289 Wise Ln

West Point, VA 23110

$130,000C

3 bd · 1.0 ba · 1,232 sqft · Built 1970 · SingleFamily · Under Contract · 133 DOM

Cashflow @ list (25.0% down · 7.5%)

• Estimated rent: $1,229/mo
• Mortgage (P&I): −$682
• Tax + insurance: −$109
• HOA: −$0
• Vac / Maint / Mgmt: −$258
• Net cashflow: $181/mo
• Annual: $2,168/yr
• Cap rate: 7.96%
• Cash-on-cash: 5.96%
• DSCR: 1.27
• 1% rule: 0.95%
• Cash to close: $36,400

Investor read

• This is a 3-bed/1.0-bath single-family listed at $130k.
• At list price, monthly cash flow is $181 ($2k/yr) — positive.
• The deal already cash-flows at list — no discount required.
• To meet the 1% rule (rent ≥ 1% of price), the offer needs to be $123k (5.4% below list).
• It's been on market 133 days — a 12% lower offer ($114k) is reasonable based on typical stale-listing flexibility.
• Recommended offer: $114k (12.0% below list) — sets the bar for market timing.
• In year one you build about $4k of equity ($899 loan paydown + $3k appreciation (2.3% local appreciation)).
• Location reads 76/100 on livability (#111 in VA, #3,458 nationally) — a middle-class / working-renter tenant base. Strengths: crime A+, employment A+, housing A+; Watch: amenities F, commute F.
• King And Queen County Public School District (rural): math 35% / reading 63% proficiency, ranked #101 of 131 in VA (top 77%) — families likely to look elsewhere, expect single-tenant / working-renter base with shorter leases.
• Zoned schools: King & Queen Elementary (math 32% / reading 67%, grade D, #742 of 1,108 statewide, top 70%, 274 students, 107% FRL); Central High (math 37% / reading 77%, grade C, #263 of 319 statewide, top 84%, 273 students, 105% FRL) — zoned schools average 106% FRL vs 53% district-wide (53 pts higher); higher-poverty schools than district average — tighter screening recommended.
• Market conditions: 7 active listings in the ZIP; 36 units permitted in King and Queen County in 2024 (0 in 5+ unit buildings).
• King and Queen County population projected at +4% by 2050 — modest demand growth; plan on rents tracking national, not racing it.
• 5 sale attempts; this cycle's ask has dropped $40k (24%) from the opening price — seller is motivated, your offer sets the floor, not the list.
• At projected returns (2.3% appreciation + 3.0% rent growth), your $36k cash investment doubles in ~6 years — after that, you're playing with house money.
• By year 9, paydown + projected appreciation supports a ~$33k cash-out refi (75% LTV) — recoverable capital for the next deal without selling this one.
• Climate carrying-cost: major wind risk, 65% chance of damaging wind over 30y; extreme-heat days projected 7→16/yr by 2055 (HVAC capex compounding) — expect insurance premiums to compound above CPI over the hold.
• Cap rate 8.0% vs local median 3.4% in West Point — 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 133 days. Have you received any prior offers? Is the seller open to a 12% concession, seller financing, or rate buy-down credit?
• Built in 1970 — 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.