371 Mansion Ave

Morgantown, WV 26505

$109,000B-

2 bd · 2.0 ba · 1,240 sqft · Built 1905 · SingleFamily · Active · 14 DOM

Cashflow @ list (25.0% down · 7.5%)

• Estimated rent: $1,180/mo
• Mortgage (P&I): −$572
• Tax + insurance: −$138
• HOA: −$0
• Vac / Maint / Mgmt: −$248
• Net cashflow: $222/mo
• Annual: $2,661/yr
• Cap rate: 8.73%
• Cash-on-cash: 8.72%
• DSCR: 1.39
• 1% rule: 1.08%
• Cash to close: $30,520

Investor read

• This is a 2-bed/2.0-bath single-family listed at $109k.
• At list price, monthly cash flow is $222 ($3k/yr) — positive.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($1k rent vs $109k).
• Only 14 days on market — expect competitive offers; lowballing is unlikely to land.
• Local home prices are declining (-3.0%/yr); year-one equity from $754 of loan paydown is wiped out by about $3k of value loss. Plan a longer hold.
• Location reads 84/100 on livability (#5 in WV, #674 nationally) — a professional / high-income tenant draw. Strengths: amenities A+, commute A+, cost of living A+; Watch: schools D+, employment D-.
• Monongalia County Schools (urban): math 45% / reading 53% proficiency, ranked #1 of 55 in WV (top 2%) — families likely to look elsewhere, expect single-tenant / working-renter base with shorter leases.
• Watch-outs: built in 1905 — expect roof / HVAC / electrical / plumbing capex.
• Market conditions: Rents rising fast (+5.5%/yr); 119 active listings in the ZIP; 23 units permitted in Monongalia County in 2024 (15 in 5+ unit buildings).
• Monongalia County population projected at +38% by 2050 — long-run rental-demand tailwind backs the buy-and-hold thesis.
• Current owner paid $52k; list at $109k implies a 110% gain — meaningful room to come down on a strong offer.
• At projected returns (-3.0% appreciation + 5.5% rent growth), your $31k cash investment doubles in ~9 years — after that, you're playing with house money.
• Cap rate 8.7% vs local median 3.1% in Morgantown — 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.
• This rent runs 31% of the median local income ($46k/yr) — at the standard rent-burdened threshold; future hikes will face affordability resistance.

Questions for listing agent

• Built in 1905 — 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.
• Schools are D-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 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.