24 Robertson Dr

Stuart, VA 24171

$39,000B

2 bd · 1.0 ba · 930 sqft · Built 1940 · SingleFamily · Active · 80 DOM

Cashflow @ list (25.0% down · 7.5%)

• Estimated rent: $879/mo
• Mortgage (P&I): −$205
• Tax + insurance: −$23
• HOA: −$0
• Vac / Maint / Mgmt: −$185
• Net cashflow: $466/mo
• Annual: $5,595/yr
• Cap rate: 20.64%
• Cash-on-cash: 51.24%
• DSCR: 3.28
• 1% rule: 2.25%
• Cash to close: $10,920

Investor read

• This is a 2-bed/1.0-bath single-family listed at $39k.
• At list price, monthly cash flow is $466 ($6k/yr) — positive.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($879 rent vs $39k).
• It's been on market 80 days — a 6% lower offer ($37k) is reasonable based on typical stale-listing flexibility.
• Recommended offer: $37k (6.0% below list) — sets the bar for market timing.
• Local home prices are declining (-3.0%/yr); year-one equity from $270 of loan paydown is wiped out by about $1k of value loss. Plan a longer hold.
• Location reads 68/100 on livability (#281 in VA) — a middle-class / working-renter tenant base. Strengths: crime A+, cost of living A+, housing B+; Watch: amenities F, commute F, employment F.
• Patrick County Public School District (rural): math 69% / reading 77% proficiency, ranked #18 of 131 in VA (top 14%) — strong family-tenant draw, lease renewals of 3-5y typical.
• Zoned schools: Stuart Elementary (math 75% / reading 81%, grade A, #164 of 1,108 statewide, top 15%, 380 students, 81% FRL); Hardin Reynolds Memorial School (math 67% / reading 77%, grade A, #65 of 342 statewide, top 21%, 217 students, 82% FRL); Patrick County High (math 66% / reading 76%, grade B+, #146 of 319 statewide, top 47%, 851 students, 82% FRL) — zoned schools average 81% FRL vs 45% district-wide (36 pts higher); higher-poverty schools than district average — tighter screening recommended.
• Watch-outs: built in 1940 — expect roof / HVAC / electrical / plumbing capex.
• Market conditions: 107 active listings in the ZIP; 28 units permitted in Patrick County in 2024 (0 in 5+ unit buildings).
• Patrick County population projected at -26% 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.
• Current owner paid $7k; list at $39k implies a 474% gain — meaningful room to come down on a strong offer.
• At projected returns (-3.0% appreciation + 3.0% rent growth), your $11k cash investment doubles in ~3 years — after that, you're playing with house money.
• Cap rate 20.6% vs local median 3.2% in Stuart — 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

• It's been on market 80 days. Have you received any prior offers? Is the seller open to a 6% concession, seller financing, or rate buy-down credit?
• Built in 1940 — when were the roof, HVAC, electrical panel, plumbing, and water heater last replaced?
• Why hasn't it sold? Are there any deal-killer items the seller is aware of (foundation, flood, title, zoning, code violations)?
• 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 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.