300 Broad St

Bridgewater, VA 22812

$359,900C+

3 bd · 1.5 ba · 2,134 sqft · Built 1900 · MultiFamily · Active · 8 DOM

Cashflow @ list (25.0% down · 7.5%)

• Estimated rent: $4,000/mo
• Mortgage (P&I): −$1,887
• Tax + insurance: −$285
• HOA: −$0
• Vac / Maint / Mgmt: −$840
• Net cashflow: $988/mo
• Annual: $11,857/yr
• Cap rate: 9.59%
• Cash-on-cash: 11.77%
• DSCR: 1.52
• 1% rule: 1.11%
• Cash to close: $100,772

Investor read

• This is a 3-bed/1.5-bath multifamily listed at $360k.
• At list price, monthly cash flow is $988 ($12k/yr) — positive.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($4k rent vs $360k).
• Only 8 days on market — expect competitive offers; lowballing is unlikely to land.
• Local home prices are declining (-3.0%/yr); year-one equity from $2k of loan paydown is wiped out by about $11k of value loss. Plan a longer hold.
• Location reads 72/100 on livability (#190 in VA) — a middle-class / working-renter tenant base. Strengths: crime A+, housing A+, cost of living B; Watch: amenities F, commute F, health & safety D-.
• Rockingham County Public School District (rural): math 47% / reading 64% proficiency, ranked #77 of 131 in VA (top 59%) — acceptable for families but not a draw, mixed tenant base, ~2y average lease.
• Zoned schools: John W. Wayland Elementary (math 53% / reading 63%, grade C+, #583 of 1,108 statewide, top 53%, 516 students, 38% FRL); Wilbur S. Pence Middle (math 46% / reading 64%, grade B-, #189 of 342 statewide, top 56%, 668 students, 39% FRL); Turner Ashby High (math 78% / reading 82%, grade A, #60 of 319 statewide, top 19%, 994 students, 35% FRL).
• Watch-outs: built in 1900 — expect roof / HVAC / electrical / plumbing capex.
• Market conditions: 35 active listings in the ZIP; 2 comparable units currently listed for rent nearby; 683 units permitted in Rockingham County in 2024 (0 in 5+ unit buildings).
• Rockingham County population projected at +6% by 2050 — modest demand growth; plan on rents tracking national, not racing it.
• Current owner paid $112k; list at $360k implies a 223% gain — meaningful room to come down on a strong offer.
• At projected returns (-3.0% appreciation + 3.0% rent growth), your $101k cash investment doubles in ~10 years — after that, you're playing with house money.
• Climate carrying-cost: extreme-heat days projected 7→18/yr by 2055 (HVAC capex compounding) — expect insurance premiums to compound above CPI over the hold.
• Cap rate 9.6% vs local median 3.6% in Bridgewater — 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.

Questions for listing agent

• Built in 1900 — 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?
• 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 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.