411-413 South Penn St · Wheeling, WV 26003

$235,000

8 bd · 4.0 ba · 6,017 sqft · MultiFamily public records · 51 Days on market

Built 1894 7,405 sqft lot $39/sqft · 110% above area ↓ 10% since listing

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Why this score? — see what drove the B- 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 +28.5/30.0
• DSCR +10.0/10.0
• ARV discount +7.5/15.0
• 1% rule +7.2/10.0
• Schools +3.5/10.0
• Livability +3.5/5.0
• Rent growth +3.3/5.0
• Condition / age +2.5/5.0
• Appreciation +0.0/10.0

Multi-family units

County records classify this as Multi-Family (2-4 Unit). Listing-text estimate: 2 units. confirmed

Listing remarks

Wow!! Check out this very impressive 8 bedroom/ 4 bath multifamily property that offers exceptional investment opportunity and provides easy access to interstate and in walking distance to downtown Wheeling. Spanning 5000 square feet, this very well-maintained building currently houses four rental units, providing immediate income generation for savvy investors. Call today for your private tour. A must see!!!

Key facts

• 7,405 sq ft lot
• Built 1894
• Listed 51 days

Tags

• INVESTMENT OPPORTUNITY
• EASY ACCESS TO INTERSTATE
• FULLY-OCCUPIED RENTAL UNITS
• IMMEDIATE INCOME GENERATION

Property features AI

Finance

• Financial info: Each of the four units currently rents for $650

Exterior

• Utilities: Public water; Public sewer; Cable available
• Home design: Multi-family residential income property; Two-story building; Multi-unit (quadplex)
• Exterior features: Residential zoning; Lot about 0.17 acres

Interior

• Bedrooms: Four 2-bedroom units
• Flooring: Carpet
• Bathrooms: Each unit has 1 bathroom
• Heating & cooling: Natural gas heating; Window air conditioning units
• Interior features: Gas water heater; Carpet flooring

What this means for you Summary

Snapshot

• This is a 2 × 4-bed/?-bath units multifamily listed at $235k.

Deal economics

• At list price, monthly cash flow is $311 ($4k/yr) — positive. Per door: $155/mo.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($3k rent vs $235k).
• Recommended offer: $228k (3.0% below list) — sets the bar for market timing.
• Cap rate 10.2% vs local median 4.3% in Wheeling — 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.

Location & tenants

• Location reads 69/100 on livability (#74 in WV) — a middle-class / working-renter tenant base. Strengths: cost of living A+, housing A+, health & safety A-; Watch: crime F, amenities F, commute F.
• Ohio County Schools (urban): math 34% / reading 49% proficiency, ranked #5 of 55 in WV (top 9%) — families likely to look elsewhere, expect single-tenant / working-renter base with shorter leases.
• Zoned schools: Madison Elementary School (math 32% / reading 37%, grade F, #148 of 377 statewide, top 49%, 277 students, 0% FRL); Triadelphia Middle School (math 34% / reading 56%, grade D, #9 of 109 statewide, top 7%, 390 students, 0% FRL); Wheeling Park High School (math 27% / reading 57%, grade F, #14 of 110 statewide, top 16%, 1,490 students, 0% FRL) — zoned schools average 0% FRL vs 44% district-wide (44 pts lower); this property's tenant base skews higher-income than the district average.
• Market conditions: Rents rising (+3.0%/yr); 228 active listings in the ZIP; 2 units permitted in Ohio County in 2024 (0 in 5+ unit buildings).
• At $2,861/mo this rent would consume 59% of the median local household income ($58k/yr) (locally 1630% of renters already pay >50% of income on rent) — very limited rent-growth headroom before tenants either downsize or default.

Forward outlook

• Local home prices are declining (-3.0%/yr); year-one equity from $2k of loan paydown is wiped out by about $7k of value loss. Plan a longer hold.
• Ohio County population projected at -17% by 2050 — secular population decline; favor cash flow + early exit over multi-decade hold.

Negotiation context

• It's been on market 51 days — a 3% lower offer ($228k) is reasonable based on typical stale-listing flexibility.

Risks & watch-outs

• Watch-outs: flood insurance adds $460/mo; built in 1894 — expect roof / HVAC / electrical / plumbing capex.
• Climate carrying-cost: in FEMA flood zone AE (mandatory federal flood insurance) — expect insurance premiums to compound above CPI over the hold.

Recommended offer $227,950 (3.0% below list)

Questions for the listing agent

1. It's been on market 51 days. Have you received any prior offers? Is the seller open to a 3% concession, seller financing, or rate buy-down credit?
2. Can we see the unit-by-unit rent roll, current vacancy, and any below-market leases? What's the average tenancy length?
3. What capital expenditures (roof, boiler, parking lot, exteriors) have been made in the last 5 years, and what's planned in the next 2?
4. Built in 1894 — when were the roof, HVAC, electrical panel, plumbing, and water heater last replaced?
5. What's the actual annual flood-insurance premium (NFIP or private), and is the property in a SFHA with mandatory coverage?
6. Is there a deadline driving the sale (1031 exchange, divorce, estate, relocation)? That informs how much negotiation room exists.
7. 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?
8. Crime grade is F 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?
9. 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.
10. 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.
11. 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.

Investment metrics

• 1% rule: 1.22% ✓
• Cap rate: 10.23%
• Cash-on-cash: 14.06%
• DSCR: 1.63
• GRM: 6.8

CMA / ARV

• ARV (median comp): $92,953
• List price: $235,000
• Delta: 152.82%
• Verdict: OVERPRICED
• Comps: 10 within 1.0 mi

Projected returns pro-forma

-3.0% appreciation · 3.03% rent growth · sell at horizon

5-year hold

• IRR: -7.4%
• Equity multiple: 0.73×
• Total profit: $-17,959
• Equity at exit: $35,039

10-year hold

• IRR: 2.4%
• Equity multiple: 1.17×
• Total profit: $11,188
• Equity at exit: $20,319

Cash invested: $65,800 (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 26003

• Home prices YoY: -23.4%
• Rents YoY: 3.0%
• Active inventory: 228
• Price-to-rent: 13.7×

Monthly cashflow live

• Estimated rent: $2,861 medium
• Mortgage (P&I): −$1,232
• Tax from tax record: −$159 /mo · $1,905/yr
• Insurance: −$98
• Flood insurance flood zone: −$460 /mo · $5,525/yr
• HOA: −$0
• Vacancy / Maint / Mgmt: −$601
• Net cashflow: $311

Break-even live

Break-even rent $2,468

Max offer price $235,000

Occupancy floor 84%

Sensitivity live

Price	-10% $444	-5% $377	+0% $311	+5% $244	+10% $178
Rent	-10% $85	-5% $198	+0% $311	+5% $424	+10% $537
Rate	-1.0pp $429	-0.5pp $371	base $311	+0.5pp $250	+1.0pp $188

2-unit breakdown (identical units grouped — click to expand)

Units	Beds	Baths	Est. rent
▸ 2× units	4	—	$2,860
Total (2 units)			$2,861

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: $58,750
• Closing costs: $7,050
• Reserves months: —
• Total cash needed: —

Listing history 20 events

1. 2026-06-21
   days on market $235,000 Active 51 DOM
2. 2026-06-19
   days on market $235,000 Active 49 DOM
3. 2026-06-18
   days on market $235,000 Active 48 DOM
4. 2026-06-17
   days on market $235,000 Active 47 DOM
5. 2026-06-16
   days on market $235,000 Active 46 DOM
6. 2026-06-15
   days on market $235,000 Active 45 DOM
7. 2026-06-14
   days on market $235,000 Active 43 DOM
8. 2026-06-12
   days on market $235,000 Active 42 DOM
9. 2026-06-09
   days on market $235,000 Active 39 DOM
10. 2026-06-08
    days on market $235,000 Active 38 DOM
11. 2026-06-07
    days on market $235,000 Active 37 DOM
12. 2026-06-05
    days on market $235,000 Active 34 DOM
13. 2026-06-03
    days on market $235,000 Active 33 DOM
14. 2026-06-02
    days on market $235,000 Active 32 DOM
15. 2026-06-01
    days on market $235,000 Active 31 DOM
16. 2026-05-31
    days on market $235,000 Active 30 DOM
17. 2026-05-30
    days on market $235,000 Active 29 DOM
18. 2026-05-01
    listed $235,000 Active 413-char remark
19. 2026-03-16
    price $249,500
20. 2025-11-13
    price $260,000

ⓘ 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: $1,905 · $159/mo
• Projected year-2 tax: $1,905 · $159/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 1/10 Low
• 🌡 Heat 4/10 Moderate 8 d/yr ≥98°F today · 20 d/yr by 30 yrs out
• 💨 Wind 1/10 Low
• 🫁 Air quality 2/10 Low 1 unhealthy d/yr today · 2 by 30 yrs out

Taxation est. · year 1

• Rental income: $34,332
• − Mortgage interest: −$13,164
• − Property taxes: −$1,905
• − Insurance: −$6,700
• − Repairs & maintenance: −$2,747
• − Management: −$2,747
• − Depreciation: −$6,836
• Taxable income: $234
• Est. tax owed @ 24.0%: −$56
• After-tax cash flow: $3,673/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: Ohio County Schools
• NCES district ID: 5401050
• Math proficiency: 34% ▼ -9.00%
• Reading proficiency: 49% ▼ -6.00%
• Median HH income: $41,572
• Composite: 34.88/100
• National rank: #5085
• State rank: #5 of 55 in WV

Livability — Wheeling

• Score: 69/100
• State rank: #74
• US rank: #8950

Category grades

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

Schools grade is shown separately in the Schools card above.

Census & demographics

• Census place: Wheeling, WV
• County: Ohio County · 39,982 people
• City population: 39,982
• Metro: Wheeling, WV-OH
• Population (ZIP): 39,982
• Household income: $57,703
• Rent vs Own: 32.5% rent · 67.5% own
• Severe rent burden: 1630.0

Population outlook (Ohio County) Hauer SSP2

• Today (2025): 40,604 people
• By 2030: 39,150 · -3.6%
• By 2040: 36,039 · -11.2%
• By 2050: 33,582 · -17.3%
• By 2075: 28,662 · -29.4%
• By 2100: 22,963 · -43.4%

Race, ethnicity, and origin ACS 2023

• Neighborhood character: Predominantly White (90%)
• Race & ethnicity: White 90% Two or more races 6% Black 3% Hispanic / Latino 2%
• Common ancestry: Romanian 6% Serbian 3% Slovak 2%
• Foreign-born: 3% · Canada
• Languages at home: 97% English-only · Other Indo-European 1% Spanish 1% German/W. Germanic 1%

Political lean MEDSL · Ohio

• 2024 margin: Strong R (+26.0) · D 36.0% · R 62.0% · Other 2.0%
• 2008→2024 swing: -15.3pp toward R · 2008: -10.8pp · 2024: -26.0pp
• All cycles: 2024: R+26.0 2020: R+25.8 2016: R+31.6 2012: R+22.5 2008: R+10.8

Not yet ingested

• Civics: —

Market trends

• HPI YoY: ▼ -68.09%
• Current HPI: 223.4106
• Rent YoY: ▲ 3.03%
• Metro: Wheeling, WV-OH
• State GDP YoY: —
• F500 in state: 0

Price history

-9.6% since first listed

3 events — show timeline

• 2026-05-01 Listed $235,000 WBOR
• 2026-03-16 Price Changed $249,500 WBOR
• 2025-11-13 Price Changed $260,000 WBOR

Property tax history

+2.2%/yr

Latest (2025): $1,905 · +4.8% YoY. Source: county tax records.