447 19th St

Dunbar, WV 25064

$45,973B-

2 bd · 1.0 ba · 888 sqft · Built 1930 · MultiFamily · Active · 32 DOM

Cashflow @ list (25.0% down · 7.5%)

• Estimated rent: $1,606/mo
• Mortgage (P&I): −$241
• Tax + insurance: −$475
• HOA: −$0
• Vac / Maint / Mgmt: −$337
• Net cashflow: $552/mo
• Annual: $6,628/yr
• Cap rate: 31.84%
• Cash-on-cash: 91.26%
• DSCR: 5.06
• 1% rule: 3.49%
• Cash to close: $12,872

Investor read

• This is a 2-bed/1.0-bath multifamily listed at $46k.
• At list price, monthly cash flow is $552 ($7k/yr) — positive.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($2k rent vs $46k).
• It's been on market 32 days — a 3% lower offer ($45k) is reasonable based on typical stale-listing flexibility.
• Recommended offer: $45k (3.0% below list) — sets the bar for market timing.
• Local home prices are declining (-3.0%/yr); year-one equity from $318 of loan paydown is wiped out by about $1k of value loss. Plan a longer hold.
• Location reads 70/100 on livability (#62 in WV) — a middle-class / working-renter tenant base. Strengths: cost of living A+, housing A+, health & safety B+; Watch: employment D+, amenities F, commute 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: Dunbar Primary Center (297 students, 0% FRL); Dunbar Middle School (math 22% / reading 37%, grade F, #61 of 109 statewide, top 56%, 300 students, 0% FRL); South Charleston High School (math 22% / reading 47%, grade F, #42 of 110 statewide, top 47%, 952 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 $427/mo; built in 1930 — expect roof / HVAC / electrical / plumbing capex.
• Market conditions: 46 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.
• At projected returns (-3.0% appreciation + 3.0% rent growth), your $13k cash investment doubles in ~3 years — after that, you're playing with house money.
• Climate carrying-cost: in FEMA flood zone AE (mandatory federal flood insurance); moderate wildfire risk; extreme-heat days projected 7→20/yr by 2055 (HVAC capex compounding) — expect insurance premiums to compound above CPI over the hold.
• Cap rate 31.8% vs local median 4.2% in Dunbar — top-decile yield for the area; either an underpriced asset or a hidden risk that comps aren't pricing in. Stress-test before assuming the spread holds.

Questions for listing agent

• It's been on market 32 days. Have you received any prior offers? Is the seller open to a 3% concession, seller financing, or rate buy-down credit?
• Built in 1930 — 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.
• How much new apartment / multifamily construction is in the pipeline within 1–3 miles? Heavy new supply (>2% of stock underway) typically softens rents 12–24 months out; light construction supports rent growth.