521 W Main St

Romney, WV 26757

$174,500B-

4 bd · 2.0 ba · 1,760 sqft · Built 1900 · MultiFamily · Active · 18 DOM

Cashflow @ list (25.0% down · 7.5%)

• Estimated rent: $2,063/mo
• Mortgage (P&I): −$915
• Tax + insurance: −$182
• HOA: −$0
• Vac / Maint / Mgmt: −$433
• Net cashflow: $533/mo
• Annual: $6,392/yr
• Cap rate: 9.96%
• Cash-on-cash: 13.08%
• DSCR: 1.58
• 1% rule: 1.18%
• Cash to close: $48,860

Investor read

• This is a 2 × 2-bed/1-bath units multifamily listed at $174k.
• 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).
• It's been on market 18 days — a 2% lower offer ($172k) is reasonable based on typical stale-listing flexibility.
• Recommended offer: $172k (1.5% below list) — sets the bar for market timing.
• In year one you build about $990 of equity ($1k loan paydown + $-216 appreciation (-0.1% local appreciation)).
• 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.
• Watch-outs: built in 1900 — expect roof / HVAC / electrical / plumbing capex.
• Market conditions: 58 active listings in the ZIP; 124 units permitted in Hampshire County in 2024 (0 in 5+ unit buildings).
• 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.
• 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.
• 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.

Questions for listing agent

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