29209 Meadowview Dr

Waverly, VA 23890

$150,000D+

3 bd · 2.0 ba · 1,120 sqft · Built 2009 · SingleFamily · Pending · 18 DOM

Cashflow @ list (25.0% down · 7.5%)

• Estimated rent: $1,060/mo
• Mortgage (P&I): −$787
• Tax + insurance: −$120
• HOA: −$0
• Vac / Maint / Mgmt: −$223
• Net cashflow: $-69/mo
• Annual: $-832/yr
• Cap rate: 5.74%
• Cash-on-cash: -1.98%
• DSCR: 0.91
• 1% rule: 0.71%
• Cash to close: $42,000

Investor read

• This is a 3-bed/2.0-bath single-family listed at $150k.
• At list price, monthly cash flow is $-69 ($-832/yr) — negative.
• To cash-flow at today's rent, offer at most $138k (8.2% below list).
• To meet the 1% rule (rent ≥ 1% of price), the offer needs to be $106k (29.4% below list).
• It's been on market 18 days — a 2% lower offer ($148k) is reasonable based on typical stale-listing flexibility.
• Recommended offer: $106k (29.4% below list) — sets the bar for 1% rule.
• In year one you build about $5k of equity ($1k loan paydown + $4k appreciation (2.5% local appreciation)).
• Location reads 67/100 on livability (#305 in VA) — a middle-class / working-renter tenant base. Strengths: crime A+, cost of living A+, health & safety A+; Watch: employment C-, amenities F, commute F.
• Sussex County Public School District (rural): math 36% / reading 56% proficiency, ranked #111 of 131 in VA (top 85%) — families likely to look elsewhere, expect single-tenant / working-renter base with shorter leases; 74% free/reduced lunch — lower-income household profile, screen leases tightly.
• Zoned schools: Sussex Central Elementary (math 27% / reading 52%, grade F, #900 of 1,108 statewide, top 83%, 443 students, 101% FRL); Sussex Central Middle (math 37% / reading 52%, grade D, #278 of 342 statewide, top 82%, 236 students, 102% FRL); Sussex Central High (math 64% / reading 74%, grade B, #159 of 319 statewide, top 53%, 319 students, 101% FRL) — zoned schools average 101% FRL vs 74% district-wide (28 pts higher); higher-poverty schools than district average — tighter screening recommended.
• Market conditions: 35 active listings in the ZIP; 29 units permitted in Sussex County in 2024 (0 in 5+ unit buildings).
• Sussex County population projected at -11% by 2050 — secular population decline; favor cash flow + early exit over multi-decade hold.
• 3 sale attempts since 3y ago; this cycle's ask has dropped $30k (17%) from the opening price — seller is motivated, your offer sets the floor, not the list.
• At projected returns (2.5% appreciation + 3.0% rent growth), your $42k cash investment doubles in ~8 years — after that, you're playing with house money.
• By year 7, paydown + projected appreciation supports a ~$31k cash-out refi (75% LTV) — recoverable capital for the next deal without selling this one.
• Climate carrying-cost: major wind risk, 57% chance of damaging wind over 30y; extreme-heat days projected 7→15/yr by 2055 (HVAC capex compounding) — 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?
• 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.
• 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.