1576 Washington St E

Charleston, WV 25311

$140,000B

4 bd · 2.0 ba · 2,164 sqft · Built 1930 · MultiFamily · Pending · 25 DOM

Cashflow @ list (25.0% down · 7.5%)

• Estimated rent: $1,967/mo
• Mortgage (P&I): −$734
• Tax + insurance: −$233
• HOA: −$0
• Vac / Maint / Mgmt: −$413
• Net cashflow: $586/mo
• Annual: $7,037/yr
• Cap rate: 11.32%
• Cash-on-cash: 17.95%
• DSCR: 1.80
• 1% rule: 1.41%
• Cash to close: $39,200

Investor read

• This is a 4-bed/2.0-bath multifamily listed at $140k. Condition is rated good.
• At list price, monthly cash flow is $586 ($7k/yr) — positive.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($2k rent vs $140k).
• It's been on market 25 days — a 2% lower offer ($138k) is reasonable based on typical stale-listing flexibility.
• Recommended offer: $138k (1.5% below list) — sets the bar for market timing.
• Local home prices are declining (-3.0%/yr); year-one equity from $968 of loan paydown is wiped out by about $4k of value loss. Plan a longer hold.
• Location reads 85/100 on livability (#3 in WV, #524 nationally) — a professional / high-income tenant draw. Strengths: amenities A+, commute A+, cost of living A+; Watch: crime F.
• Kanawha County Schools (suburban): math 29% / reading 40% proficiency, ranked #17 of 55 in WV (top 31%) — families likely to look elsewhere, expect single-tenant / working-renter base with shorter leases.
• Zoned schools: Piedmont Year-Round Education (math 17% / reading 22%, grade F, #350 of 377 statewide, top 95%, 258 students, 0% FRL); Horace Mann Middle School (math 35% / reading 42%, grade F, #23 of 109 statewide, top 21%, 399 students, 0% FRL); Capital High School (math 22% / reading 52%, grade F, #32 of 110 statewide, top 34%, 1,086 students, 0% FRL) — zoned schools average 0% FRL vs 46% district-wide (46 pts lower); this property's tenant base skews higher-income than the district average.
• Watch-outs: built in 1930 — expect roof / HVAC / electrical / plumbing capex.
• Market conditions: 61 active listings in the ZIP; 103 units permitted in Kanawha County in 2024 (0 in 5+ unit buildings).
• Kanawha County population projected at -17% by 2050 — secular population decline; favor cash flow + early exit over multi-decade hold.
• 2 sale attempts 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.
• At projected returns (-3.0% appreciation + 3.0% rent growth), your $39k cash investment doubles in ~7 years — after that, you're playing with house money.
• Cap rate 11.3% vs local median 3.8% in Charleston — 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 1930 — 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?
• 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?
• 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.