5 Mountain Village Ln #26

Meadows of Dan, VA 24120

$229,900C-

1 bd · 1.0 ba · 975 sqft · Built 2006 · SingleFamily · Active · 3 DOM

Cashflow @ list (25.0% down · 7.5%)

• Estimated rent: $2,450/mo
• Mortgage (P&I): −$1,206
• Tax + insurance: −$383
• HOA: −$75
• Vac / Maint / Mgmt: −$514
• Net cashflow: $272/mo
• Annual: $3,261/yr
• Cap rate: 7.71%
• Cash-on-cash: 5.07%
• DSCR: 1.23
• 1% rule: 1.07%
• Cash to close: $64,372

Investor read

• This is a 1-bed/1.0-bath single-family listed at $230k. Condition is rated good.
• At list price, monthly cash flow is $272 ($3k/yr) — positive.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($2k rent vs $230k).
• Only 3 days on market — expect competitive offers; lowballing is unlikely to land.
• In year one you build about $16k of equity ($2k loan paydown + $15k appreciation (6.5% local appreciation)).
• Location reads: area grade C — affects rentability + tenant quality, not the cash-flow math above.
• 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: Meadows of Dan Elementary (math 67% / reading 82%, grade A, #220 of 1,108 statewide, top 22%, 401 students, 21% FRL); Patrick County High (math 66% / reading 76%, grade B+, #146 of 319 statewide, top 47%, 851 students, 82% FRL).
• Market conditions: 53 active listings in the ZIP; 1 comparable units currently listed for rent nearby; 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.
• At projected returns (6.5% appreciation + 3.0% rent growth), your $64k cash investment doubles in ~4 years — after that, you're playing with house money.
• By year 3, paydown + projected appreciation supports a ~$41k cash-out refi (75% LTV) — recoverable capital for the next deal without selling this one.
• Cap rate 7.7% vs local median 1.1% in Meadows of Dan — 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

• What does the HOA fee cover, when was the last increase, and are there any pending special assessments or reserve-fund shortfalls?
• Is there a deadline driving the sale (1031 exchange, divorce, estate, relocation)? That informs how much negotiation room exists.
• This sits on a lake — are riparian / water-frontage rights deeded with the parcel? Any dock permits, shoreline easements, or HOA water-use restrictions?
• What's the documented flood / surge / shoreline-erosion history here (FEMA AND non-FEMA — e.g., storm surge, creek backup, septic-field saturation)?
• Any water-quality or seasonal algae-bloom issues that affect tenant satisfaction or short-term-rental demand?
• 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.