519 Riverside Dr

Welch, WV 24801

$21,000D+

3 bd · 1.0 ba · 1,613 sqft · Built 1929 · SingleFamily · Active · 67 DOM

Cashflow @ list (25.0% down · 7.5%)

• Estimated rent: $1,218/mo
• Mortgage (P&I): −$110
• Tax + insurance: −$57
• HOA: −$0
• Vac / Maint / Mgmt: −$256
• Net cashflow: $795/mo
• Annual: $9,542/yr
• Cap rate: 51.73%
• Cash-on-cash: 162.28%
• DSCR: 8.22
• 1% rule: 5.80%
• Cash to close: $5,880

Investor read

• This is a 3-bed/1.0-bath single-family listed at $21k.
• At list price, monthly cash flow is $795 ($10k/yr) — positive.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($1k rent vs $21k).
• It's been on market 67 days — a 6% lower offer ($20k) is reasonable based on typical stale-listing flexibility.
• Recommended offer: $20k (6.0% below list) — sets the bar for market timing.
• Local home prices are declining (-1.6%/yr); year-one equity from $145 of loan paydown is wiped out by about $337 of value loss. Plan a longer hold.
• Location reads 65/100 on livability (#126 in WV) — a middle-class / working-renter tenant base. Strengths: crime A+, cost of living A+, housing A-; Watch: schools F, amenities F, commute F.
• Mcdowell County Schools (rural): math 14% / reading 28% proficiency, ranked #55 of 55 in WV (top 100%) — low school quality limits family demand, transient renter base, plan for 1-2y turnover; 70% free/reduced lunch — lower-income household profile, screen leases tightly.
• Watch-outs: property tax is 2.7% of price; built in 1929 — expect roof / HVAC / electrical / plumbing capex.
• Market conditions: 12 active listings in the ZIP; 7 units permitted in McDowell County in 2024 (0 in 5+ unit buildings).
• McDowell County population projected at -48% by 2050 — secular population decline; favor cash flow + early exit over multi-decade hold.
• 5 sale attempts since 2y ago; this cycle's ask has dropped $3k (12%) from the opening price — seller is motivated, your offer sets the floor, not the list.
• Current owner paid $6k; list at $21k implies a 250% gain — meaningful room to come down on a strong offer.
• At projected returns (-1.6% appreciation + 3.0% rent growth), your $6k cash investment doubles in ~1 year — after that, you're playing with house money.

Questions for listing agent

• It's been on market 67 days. Have you received any prior offers? Is the seller open to a 6% concession, seller financing, or rate buy-down credit?
• Built in 1929 — when were the roof, HVAC, electrical panel, plumbing, and water heater last replaced?
• Property tax is high relative to price — has the assessment been appealed recently, and will the sale trigger a re-assessment?
• 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 F-rated, which usually means shorter tenancies and higher turnover. Who's the typical renter profile here, and what's been the actual vacancy rate?
• The area grade is low — what's the realistic commute time and amenity access for the typical tenant pool here? Any planned neighborhood developments (good or bad) we should know about?
• 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.