203 Old Quarry Rd

Saltville, VA 24370

$89,000C

2 bd · 1.0 ba · 764 sqft · Built 1953 · SingleFamily · Active · 17 DOM

Cashflow @ list (25.0% down · 7.5%)

• Estimated rent: $837/mo
• Mortgage (P&I): −$467
• Tax + insurance: −$121
• HOA: −$0
• Vac / Maint / Mgmt: −$176
• Net cashflow: $74/mo
• Annual: $889/yr
• Cap rate: 8.19%
• Cash-on-cash: 6.77%
• DSCR: 1.30
• 1% rule: 0.94%
• Cash to close: $24,920

Investor read

• This is a 2-bed/1.0-bath single-family listed at $89k.
• At list price, monthly cash flow is $74 ($889/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 $84k (5.9% below list).
• It's been on market 17 days — a 2% lower offer ($88k) is reasonable based on typical stale-listing flexibility.
• Recommended offer: $84k (5.9% below list) — sets the bar for 1% rule.
• In year one you build about $875 of equity ($615 loan paydown + $260 appreciation (0.3% local appreciation)).
• Location reads 72/100 on livability (#206 in VA) — a middle-class / working-renter tenant base. Strengths: crime A+, cost of living A+, housing A+; Watch: amenities F, commute F, employment F.
• Smyth County Public School District (rural): math 46% / reading 63% proficiency, ranked #89 of 131 in VA (top 68%) — acceptable for families but not a draw, mixed tenant base, ~2y average lease.
• Zoned schools: Saltville Elementary (math 52% / reading 62%, grade C+, #597 of 1,108 statewide, top 57%, 195 students, 102% FRL); Northwood Middle (math 42% / reading 67%, grade B-, #194 of 342 statewide, top 60%, 151 students, 86% FRL); Northwood High (math 62% / reading 77%, grade B, #159 of 319 statewide, top 53%, 240 students, 87% FRL) — zoned schools average 91% FRL vs 54% district-wide (38 pts higher); higher-poverty schools than district average — tighter screening recommended.
• Watch-outs: flood insurance adds $66/mo; built in 1953 — expect roof / HVAC / electrical / plumbing capex.
• Market conditions: 31 active listings in the ZIP; 38 units permitted in Smyth County in 2024 (0 in 5+ unit buildings).
• Smyth County population projected at -20% by 2050 — secular population decline; favor cash flow + early exit over multi-decade hold.
• At projected returns (0.3% appreciation + 3.0% rent growth), your $25k cash investment doubles in ~9 years — after that, you're playing with house money.
• Climate carrying-cost: severe flood risk; major wildfire risk — expect insurance premiums to compound above CPI over the hold.

Questions for listing agent

• Built in 1953 — 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.
• 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?
• 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.