446 Spring Dr

Stanardsville, VA 22973

$275,000D-

2 bd · 1.0 ba · 1,008 sqft · Built 1971 · SingleFamily · Active · 56 DOM

Cashflow @ list (25.0% down · 7.5%)

• Estimated rent: $1,893/mo
• Mortgage (P&I): −$1,442
• Tax + insurance: −$185
• HOA: −$0
• Vac / Maint / Mgmt: −$398
• Net cashflow: $-131/mo
• Annual: $-1,576/yr
• Cap rate: 5.72%
• Cash-on-cash: -2.05%
• DSCR: 0.91
• 1% rule: 0.69%
• Cash to close: $77,000

Investor read

• This is a 2-bed/1.0-bath single-family listed at $275k.
• At list price, monthly cash flow is $-131 ($-2k/yr) — negative.
• To cash-flow at today's rent, offer at most $252k (8.4% below list).
• To meet the 1% rule (rent ≥ 1% of price), the offer needs to be $189k (31.1% below list).
• It's been on market 56 days — a 3% lower offer ($267k) is reasonable based on typical stale-listing flexibility.
• Recommended offer: $189k (31.1% below list) — sets the bar for 1% rule.
• Local home prices are declining (-3.0%/yr); year-one equity from $2k of loan paydown is wiped out by about $8k of value loss. Plan a longer hold.
• Location reads 69/100 on livability (#243 in VA) — a middle-class / working-renter tenant base. Strengths: health & safety A+, schools A-, cost of living A-; Watch: employment D+, amenities F, commute F.
• Greene County Public School District (town): math 40% / reading 64% proficiency, ranked #88 of 131 in VA (top 67%) — acceptable for families but not a draw, mixed tenant base, ~2y average lease.
• Market conditions: 83 active listings in the ZIP; 204 units permitted in Greene County in 2024 (34 in 5+ unit buildings).
• Greene County population projected at +6% by 2050 — modest demand growth; plan on rents tracking national, not racing it.
• Climate carrying-cost: major wildfire risk — expect insurance premiums to compound above CPI over the hold.
• Cap rate 5.7% vs local median 4.8% in Stanardsville — meaningfully above typical; check what's discounted (condition, days-on-market, listing class) to confirm the premium yield is real.

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 56 days. Have you received any prior offers? Is the seller open to a 31% concession, seller financing, or rate buy-down credit?
• Built in 1971 — 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 A-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?
• 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.