1677 Grapefield Rd

Bluefield, VA 24314

$125,000C+

3 bd · 2.0 ba · 1,512 sqft · Built 2004 · Manufactured · Pending · 38 DOM

Cashflow @ list (25.0% down · 7.5%)

• Estimated rent: $1,179/mo
• Mortgage (P&I): −$656
• Tax + insurance: −$92
• HOA: −$0
• Vac / Maint / Mgmt: −$248
• Net cashflow: $184/mo
• Annual: $2,207/yr
• Cap rate: 8.06%
• Cash-on-cash: 6.31%
• DSCR: 1.28
• 1% rule: 0.94%
• Cash to close: $35,000

Investor read

• This is a 3-bed/2.0-bath manufactured listed at $125k.
• At list price, monthly cash flow is $184 ($2k/yr) — positive.
• The deal already cash-flows at list — no discount required.
• To meet the 1% rule (rent ≥ 1% of price), the offer needs to be $118k (5.7% below list).
• It's been on market 38 days — a 3% lower offer ($121k) is reasonable based on typical stale-listing flexibility.
• Recommended offer: $118k (5.7% below list) — sets the bar for 1% rule.
• In year one you build about $8k of equity ($864 loan paydown + $7k appreciation (5.6% local appreciation)).
• Location reads 62/100 on livability (#408 in VA) — a middle-class / working-renter tenant base. Strengths: cost of living A+, housing A+, crime B; Watch: employment C-, amenities F, commute F.
• Bland County Public School District (rural): math 62% / reading 80% proficiency, ranked #23 of 131 in VA (top 18%) — strong family-tenant draw, lease renewals of 3-5y typical.
• Zoned schools: Bland County Elementary (math 57% / reading 72%, grade B, #416 of 1,108 statewide, top 41%, 371 students, 67% FRL); Bland County High (math 62% / reading 87%, grade B+, #107 of 319 statewide, top 37%, 425 students, 68% FRL) — zoned schools average 67% FRL vs 32% district-wide (35 pts higher); higher-poverty schools than district average — tighter screening recommended.
• Market conditions: 14 active listings in the ZIP; 8 units permitted in Bland County in 2024 (0 in 5+ unit buildings).
• Bland County population projected at -20% by 2050 — secular population decline; favor cash flow + early exit over multi-decade hold.
• At projected returns (5.6% appreciation + 3.0% rent growth), your $35k cash investment doubles in ~4 years — after that, you're playing with house money.
• By year 5, paydown + projected appreciation supports a ~$34k cash-out refi (75% LTV) — recoverable capital for the next deal without selling this one.
• Climate carrying-cost: major wildfire risk — expect insurance premiums to compound above CPI over the hold.
• Cap rate 8.1% vs local median 4.1% in Bluefield — 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 38 days. Have you received any prior offers? Is the seller open to a 6% concession, seller financing, or rate buy-down credit?
• Is there a deadline driving the sale (1031 exchange, divorce, estate, relocation)? That informs how much negotiation room exists.
• Schools are A-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.