535-537 Roundhouse Way · Martinsburg, WV 25404

$370,000

8 bd · 0.0 ba · 3,504 sqft · MultiFamily · 154 Days on market

Built 1920 0.25 ac lot

---

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 +30.0/30.0
• 1% rule +10.0/10.0
• DSCR +10.0/10.0
• ARV discount +7.5/15.0
• Rent growth +4.1/5.0
• Livability +3.8/5.0
• Schools +2.6/10.0
• 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: 4 units. confirmed

Listing remarks

Great opportunity to start into the rental business or bolster your current portfolio. This 4 unit building has separate water and electric metering. Washer & Dryer hook up in each unit. Each unit has 2 bedrooms in a spacious design. Each unit is rented at $900.00 to $1000.00 a month. Don't miss this opportunity. Property is 100% occupied and leases in place.

Key facts

• 4 unit building
• 100 percent occupied
• 0.25 acre lot

Tags

• SEPARATE WATER METERING
• SEPARATE ELECTRIC METERING
• WASHER AND DRYER HOOK UP
• 4 UNIT BUILDING
• 100 PERCENT OCCUPIED

Property features AI

Finance

• Other: Ownership: Fee simple; Property condition: Average
• Financial info: Property sold/operated as 4-unit multifamily; Gross annual rental income listed as $45,600; Income source: apartment rentals; Operating expenses include trash and snow removal; Existing leases are month-to-month; No rent control
• HOA & community: Not specified

Exterior

• Parking: Total of 8 garage/parking spaces; Driveway with 4 spaces; 4 off-street spaces
• Security: Not specified
• Utilities: Public water; Public sewer; 200+ amp electric service; Cable TV available; DSL available; Fiber optic available; Phone service available; Municipal trash service
• Home design: Detached structure; Building not winterized
• Construction: Wood siding exterior; Stone foundation; Year built: (source: Assessor)
• Exterior features: Open lot; Above-grade and below-grade structures

Interior

• Kitchen: Refrigerator; Stove
• Bedrooms: Four 2-bedroom units (all leased month-to-month)
• Flooring: Not specified
• Bathrooms: Not specified
• Heating & cooling: Central A/C; Electric baseboard heating; Electric hot water
• Interior features: Traditional floor plan; Eat-in kitchen; Full basement
• Laundry & utility: Not specified

What this means for you Summary

Snapshot

• This is a 4 × 2-bed/?-bath units multifamily listed at $370k.

Deal economics

• At list price, monthly cash flow is $2k ($27k/yr) — positive. Per door: $570/mo.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($6k rent vs $370k).
• Recommended offer: $326k (12.0% below list) — sets the bar for market timing.
• Cap rate 13.7% vs local median 4.0% in Martinsburg — 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 75/100 on livability (#29 in WV, #4,057 nationally) — a middle-class / working-renter tenant base. Strengths: amenities A+, cost of living A+, housing A+; Watch: commute F, employment D-.
• Berkeley County Schools (other): math 21% / reading 38% proficiency, ranked #24 of 55 in WV (top 44%) — low school quality limits family demand, transient renter base, plan for 1-2y turnover.
• Market conditions: Rents rising fast (+6.3%/yr); 109 active listings in the ZIP; 1,460 units permitted in Berkeley County in 2024 (16 in 5+ unit buildings).
• At $6,123/mo this rent would consume 104% of the median local household income ($71k/yr) (locally 833% 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 $3k of loan paydown is wiped out by about $11k of value loss. Plan a longer hold.
• Berkeley County population projected at +25% by 2050 — long-run rental-demand tailwind backs the buy-and-hold thesis.
• At projected returns (-3.0% appreciation + 6.3% rent growth), your $104k cash investment doubles in ~5 years — after that, you're playing with house money.

Negotiation context

• It's been on market 154 days — a 12% lower offer ($326k) is reasonable based on typical stale-listing flexibility.

Risks & watch-outs

• Watch-outs: built in 1920 — expect roof / HVAC / electrical / plumbing capex.

Recommended offer $325,600 (12.0% below list)

Questions for the listing agent

1. It's been on market 154 days. Have you received any prior offers? Is the seller open to a 12% 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 1920 — when were the roof, HVAC, electrical panel, plumbing, and water heater last replaced?
5. Why hasn't it sold? Are there any deal-killer items the seller is aware of (foundation, flood, title, zoning, code violations)?
6. Is there a deadline driving the sale (1031 exchange, divorce, estate, relocation)? That informs how much negotiation room exists.
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 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: 1.65% ✓
• Cap rate: 13.69%
• Cash-on-cash: 26.41%
• DSCR: 2.18
• GRM: 5.0

CMA / ARV

No comps found within radius.

Projected returns pro-forma

-3.0% appreciation · 6.3% rent growth · sell at horizon

5-year hold

• IRR: 23.9%
• Equity multiple: 2.03×
• Total profit: $106,365
• Equity at exit: $55,168

10-year hold

• IRR: 33.8%
• Equity multiple: 4.59×
• Total profit: $372,235
• Equity at exit: $31,991

Cash invested: $103,600 (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 25404

• Home prices YoY: -10.7%
• Rents YoY: 6.3%
• Active inventory: 109
• Price-to-rent: 20.1×

Monthly cashflow live

• Estimated rent: $6,123 medium
• Mortgage (P&I): −$1,940
• Tax est. 1.5%: −$462 /mo · $5,550/yr
• Insurance: −$154
• HOA: −$0
• Vacancy / Maint / Mgmt: −$1,286
• Net cashflow: $2,280

Break-even live

Break-even rent $3,237

Max offer price $370,000

Occupancy floor 58%

Sensitivity live

Price	-10% $2,536	-5% $2,408	+0% $2,280	+5% $2,152	+10% $2,024
Rent	-10% $1,796	-5% $2,038	+0% $2,280	+5% $2,522	+10% $2,764
Rate	-1.0pp $2,467	-0.5pp $2,374	base $2,280	+0.5pp $2,184	+1.0pp $2,087

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

Units	Beds	Baths	Est. rent
▸ 4× units	2	—	$6,124
Total (4 units)			$6,123

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: $92,500
• Closing costs: $11,100
• Reserves months: —
• Total cash needed: —

Listing history 15 events

1. 2026-06-18
   days on market $370,000 Active 154 DOM
2. 2026-06-17
   days on market $370,000 Active 153 DOM
3. 2026-06-16
   days on market $370,000 Active 152 DOM
4. 2026-06-15
   days on market $370,000 Active 151 DOM
5. 2026-06-14
   days on market $370,000 Active 149 DOM
6. 2026-06-13
   days on market $370,000 Active 148 DOM
7. 2026-06-10
   days on market $370,000 Active 146 DOM
8. 2026-06-09
   days on market $370,000 Active 145 DOM
9. 2026-06-08
   days on market $370,000 Active 144 DOM
10. 2026-06-07
    days on market $370,000 Active 143 DOM
11. 2026-06-02
    days on market $370,000 Active 138 DOM
12. 2026-06-01
    days on market $370,000 Active 137 DOM
13. 2026-05-31
    days on market $370,000 Active 136 DOM
14. 2026-05-30
    days on market $370,000 Active 135 DOM
15. 2026-01-15
    listed $370,000 Active

ⓘ Source: listings_history table (triggers on properties + properties_extension) + one-shot backfill from property_details.listing_events for pre-trigger history.

Taxation est. · year 1

• Rental income: $73,476
• − Mortgage interest: −$20,726
• − Property taxes: −$5,550
• − Insurance: −$1,850
• − Repairs & maintenance: −$5,878
• − Management: −$5,878
• − Depreciation: −$10,764
• Taxable income: $22,830
• Est. tax owed @ 24.0%: −$5,479
• After-tax cash flow: $21,883/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: Berkeley County Schools
• NCES district ID: 5400060
• Math proficiency: 21% ▼ -12.00%
• Reading proficiency: 38% ▼ -6.00%
• Median HH income: $54,599
• Composite: 26.16/100
• National rank: #7273
• State rank: #24 of 55 in WV

Livability — Martinsburg

• Score: 75/100
• State rank: #29
• US rank: #4057

Category grades

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

Schools grade is shown separately in the Schools card above.

Census & demographics

• County: Berkeley County · 85,235 people
• City population: 55,439
• Metro: Hagerstown-Martinsburg, MD-WV
• Population (ZIP): 23,990
• Household income: $70,633
• Rent vs Own: 40.0% rent · 60.0% own
• Severe rent burden: 833.0

Population outlook (Berkeley County) Hauer SSP2

• Today (2025): 127,359 people
• By 2030: 134,684 · +5.8%
• By 2040: 148,219 · +16.4%
• By 2050: 159,300 · +25.1%
• By 2075: 179,920 · +41.3%
• By 2100: 183,896 · +44.4%

Race, ethnicity, and origin ACS 2023

• Neighborhood character: Predominantly White (78%)
• Race & ethnicity: White 78% Black 9% Two or more races 8% Hispanic / Latino 7% Asian 1%
• Hispanic origin (detail): Mexican 3% Puerto Rican 1%
• Common ancestry: Slovak 3% Romanian 3% Italian 1%
• Foreign-born: 6% · Canada, South Korea
• Languages at home: 94% English-only · Spanish 5%

Political lean MEDSL · Berkeley

• 2024 margin: Solid R (+35.8) · D 31.2% · R 67.0% · Other 1.8%
• 2008→2024 swing: -22.8pp toward R · 2008: -13.0pp · 2024: -35.8pp
• All cycles: 2024: R+35.8 2020: R+31.2 2016: R+37.2 2012: R+21.3 2008: R+13.0

Not yet ingested

• Civics: —

Market trends

• HPI YoY: ▼ -24.58%
• Current HPI: 205.3277
• Rent YoY: ▲ 6.30%
• Metro: Hagerstown-Martinsburg, MD-WV
• State GDP YoY: —
• F500 in state: 0

Price history

1 event — show timeline

• 2026-01-15 Listed $370,000 BRIGHT MLS