202 Old Martinsburg Rd · Shepherdstown, WV 25443

$300,000

5 bd · 2.0 ba · 1,860 sqft · MultiFamily public records · 77 Days on market

Built 1980 0.44 ac lot

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Why this score? — see what drove the B- grade

The composite is a weighted blend of 9 inputs, each scored 0–100. Each bar is that input's sub-score; the figure is the points it added to the 100-point composite (weight × sub-score).

• Cash flow +29.1/30.0
• DSCR +10.0/10.0
• ARV discount +7.5/15.0
• 1% rule +7.0/10.0
• Livability +3.7/5.0
• Schools +3.4/10.0
• Rent growth +2.5/5.0
• Condition / age +2.5/5.0
• Appreciation +0.0/10.0

Multi-family units

County records classify this as Multi-Family (2-4 Unit). Listing-text estimate: 2 units. confirmed

Listing remarks

This 2-unit duplex just outside Shepherdstown offers incredible flexibility and income potential. Whether you're an investor seeking a strong rental opportunity or an owner-occupant looking to offset your mortgage, this property checks all the boxes. Live in one unit and rent the other, or maximize income by leasing both. Ideal for those with students attending Shepherd University, this property provides a smart housing solution—live on-site while generating rental income from the second unit or additional bedrooms. Set on a large lot backing to trees, the outdoor space offers privacy and room to enjoy nature. Each unit features its own private driveway and parking area for added conv

Key facts

• Easy access
• Parking area
• Private driveway

Tags

• LARGE LOT
• PRIVATE DRIVEWAY
• PARKING AREA
• STORAGE BUILDING
• LANDSCAPED YARD
• EASY ACCESS

Property features AI

Finance

• Other: Total below-grade area estimated at 960 (finished); Total above-grade finished area estimated at 960 (finished)
• Financial info: Two total units; Both units currently leased month-to-month; Income reported from apartment rentals; Operating expenses include insurance; No rent control
• HOA & community: No HOA information provided

Exterior

• Parking: Gravel driveway; Driveway parking with 10 spaces (total garage and parking spaces: 10)
• Security: Secure storage available
• Utilities: Public water; Septic system (size tied to number of bedrooms); Electric available with circuit breakers; Hot water: electric; Cable TV and phone available
• Home design: Detached structure; Composite roof; Double-hung windows; Fee simple ownership; Property in good condition; Estimated year built
• Construction: Combination construction materials; Slab foundation
• Exterior features: Outbuilding(s) and secure storage; Shed; Backs to trees; Cleared areas with landscaping; Front yard and rear yard; Side yards; Road frontage; Year-round access

Interior

• Kitchen: Eat-in kitchen; Kitchen with table space
• Bedrooms: Entry-level bedroom; One two-bedroom unit and one three-bedroom unit (multi-unit property)
• Flooring: Carpet; Vinyl
• Bathrooms: Bathrooms include tub shower and stall shower configurations
• Heating & cooling: Electric baseboard heating; Window air conditioning units (electric)
• Interior features: Storm and insulated doors; Tub shower and stall shower; Combination kitchen/dining area; Eat-in kitchen with table space; Traditional floor plan; Drywall walls and ceilings; Estimated living area
• Laundry & utility: Washer/dryer information not provided

What this means for you Summary

Snapshot

• This is a 2 × 2-bed/1.0-bath units multifamily listed at $300k.

Deal economics

• At list price, monthly cash flow is $1k ($12k/yr) — positive. Per door: $516/mo.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($4k rent vs $300k).
• Recommended offer: $282k (6.0% below list) — sets the bar for market timing.
• Cap rate 10.4% vs local median 2.1% in Shepherdstown — 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.

Location & tenants

• Location reads 73/100 on livability (#37 in WV) — a middle-class / working-renter tenant base. Strengths: crime A+, health & safety A+, housing A-; Watch: cost of living D, amenities F, commute F.
• Jefferson County Schools (rural): math 29% / reading 46% proficiency, ranked #6 of 55 in WV (top 11%) — families likely to look elsewhere, expect single-tenant / working-renter base with shorter leases.
• Zoned schools: Shepherdstown Elementary School (math 47% / reading 52%, grade D, #49 of 377 statewide, top 16%, 358 students, 0% FRL); Shepherdstown Middle School (math 25% / reading 52%, grade F, #23 of 109 statewide, top 21%, 331 students, 0% FRL); Jefferson High School (math 30% / reading 62%, grade D-, #9 of 110 statewide, top 7%, 1,444 students, 0% FRL) — zoned schools average 0% FRL vs 33% district-wide (33 pts lower); this property's tenant base skews higher-income than the district average.
• Market conditions: 52 active listings in the ZIP; 1,162 units permitted in Jefferson County in 2024 (360 in 5+ unit buildings).

Forward outlook

• Local home prices are declining (-3.0%/yr); year-one equity from $2k of loan paydown is wiped out by about $9k of value loss. Plan a longer hold.
• Jefferson County population projected at +13% by 2050 — modest demand growth; plan on rents tracking national, not racing it.
• At projected returns (-3.0% appreciation + 3.0% rent growth), your $84k cash investment doubles in ~8 years — after that, you're playing with house money.

Negotiation context

• It's been on market 77 days — a 6% lower offer ($282k) is reasonable based on typical stale-listing flexibility.

Risks & watch-outs

• Climate carrying-cost: extreme-heat days projected 7→16/yr by 2055 (HVAC capex compounding) — expect insurance premiums to compound above CPI over the hold.

Recommended offer $282,000 (6.0% below list)

Questions for the listing agent

1. It's been on market 77 days. Have you received any prior offers? Is the seller open to a 6% concession, seller financing, or rate buy-down credit?
2. Can we see the unit-by-unit rent roll, current vacancy, and any below-market leases? What's the average tenancy length?
3. What capital expenditures (roof, boiler, parking lot, exteriors) have been made in the last 5 years, and what's planned in the next 2?
4. Why hasn't it sold? Are there any deal-killer items the seller is aware of (foundation, flood, title, zoning, code violations)?
5. Is there a deadline driving the sale (1031 exchange, divorce, estate, relocation)? That informs how much negotiation room exists.
6. Schools are B-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?
7. 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.
8. 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.
9. 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.

Investment metrics

• 1% rule: 1.20% ✓
• Cap rate: 10.42%
• Cash-on-cash: 14.75%
• DSCR: 1.66
• GRM: 6.9

CMA / ARV

No comps found within radius.

Projected returns pro-forma

-3.0% appreciation · 3.0% rent growth · sell at horizon

5-year hold

• IRR: 5.2%
• Equity multiple: 1.20×
• Total profit: $17,049
• Equity at exit: $44,731

10-year hold

• IRR: 14.6%
• Equity multiple: 2.18×
• Total profit: $99,101
• Equity at exit: $25,939

Cash invested: $84,000 (down + closing). Projections, not guarantees.

Landlord ↔ Tenant lean methodology

• Overall (STATE): 83 Strongly Landlord-Friendly
• State West Virginia: 83 Strongly Landlord-Friendly · R+22
• County: — inherits STATE
• City: — inherits STATE

Landlord-favorable; preempted; minimal protections.

Methodology + full state rankings →

ZIP-level market 25443

• Home prices YoY: -3.7%
• Active inventory: 52
• Price-to-rent: 13.9×

Monthly cashflow live

• Estimated rent: $3,600 medium
• Mortgage (P&I): −$1,573
• Tax from tax record: −$113 /mo · $1,358/yr
• Insurance: −$125
• HOA: −$0
• Vacancy / Maint / Mgmt: −$756
• Net cashflow: $1,033

Break-even live

Break-even rent $2,293

Max offer price $300,000

Occupancy floor 66%

2-unit breakdown (identical units grouped — click to expand)

Units	Beds	Baths	Est. rent
▸ 2× units	2	1	$3,600
Total (2 units)			$3,600

UW: 25.0% down · 7.5% · 30yr · 1.5% tax · 5.0% vac · 8.0% maint · 8.0% mgmt

Financing live

Cash to close

• Down payment: $75,000
• Closing costs: $9,000
• Reserves months: —
• Total cash needed: —

Listing history 15 events

1. 2026-06-18
   days on market $300,000 Active 77 DOM
2. 2026-06-17
   days on market $300,000 Active 76 DOM
3. 2026-06-16
   days on market $300,000 Active 75 DOM
4. 2026-06-15
   days on market $300,000 Active 74 DOM
5. 2026-06-13
   days on market $300,000 Active 72 DOM
6. 2026-06-13
   days on market $300,000 Active 71 DOM
7. 2026-06-09
   days on market $300,000 Active 68 DOM
8. 2026-06-08
   days on market $300,000 Active 67 DOM
9. 2026-06-07
   days on market $300,000 Active 66 DOM
10. 2026-06-04
    days on market $300,000 Active 63 DOM
11. 2026-06-03
    days on market $300,000 Active 62 DOM
12. 2026-06-02
    days on market $300,000 Active 61 DOM
13. 2026-06-01
    days on market $300,000 Active 60 DOM
14. 2026-05-31
    days on market $300,000 Active 59 DOM
15. 2026-04-02
    listed $300,000 Active

ⓘ Source: listings_history table (triggers on properties + properties_extension) + one-shot backfill from property_details.listing_events for pre-trigger history.

Tax reassessment forecast WV · Resets to sale price

• Current annual tax: $1,358 · $113/mo
• Projected year-2 tax: $1,770 · $148/mo
• Expected delta: +$412/yr (+$34/mo · 30.4%)

ⓘ Screening estimate from a state-policy table — verify with the county assessor before closing.

Climate risk First Street

• 🌊 Flood 1/10 Low FEMA zone X (unshaded) · 0% chance over 30 yrs
• 🔥 Wildfire 2/10 Low
• 🌡 Heat 5/10 Major 7 d/yr ≥102°F today · 16 d/yr by 30 yrs out
• 💨 Wind 2/10 Low 3% chance of damaging wind over 30 yrs
• 🫁 Air quality 2/10 Low 1 unhealthy d/yr today · 1 by 30 yrs out

Taxation est. · year 1

• Rental income: $43,200
• − Mortgage interest: −$16,805
• − Property taxes: −$1,358
• − Insurance: −$1,500
• − Repairs & maintenance: −$3,456
• − Management: −$3,456
• − Depreciation: −$8,727
• Taxable income: $7,898
• Est. tax owed @ 24.0%: −$1,896
• After-tax cash flow: $10,496/yr

For passive investors: Depreciation is non-cash, so a rental often shows a tax loss while cash-flowing — sheltering income. Rental losses are passive: they offset passive income freely, and up to $25,000/yr can offset ordinary (W-2) income if you actively participate and your MAGI is under $100k (phasing out to $0 by $150k); unused losses carry forward. On sale, claimed depreciation is recaptured at up to 25%, and gains may owe capital-gains tax (a 1031 exchange can defer both). Figures are a year-1 estimate at your 24.0% rate — not tax advice; consult a CPA.

Schools (NCES district)

• District: Jefferson County Schools
• NCES district ID: 5400570
• Math proficiency: 29% ▼ -13.00%
• Reading proficiency: 46% ▼ -7.00%
• Median HH income: $67,038
• Composite: 33.98/100
• National rank: #5322
• State rank: #6 of 55 in WV

Livability — Shepherdstown

• Score: 73/100
• State rank: #37
• US rank: #5289

Category grades

Amenities F Commute F Cost of living D Crime A+ Employment B+ Housing A- Health & safety A+ User ratings C-

Schools grade is shown separately in the Schools card above.

Census & demographics

• Population (ZIP): 7,298

Population outlook (Jefferson County) Hauer SSP2

• Today (2025): 61,715 people
• By 2030: 64,052 · +3.8%
• By 2040: 67,713 · +9.7%
• By 2050: 69,843 · +13.2%
• By 2075: 72,679 · +17.8%
• By 2100: 71,872 · +16.5%

Race, ethnicity, and origin ACS 2023

• Neighborhood character: Predominantly White (85%)
• Race & ethnicity: White 85% Two or more races 9% Hispanic / Latino 5% Black 4%
• Hispanic origin (detail): Mexican 2%
• Common ancestry: Italian 5% Romanian 4% Slovak 3%
• Foreign-born: 3% · Canada
• Languages at home: 97% English-only · Spanish 1%

Political lean MEDSL · Jefferson

• 2024 margin: R (+15.8) · D 41.0% · R 56.8% · Other 2.1%
• 2008→2024 swing: -20.6pp toward R · 2008: 4.8pp · 2024: -15.8pp
• All cycles: 2024: R+15.8 2020: R+10.5 2016: R+15.3 2012: R+4.0 2008: D+4.8

Not yet ingested

• Civics: —

Market trends

• HPI YoY: ▼ -11.00%
• Current HPI: 286.7556
• Rent YoY: —
• Metro: —
• State GDP YoY: —
• F500 in state: 0

Price history

1 event — show timeline

• 2026-04-02 Listed $300,000 BRIGHT MLS

Property tax history

+3.5%/yr

Latest (2021): $1,358 · +17.6% YoY. Source: county tax records.