality limits family demand, transient renter base, plan for 1-2y turnover.
• Zoned schools: Tucker Valley Elementary Middle School (math 17% / reading 32%, grade F, #287 of 377 statewide, top 85%, 463 students, 0% FRL); Tucker County High School (math 17% / reading 52%, grade F, #42 of 110 statewide, top 47%, 293 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 1920 — expect roof / HVAC / electrical / plumbing capex.
• Market conditions: 20 active listings in the ZIP; 3 units permitted in Tucker County in 2024 (0 in 5+ unit buildings).
• Tucker County population projected at -18% by 2050 — secular population decline; favor cash flow + early exit over multi-decade hold.

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 205 days. Have you received any prior offers? Is the seller open to a 21% 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 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?
• 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?
• 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.