2 Old Chapel Ave

Boyce, VA 22620

$299,900C-

3 bd · 2.0 ba · 1,770 sqft · Built 1988 · Manufactured · Pending · 76 DOM

Cashflow @ list (25.0% down · 7.5%)

• Estimated rent: $2,472/mo
• Mortgage (P&I): −$1,573
• Tax + insurance: −$256
• HOA: −$0
• Vac / Maint / Mgmt: −$519
• Net cashflow: $124/mo
• Annual: $1,482/yr
• Cap rate: 6.79%
• Cash-on-cash: 1.77%
• DSCR: 1.08
• 1% rule: 0.82%
• Cash to close: $83,972

Investor read

• This is a 3-bed/2.0-bath manufactured listed at $300k.
• At list price, monthly cash flow is $124 ($1k/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 $247k (17.6% below list).
• It's been on market 76 days — a 6% lower offer ($282k) is reasonable based on typical stale-listing flexibility.
• Recommended offer: $247k (17.6% below list) — sets the bar for 1% rule.
• In year one you build about $32k of equity ($2k loan paydown + $30k appreciation (10.0% local appreciation)).
• Location reads 67/100 on livability (#300 in VA) — a middle-class / working-renter tenant base. Strengths: employment A+, housing A+, crime A-; Watch: cost of living D+, amenities F, commute F.
• Clarke County Public School District (rural): math 52% / reading 69% proficiency, ranked #47 of 131 in VA (top 36%) — acceptable for families but not a draw, mixed tenant base, ~2y average lease; only 18% free/reduced lunch — higher-income household profile.
• Market conditions: 20 active listings in the ZIP; 2 comparable units currently listed for rent nearby; 15 units permitted in Clarke County in 2024 (0 in 5+ unit buildings).
• Clarke County population projected at +7% by 2050 — modest demand growth; plan on rents tracking national, not racing it.
• Current owner paid $198k; list at $300k implies a 52% gain — meaningful room to come down on a strong offer.
• At projected returns (10.0% appreciation + 3.0% rent growth), your $84k cash investment doubles in ~3 years — after that, you're playing with house money.
• By year 2, paydown + projected appreciation supports a ~$52k cash-out refi (75% LTV) — recoverable capital for the next deal without selling this one.
• Climate carrying-cost: major flood risk; extreme-heat days projected 7→17/yr by 2055 (HVAC capex compounding) — expect insurance premiums to compound above CPI over the hold.

Questions for listing agent

• It's been on market 76 days. Have you received any prior offers? Is the seller open to a 18% concession, seller financing, or rate buy-down credit?
• 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 B-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.