423 Grand Ave

Bridgeport, WV 26330

$209,900D-

3 bd · 1.5 ba · 1,042 sqft · Built 1952 · SingleFamily · Active · 109 DOM

Cashflow @ list (25.0% down · 7.5%)

• Estimated rent: $1,648/mo
• Mortgage (P&I): −$1,101
• Tax + insurance: −$174
• HOA: −$0
• Vac / Maint / Mgmt: −$346
• Net cashflow: $27/mo
• Annual: $328/yr
• Cap rate: 6.45%
• Cash-on-cash: 0.56%
• DSCR: 1.02
• 1% rule: 0.79%
• Cash to close: $58,772

Investor read

• This is a 3-bed/1.5-bath single-family listed at $210k.
• At list price, monthly cash flow is $27 ($328/yr) — positive.
• The deal already cash-flows at list — no discount required.
• To meet the 1% rule (rent ≥ 1% of price), the offer needs to be $165k (21.5% below list).
• It's been on market 109 days — a 9% lower offer ($191k) is reasonable based on typical stale-listing flexibility.
• Recommended offer: $165k (21.5% below list) — sets the bar for 1% rule.
• Local home prices are declining (-3.0%/yr); year-one equity from $1k of loan paydown is wiped out by about $6k of value loss. Plan a longer hold.
• Location reads 85/100 on livability (#4 in WV, #620 nationally) — a professional / high-income tenant draw. Strengths: employment A+, cost of living A+, housing A+; Watch: amenities D-, commute F.
• Harrison County Schools (town): math 29% / reading 43% proficiency, ranked #12 of 55 in WV (top 22%) — families likely to look elsewhere, expect single-tenant / working-renter base with shorter leases.
• Zoned schools: Simpson Elementary School (math 42% / reading 42%, grade F, #87 of 377 statewide, top 28%, 420 students, 0% FRL); Bridgeport Middle School (math 43% / reading 63%, grade C+, #3 of 109 statewide, top 2%, 603 students, 0% FRL); Bridgeport High School (math 47% / reading 72%, grade C+, #3 of 110 statewide, top 2%, 808 students, 0% FRL) — zoned schools average 0% FRL vs 43% district-wide (43 pts lower); this property's tenant base skews higher-income than the district average.
• Zoned-school proficiency averages 52% at this address vs 36% district-wide (+16 pts) — the actual schools serving this property are materially stronger than the Harrison County Schools average implies; a family-tenant draw the district grade alone would hide.
• Watch-outs: built in 1952 — expect roof / HVAC / electrical / plumbing capex.
• Market conditions: 117 active listings in the ZIP; solid renter incomes; 84 units permitted in Harrison County in 2024 (5 in 5+ unit buildings).
• Harrison County population projected at -11% by 2050 — secular population decline; favor cash flow + early exit over multi-decade hold.
• 2 sale attempts since 5y ago; this cycle's ask has dropped $20k (9%) from the opening price — seller is motivated, your offer sets the floor, not the list.
• Current owner paid $115k; list at $210k implies a 83% gain — meaningful room to come down on a strong offer.
• Cap rate 6.4% vs local median 2.5% in Bridgeport — 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

• It's been on market 109 days. Have you received any prior offers? Is the seller open to a 21% concession, seller financing, or rate buy-down credit?
• Built in 1952 — when were the roof, HVAC, electrical panel, plumbing, and water heater last replaced?
• 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 A-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?
• 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.