371 Mansion Ave

Morgantown, WV 26505

$90,000B

2 bd · 2.0 ba · 1,240 sqft · Built 1905 · SingleFamily · Active · 41 DOM

Cashflow @ list (25.0% down · 7.5%)

• Estimated rent: $1,320/mo
• Mortgage (P&I): −$472
• Tax + insurance: −$131
• HOA: −$0
• Vac / Maint / Mgmt: −$277
• Net cashflow: $440/mo
• Annual: $5,282/yr
• Cap rate: 12.16%
• Cash-on-cash: 20.96%
• DSCR: 1.93
• 1% rule: 1.47%
• Cash to close: $25,200

Investor read

• This is a 2-bed/2.0-bath single-family listed at $90k. Condition is rated poor.
• At list price, monthly cash flow is $440 ($5k/yr) — positive.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($1k rent vs $90k).
• It's been on market 41 days — a 3% lower offer ($87k) is reasonable based on typical stale-listing flexibility.
• Recommended offer: $87k (3.0% below list) — sets the bar for market timing.
• Local home prices are declining (-3.0%/yr); year-one equity from $622 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: 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.
• Zoned schools: Eastwood Elementary School (math 45% / reading 47%, grade D-, #68 of 377 statewide, top 18%, 586 students, 0% FRL); Suncrest Middle School (math 46% / reading 57%, grade C, #4 of 109 statewide, top 3%, 501 students, 0% FRL); Morgantown High School (math 49% / reading 73%, grade C+, #2 of 110 statewide, top 1%, 1,859 students, 0% FRL) — zoned schools average 0% FRL vs 32% district-wide (32 pts lower); this property's tenant base skews higher-income than the district average.
• Watch-outs: built in 1905 — expect roof / HVAC / electrical / plumbing capex.
• Market conditions: Rents rising fast (+5.5%/yr); 185 active listings in the ZIP; 40 comparable units currently listed for rent nearby; rentals at typical pace (median 15d on market — plan ~3-4 weeks tenant-placement turnaround); 40% of comp listings sitting > 30 days — soft ceiling on asking rent; 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 $90k implies a 73% gain — meaningful room to come down on a strong offer.
• At projected returns (-3.0% appreciation + 5.5% rent growth), your $25k cash investment doubles in ~6 years — after that, you're playing with house money.
• Cap rate 12.2% vs local median 3.7% 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 35% of the median local income ($46k/yr) — at the standard rent-burdened threshold; future hikes will face affordability resistance.

Questions for listing agent

• It's been on market 41 days. Have you received any prior offers? Is the seller open to a 3% concession, seller financing, or rate buy-down credit?
• Have any recent inspections been done? Can we get a copy of the seller's disclosures and any deferred-maintenance estimates?
• 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.

Repairs flagged (vision-AI assessment)

• Major: roof — Significant damage and potential water stains
• Major: siding — Severe peeling and discoloration
• Major: fencing — Sections appear missing or damaged
• Major: landscaping — Sparse and overgrown, indicating neglect