24664 Daniel Boone Pkwy

Racine, WV 25145

$389,000F

None bd · None ba · 6,720 sqft · Built 1988 · Townhouse · Active · 31 DOM

Cashflow @ list (25.0% down · 7.5%)

• Estimated rent: $0/mo
• Mortgage (P&I): −$2,040
• Tax + insurance: −$295
• HOA: −$0
• Vac / Maint / Mgmt: −$0
• Net cashflow: $-2,335/mo
• Annual: $-28,016/yr
• Cap rate: -0.91%
• Cash-on-cash: -25.72%
• DSCR: -0.14
• 1% rule: 0.00%
• Cash to close: $108,920

Investor read

• This is a townhouse listed at $389k.
• At list price, monthly cash flow is $-2k ($-28k/yr) — negative.
• Rent doesn't cover operating costs at any purchase price — skip.
• It's been on market 31 days — a 3% lower offer ($377k) is reasonable based on typical stale-listing flexibility.
• Recommended offer: $377k (3.0% below list) — sets the bar for market timing.
• In year one you build about $14k of equity ($3k loan paydown + $12k appreciation (3.0% local appreciation)).
• Location reads 64/100 on livability (#150 in WV) — a middle-class / working-renter tenant base. Strengths: cost of living A+, housing A+, crime B+; Watch: employment C-, amenities F, commute F.
• Boone County Schools (rural): math 26% / reading 36% proficiency, ranked #26 of 55 in WV (top 47%) — families likely to look elsewhere, expect single-tenant / working-renter base with shorter leases.
• Zoned schools: Sherman Elementary School (math 67% / reading 62%, grade B, #8 of 377 statewide, top 2%, 250 students, 0% FRL); Sherman Junior High School (math 24% / reading 41%, grade F, #43 of 109 statewide, top 41%, 251 students, 0% FRL); Sherman High School (math 17% / reading 32%, grade F, #91 of 110 statewide, top 85%, 339 students, 0% FRL) — zoned schools average 0% FRL vs 43% district-wide (43 pts lower); this property's tenant base skews higher-income than the district average.
• Market conditions: 1 active listings in the ZIP; 4 units permitted in Boone County in 2024 (0 in 5+ unit buildings).
• Boone County population projected at -34% by 2050 — secular population decline; favor cash flow + early exit over multi-decade hold.
• 5 sale attempts since 12y 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.
• Current owner paid $132k; list at $389k implies a 195% gain — meaningful room to come down on a strong offer.
• By year 3, paydown + projected appreciation supports a ~$36k cash-out refi (75% LTV) — recoverable capital for the next deal without selling this one.
• Climate carrying-cost: moderate flood risk; major wildfire risk; extreme-heat days projected 7→20/yr by 2055 (HVAC capex compounding) — expect insurance premiums to compound above CPI over the hold.

Questions for listing agent

• What do current leases actually rent for vs. the listed asking? Can we see a recent rent roll and the last 12 months of T-12 income?
• It's been on market 31 days. Have you received any prior offers? Is the seller open to a 3% concession, seller financing, or rate buy-down credit?
• Is there a deadline driving the sale (1031 exchange, divorce, estate, relocation)? That informs how much negotiation room exists.
• 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?
• The area grade is low — what's the realistic commute time and amenity access for the typical tenant pool here? Any planned neighborhood developments (good or bad) we should know about?
• 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.