515 Church St · Spencer, WV 25276

$57,000

3 bd · 1.5 ba · 1,312 sqft · SingleFamily public records · 61 Days on market

Built 1945 3,049 sqft lot Est $81k · 30% under ↓ 18% since listing

---

Why this score? — see what drove the A- 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 +30.0/30.0
• ARV discount +15.0/15.0
• 1% rule +10.0/10.0
• DSCR +10.0/10.0
• Appreciation +5.7/10.0
• Livability +3.5/5.0
• Rent growth +2.5/5.0
• Condition / age +2.5/5.0
• Schools +2.1/10.0

Key facts

• 3,049 sq ft lot
• Built 1945
• Listed 60 days

Property features AI

Exterior

• Parking: Carport
• Utilities: Public water; Public sewer
• Home design: Single family residence; Residential property
• Construction: Frame and plaster construction; Metal roof
• Exterior features: Deck; Porch

Interior

• Bedrooms: 6 total rooms (includes bedroom spaces)
• Flooring: Hardwood; Vinyl
• Bathrooms: 1 full bathroom; 1 half bathroom
• Heating & cooling: Central air conditioning; Forced air heating
• Interior features: Hardwood and vinyl flooring; No basement

What this means for you Summary

Snapshot

• This is a 3-bed/1.5-bath single-family listed at $57k.

Deal economics

• At list price, monthly cash flow is $110 ($1k/yr) — positive.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($1k rent vs $57k).
• Recommended offer: $54k (6.0% below list) — sets the bar for market timing.

Location & tenants

• Location reads 69/100 on livability (#69 in WV) — a middle-class / working-renter tenant base. Strengths: crime A+, cost of living A+, health & safety A+; Watch: amenities F, commute F, employment F.
• Roane County Schools (rural): math 18% / reading 34% proficiency, ranked #47 of 55 in WV (top 86%) — low school quality limits family demand, transient renter base, plan for 1-2y turnover.
• Zoned schools: Spencer Elementary School (math 27% / reading 22%, grade F, #287 of 377 statewide, top 85%, 454 students, 0% FRL); Spencer Middle School (math 10% / reading 31%, grade F, #102 of 109 statewide, top 94%, 331 students, 0% FRL); Roane County High (math 22% / reading 57%, grade F, #21 of 110 statewide, top 26%, 540 students, 0% FRL) — zoned schools average 0% FRL vs 57% district-wide (57 pts lower); this property's tenant base skews higher-income than the district average.
• Market conditions: 24 active listings in the ZIP; 21 units permitted in Roane County in 2024 (0 in 5+ unit buildings).

Forward outlook

• In year one you build about $1k of equity ($394 loan paydown + $757 appreciation (1.3% local appreciation)).
• Roane County population projected at -26% by 2050 — secular population decline; favor cash flow + early exit over multi-decade hold.
• At projected returns (1.3% appreciation + 3.0% rent growth), your $16k cash investment doubles in ~6 years — after that, you're playing with house money.

Negotiation context

• It's been on market 61 days — a 6% lower offer ($54k) is reasonable based on typical stale-listing flexibility.
• 2 sale attempts since 18y ago with the ask held roughly flat each time — persistent listings suggest the price (not the market) is what's stuck; bring a comps-based counter.

Risks & watch-outs

• Watch-outs: flood insurance adds $427/mo; built in 1945 — expect roof / HVAC / electrical / plumbing capex.
• Climate carrying-cost: in FEMA flood zone AE (mandatory federal flood insurance); extreme-heat days projected 7→19/yr by 2055 (HVAC capex compounding) — expect insurance premiums to compound above CPI over the hold.

Recommended offer $53,580 (6.0% below list)

Questions for the listing agent

1. It's been on market 61 days. Have you received any prior offers? Is the seller open to a 6% concession, seller financing, or rate buy-down credit?
2. Built in 1945 — when were the roof, HVAC, electrical panel, plumbing, and water heater last replaced?
3. What's the actual annual flood-insurance premium (NFIP or private), and is the property in a SFHA with mandatory coverage?
4. Why hasn't it sold? Are there any deal-killer items the seller is aware of (foundation, flood, title, zoning, code violations)?
5. Is there a deadline driving the sale (1031 exchange, divorce, estate, relocation)? That informs how much negotiation room exists.
6. Schools are F-rated, which usually means shorter tenancies and higher turnover. Who's the typical renter profile here, and what's been the actual vacancy rate?
7. 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.
8. 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.
9. 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.

Investment metrics

• 1% rule: 1.98% ✓
• Cap rate: 17.59%
• Cash-on-cash: 40.36%
• DSCR: 2.80
• GRM: 4.2

CMA / ARV

• ARV (on-the-fly): $81,344
• Comps found: 1

Show comp detail 1 sale within ~0.75 mi

Address	Dist	Beds/Ba	Sqft	Sold	Price	$/sf	Match
123 Parkway Ave	0.40mi	3/1.5	1,406 (+7%)	17mo	$87,500	$62	55

Match score weights: distance 35% · size 25% · config 20% · recency 20%. Top-matched comps best support the ARV.

Projected returns pro-forma

1.33% appreciation · 3.0% rent growth · sell at horizon

5-year hold

• IRR: 11.2%
• Equity multiple: 1.58×
• Total profit: $9,257
• Equity at exit: $20,437

10-year hold

• IRR: 14.8%
• Equity multiple: 2.88×
• Total profit: $29,983
• Equity at exit: $27,931

Cash invested: $15,960 (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 25276

• Home prices YoY: 0.9%
• Active inventory: 24
• Price-to-rent: 4.2×

Monthly cashflow live

• Estimated rent: $1,128 medium
• Mortgage (P&I): −$299
• Tax from tax record: −$32 /mo · $379/yr
• Insurance: −$24
• Flood insurance flood zone: −$427 /mo · $5,118/yr
• HOA: −$0
• Vacancy / Maint / Mgmt: −$237
• Net cashflow: $110

Break-even live

Break-even rent $988

Max offer price $57,000

Occupancy floor 85%

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: $14,250
• Closing costs: $1,710
• Reserves months: —
• Total cash needed: —

Listing history 21 events

1. 2026-06-18
   days on market $57,000 Active 61 DOM
2. 2026-06-17
   days on market $57,000 Active 60 DOM
3. 2026-06-16
   days on market $57,000 Active 59 DOM
4. 2026-06-15
   days on market $57,000 Active 58 DOM
5. 2026-06-15
   days on market $57,000 Active 57 DOM
6. 2026-06-13
   days on market $57,000 Active 56 DOM
7. 2026-06-12
   days on market $57,000 Active 55 DOM
8. 2026-06-09
   days on market $57,000 Active 52 DOM
9. 2026-06-08
   days on market $57,000 Active 51 DOM
10. 2026-06-08
    days on market $57,000 Active 50 DOM
11. 2026-06-07
    days on market $57,000 Active 49 DOM
12. 2026-06-04
    days on market $57,000 Active 47 DOM
13. 2026-06-03
    days on market $57,000 Active 46 DOM
14. 2026-06-02
    days on market $57,000 Active 45 DOM
15. 2026-06-01
    days on market $57,000 Active 44 DOM
16. 2026-05-31
    days on market $57,000 Active 43 DOM
17. 2026-05-18
    price $57,000
18. 2026-04-17
    listed $59,900 Active
19. 2009-03-03
    soldstatus $62,500
20. 2008-12-09
    historical
21. 2008-08-14
    listed $69,900

ⓘ 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: $379 · $32/mo
• Projected year-2 tax: $379 · $32/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 10/10 Extreme FEMA zone AE · 99% chance over 30 yrs
• 🔥 Wildfire 4/10 Moderate
• 🌡 Heat 5/10 Major 7 d/yr ≥100°F today · 19 d/yr by 30 yrs out
• 💨 Wind 2/10 Low 100% 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: $13,534
• − Mortgage interest: −$3,193
• − Property taxes: −$379
• − Insurance: −$5,404
• − Repairs & maintenance: −$1,083
• − Management: −$1,083
• − Depreciation: −$1,658
• Taxable income: $735
• Est. tax owed @ 24.0%: −$176
• After-tax cash flow: $1,146/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: Roane County Schools
• NCES district ID: 5401320
• Math proficiency: 18% ▼ -7.00%
• Reading proficiency: 34% ▼ -4.00%
• Median HH income: $30,703
• Composite: 20.98/100
• National rank: #8468
• State rank: #47 of 55 in WV

Livability — Spencer

• Score: 69/100
• State rank: #69
• US rank: #8422

Category grades

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

Schools grade is shown separately in the Schools card above.

Census & demographics

• Census place: Spencer, WV
• Population (ZIP): 7,355

Population outlook (Roane County) Hauer SSP2

• Today (2025): 13,290 people
• By 2030: 12,565 · -5.5%
• By 2040: 11,119 · -16.3%
• By 2050: 9,894 · -25.6%
• By 2075: 7,698 · -42.1%
• By 2100: 6,110 · -54.0%

Race, ethnicity, and origin ACS 2023

• Neighborhood character: Predominantly White (95%)
• Race & ethnicity: White 95% Two or more races 3% Hispanic / Latino 2%
• Common ancestry: Serbian 1% Iranian 1% Lithuanian 1%
• Foreign-born: 0%
• Languages at home: 99% English-only · German/W. Germanic 1%

Political lean MEDSL · Roane

• 2024 margin: Solid R (+53.8) · D 22.1% · R 75.9% · Other 2.1%
• 2008→2024 swing: -46.1pp toward R · 2008: -7.8pp · 2024: -53.8pp
• All cycles: 2024: R+53.8 2020: R+47.9 2016: R+48.8 2012: R+20.8 2008: R+7.8

Not yet ingested

• Civics: —

Market trends

• HPI YoY: ▲ 1.33%
• Current HPI: 155.2136
• Rent YoY: —
• Metro: —
• State GDP YoY: —
• F500 in state: 0

Price history

-18.5% since first listed

5 events — show timeline

• 2026-05-18 Price Changed $57,000 KVBOR
• 2026-04-17 Listed $59,900 KVBOR
• 2009-03-03 Sold (Public Records) $62,500 Public Records
• 2008-12-09 Listing Removed — MLSNOW
• 2008-08-14 Listed $69,900 MLSNOW

Property tax history

+5.9%/yr

Latest (2025): $379 · +6.7% YoY. Source: county tax records.