350 Eagles Rd

Rocky Gap, VA 24366

$69,500B+

2 bd · 1.0 ba · 801 sqft · Built 1960 · SingleFamily · Active · 33 DOM

Cashflow @ list (25.0% down · 7.5%)

• Estimated rent: $861/mo
• Mortgage (P&I): −$364
• Tax + insurance: −$509
• HOA: −$0
• Vac / Maint / Mgmt: −$181
• Net cashflow: $-193/mo
• Annual: $-2,319/yr
• Cap rate: 10.91%
• Cash-on-cash: 16.47%
• DSCR: 1.73
• 1% rule: 1.24%
• Cash to close: $19,460

Investor read

• This is a 2-bed/1.0-bath single-family listed at $70k.
• At list price, monthly cash flow is $-193 ($-2k/yr) — negative.
• To cash-flow at today's rent, offer at most $35k (49.1% below list).
• Meets the 1% rule at list price ($861 rent vs $70k).
• It's been on market 33 days — a 3% lower offer ($67k) is reasonable based on typical stale-listing flexibility.
• Recommended offer: $35k (49.1% below list) — sets the bar for cash-flow.
• In year one you build about $5k of equity ($481 loan paydown + $5k appreciation (6.5% local appreciation)).
• Location reads: area grade B — affects rentability + tenant quality, not the cash-flow math above.
• Bland County Public School District (rural): math 62% / reading 80% proficiency, ranked #23 of 131 in VA (top 18%) — strong family-tenant draw, lease renewals of 3-5y typical.
• Zoned schools: Bland County Elementary (math 57% / reading 72%, grade B, #416 of 1,108 statewide, top 41%, 371 students, 67% FRL); Bland County High (math 62% / reading 87%, grade B+, #107 of 319 statewide, top 37%, 425 students, 68% FRL) — zoned schools average 67% FRL vs 32% district-wide (35 pts higher); higher-poverty schools than district average — tighter screening recommended.
• Watch-outs: flood insurance adds $460/mo.
• Market conditions: 11 active listings in the ZIP; 8 units permitted in Bland County in 2024 (0 in 5+ unit buildings).
• Bland County population projected at -20% by 2050 — secular population decline; favor cash flow + early exit over multi-decade hold.
• 3 sale attempts since 7y ago; this cycle's ask has dropped $10k (13%) from the opening price — seller is motivated, your offer sets the floor, not the list.
• Current owner paid $40k; list at $70k implies a 74% gain — meaningful room to come down on a strong offer.
• By year 7, paydown + projected appreciation supports a ~$33k cash-out refi (75% LTV) — recoverable capital for the next deal without selling this one.
• Climate carrying-cost: in FEMA flood zone AE (mandatory federal flood insurance) — expect insurance premiums to compound above CPI over the hold.

Questions for listing agent

• What do current leases actually rent for vs. the listed asking? Can we see a recent rent roll and the last 12 months of T-12 income?
• It's been on market 33 days. Have you received any prior offers? Is the seller open to a 49% concession, seller financing, or rate buy-down credit?
• Built in 1960 — when were the roof, HVAC, electrical panel, plumbing, and water heater last replaced?
• What's the actual annual flood-insurance premium (NFIP or private), and is the property in a SFHA with mandatory coverage?
• Is there a deadline driving the sale (1031 exchange, divorce, estate, relocation)? That informs how much negotiation room exists.
• 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.