521 W Main St · Romney, WV 26757

$174,500

4 bd · 2.0 ba · 1,760 sqft · MultiFamily public records · 18 Days on market

Built 1900 9,034 sqft lot

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Why this score? — see what drove the B- grade

The composite is a weighted blend of 9 inputs, each scored 0–100. Each bar is that input's sub-score; the figure is the points it added to the 100-point composite (weight × sub-score).

• Cash flow +27.8/30.0
• DSCR +9.8/10.0
• ARV discount +7.5/15.0
• 1% rule +6.8/10.0
• Appreciation +4.9/10.0
• Livability +3.6/5.0
• Schools +2.6/10.0
• Rent growth +2.5/5.0
• Condition / age +2.5/5.0

Multi-family units

County records classify this as Multi-Family (2-4 Unit). Listing-text estimate: 2 units. confirmed

Listing remarks

Incredible investment opportunity in Romney, West Virginia—the historic first town of the state! This rare, legally zoned duplex features two separate units, each offering 2 bedrooms and 1 bathroom. Whether you are a seasoned investor looking to expand your portfolio or a first-time buyer by living in one unit and letting the other pay your mortgage, this property delivers immense potential. Property Features: Two distinct legal rental units under one roof. Layout: Both individual units feature 2 bedrooms and 1 bathroom. : Situated in the historic heart of Romney, WV. Strategy: Perfect for a complete rental portfolio addition.

Key facts

• Legally zoned duplex
• 9,034 sq ft lot
• Built 1900

Tags

• INVESTMENT OPPORTUNITY
• LEGALLY ZONED DUPLEX
• HISTORIC HEART OF ROMNEY

Property features AI

Finance

• Financial info: Fee simple ownership; Improvement assessed value noted; Land assessed value noted; Tax assessed value noted

Exterior

• Parking: Driveway
• Utilities: Public water; Public sewer; Electric cooling fuel
• Home design: Detached structure; Above-grade living space approximately 1,700 (estimated)
• Construction: Frame construction; Block foundation; Other structures above and below grade
• Exterior features: Property is inside city limits; No tidal water

Interior

• Bedrooms: Two 2-bedroom units
• Flooring: Wood flooring; Vinyl flooring
• Heating & cooling: Oil heating; Central air conditioning; Electric hot water
• Interior features: Estimated living area; Two-unit property

What this means for you Summary

Snapshot

• This is a 2 × 2-bed/1-bath units multifamily listed at $174k.

Deal economics

• At list price, monthly cash flow is $533 ($6k/yr) — positive. Per door: $266/mo.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($2k rent vs $174k).
• Recommended offer: $172k (1.5% below list) — sets the bar for market timing.
• Cap rate 10.0% vs local median 3.5% in Romney — 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.

Location & tenants

• Location reads 72/100 on livability (#43 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.
• Hampshire County Schools (rural): math 25% / reading 38% proficiency, ranked #30 of 55 in WV (top 54%) — families likely to look elsewhere, expect single-tenant / working-renter base with shorter leases.
• Market conditions: 58 active listings in the ZIP; 124 units permitted in Hampshire County in 2024 (0 in 5+ unit buildings).

Forward outlook

• In year one you build about $990 of equity ($1k loan paydown + $-216 appreciation (-0.1% local appreciation)).
• Hampshire County population projected at -29% by 2050 — secular population decline; favor cash flow + early exit over multi-decade hold.
• At projected returns (-0.1% appreciation + 3.0% rent growth), your $49k cash investment doubles in ~6 years — after that, you're playing with house money.

Negotiation context

• It's been on market 18 days — a 2% lower offer ($172k) is reasonable based on typical stale-listing flexibility.

Risks & watch-outs

• Watch-outs: built in 1900 — expect roof / HVAC / electrical / plumbing capex.
• Climate carrying-cost: extreme-heat days projected 7→19/yr by 2055 (HVAC capex compounding) — expect insurance premiums to compound above CPI over the hold.

Recommended offer $171,882 (1.5% below list)

Questions for the listing agent

1. Can we see the unit-by-unit rent roll, current vacancy, and any below-market leases? What's the average tenancy length?
2. What capital expenditures (roof, boiler, parking lot, exteriors) have been made in the last 5 years, and what's planned in the next 2?
3. Built in 1900 — when were the roof, HVAC, electrical panel, plumbing, and water heater last replaced?
4. Is there a deadline driving the sale (1031 exchange, divorce, estate, relocation)? That informs how much negotiation room exists.
5. 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?
6. 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.
7. 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.
8. 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.

Investment metrics

• 1% rule: 1.18% ✓
• Cap rate: 9.96%
• Cash-on-cash: 13.08%
• DSCR: 1.58
• GRM: 7.0

CMA / ARV

No comps found within radius.

Projected returns pro-forma

-0.12% appreciation · 3.0% rent growth · sell at horizon

5-year hold

• IRR: 12.0%
• Equity multiple: 1.57×
• Total profit: $27,772
• Equity at exit: $49,592

10-year hold

• IRR: 16.9%
• Equity multiple: 2.83×
• Total profit: $89,478
• Equity at exit: $58,759

Cash invested: $48,860 (down + closing). Projections, not guarantees.

Landlord ↔ Tenant lean methodology

• Overall (STATE): 83 Strongly Landlord-Friendly
• State West Virginia: 83 Strongly Landlord-Friendly · R+22
• County: — inherits STATE
• City: — inherits STATE

Landlord-favorable; preempted; minimal protections.

Methodology + full state rankings →

ZIP-level market 26757

• Home prices YoY: -0.1%
• Active inventory: 58
• Price-to-rent: 14.1×

Monthly cashflow live

• Estimated rent: $2,063 medium
• Mortgage (P&I): −$915
• Tax from tax record: −$109 /mo · $1,312/yr
• Insurance: −$73
• HOA: −$0
• Vacancy / Maint / Mgmt: −$433
• Net cashflow: $533

Break-even live

Break-even rent $1,389

Max offer price $174,500

Occupancy floor 69%

2-unit breakdown (identical units grouped — click to expand)

Units	Beds	Baths	Est. rent
▸ 2× units	2	1	$2,062
Total (2 units)			$2,063

UW: 25.0% down · 7.5% · 30yr · 1.5% tax · 5.0% vac · 8.0% maint · 8.0% mgmt

Financing live

Cash to close

• Down payment: $43,625
• Closing costs: $5,235
• Reserves months: —
• Total cash needed: —

Listing history 14 events

1. 2026-06-19
   days on market $174,500 Active 18 DOM
2. 2026-06-18
   days on market $174,500 Active 17 DOM
3. 2026-06-17
   days on market $174,500 Active 16 DOM
4. 2026-06-16
   days on market $174,500 Active 15 DOM
5. 2026-06-15
   days on market $174,500 Active 14 DOM
6. 2026-06-14
   days on market $174,500 Active 12 DOM
7. 2026-06-12
   days on market $174,500 Active 11 DOM
8. 2026-06-09
   days on market $174,500 Active 8 DOM
9. 2026-06-08
   days on market $174,500 Active 7 DOM
10. 2026-06-07
    days on market $174,500 Active 6 DOM
11. 2026-06-05
    days on market $174,500 Active 3 DOM
12. 2026-06-03
    days on market $174,500 Active 2 DOM
13. 2026-06-01
    remarks 634-char remark
14. 2026-06-01
    listed $174,500 Active 1 DOM

ⓘ Source: listings_history table (triggers on properties + properties_extension) + one-shot backfill from property_details.listing_events for pre-trigger history.

Tax reassessment forecast WV · Resets to sale price

• Current annual tax: $1,312 · $109/mo
• Projected year-2 tax: $1,312 · $109/mo
• Expected delta: $0/yr ($0/mo · 0.0%)

ⓘ Screening estimate from a state-policy table — verify with the county assessor before closing.

Climate risk First Street

• 🌊 Flood 1/10 Low FEMA zone X (unshaded) · 0% chance over 30 yrs
• 🔥 Wildfire 4/10 Moderate
• 🌡 Heat 5/10 Major 7 d/yr ≥96°F today · 19 d/yr by 30 yrs out
• 💨 Wind 2/10 Low 0% chance of damaging wind over 30 yrs
• 🫁 Air quality 1/10 Low 0 unhealthy d/yr today · 0 by 30 yrs out

Taxation est. · year 1

• Rental income: $24,756
• − Mortgage interest: −$9,775
• − Property taxes: −$1,312
• − Insurance: −$872
• − Repairs & maintenance: −$1,980
• − Management: −$1,980
• − Depreciation: −$5,076
• Taxable income: $3,760
• Est. tax owed @ 24.0%: −$902
• After-tax cash flow: $5,490/yr

For passive investors: Depreciation is non-cash, so a rental often shows a tax loss while cash-flowing — sheltering income. Rental losses are passive: they offset passive income freely, and up to $25,000/yr can offset ordinary (W-2) income if you actively participate and your MAGI is under $100k (phasing out to $0 by $150k); unused losses carry forward. On sale, claimed depreciation is recaptured at up to 25%, and gains may owe capital-gains tax (a 1031 exchange can defer both). Figures are a year-1 estimate at your 24.0% rate — not tax advice; consult a CPA.

Schools (NCES district)

• District: Hampshire County Schools
• NCES district ID: 5400420
• Math proficiency: 25% ▼ -16.00%
• Reading proficiency: 38% ▼ -8.00%
• Median HH income: $32,170
• Composite: 25.69/100
• National rank: #7392
• State rank: #30 of 55 in WV

Livability — Romney

• Score: 72/100
• State rank: #43
• US rank: #5809

Category grades

Amenities B- Commute F Cost of living A+ Crime D- Employment F Housing A+ Health & safety A+ User ratings A

Schools grade is shown separately in the Schools card above.

Census & demographics

• Census place: Romney, WV
• Population (ZIP): 7,020

Population outlook (Hampshire County) Hauer SSP2

• Today (2025): 21,820 people
• By 2030: 20,690 · -5.2%
• By 2040: 18,089 · -17.1%
• By 2050: 15,413 · -29.4%
• By 2075: 10,421 · -52.2%
• By 2100: 6,842 · -68.6%

Race, ethnicity, and origin ACS 2023

• Neighborhood character: Predominantly White (94%)
• Race & ethnicity: White 94% Two or more races 5%
• Common ancestry: Lithuanian 3% Slovak 3% Serbian 1%
• Foreign-born: 0%

Political lean MEDSL · Hampshire

• 2024 margin: Solid R (+62.6) · D 18.0% · R 80.6% · Other 1.4%
• 2008→2024 swing: -35.8pp toward R · 2008: -26.8pp · 2024: -62.6pp
• All cycles: 2024: R+62.6 2020: R+60.4 2016: R+59.2 2012: R+40.4 2008: R+26.8

Not yet ingested

• Civics: —

Market trends

• HPI YoY: ▼ -0.12%
• Current HPI: 175.7403
• Rent YoY: —
• Metro: —
• State GDP YoY: —
• F500 in state: 0

Price history

1 event — show timeline

• 2026-06-01 Listed $174,500 BRIGHT MLS

Property tax history

+0.6%/yr

Latest (2025): $1,312 · +7.0% YoY. Source: county tax records.