919 W Osborn Rd

Farmville, VA 23901

$275,000B-

4 bd · 3.0 ba · — sqft · Built 1955 · MultiFamily · Pending · 23 DOM

Cashflow @ list (25.0% down · 7.5%)

• Estimated rent: $3,696/mo
• Mortgage (P&I): −$1,442
• Tax + insurance: −$192
• HOA: −$0
• Vac / Maint / Mgmt: −$776
• Net cashflow: $1,286/mo
• Annual: $15,427/yr
• Cap rate: 11.90%
• Cash-on-cash: 20.04%
• DSCR: 1.89
• 1% rule: 1.34%
• Cash to close: $77,000

Investor read

• This is a 3 × 2-bed/1.0-bath units multifamily listed at $275k.
• At list price, monthly cash flow is $1k ($15k/yr) — positive. Per door: $429/mo.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($4k rent vs $275k).
• It's been on market 23 days — a 2% lower offer ($271k) is reasonable based on typical stale-listing flexibility.
• Recommended offer: $271k (1.5% below list) — sets the bar for market timing.
• Local home prices are declining (-3.0%/yr); year-one equity from $2k of loan paydown is wiped out by about $8k of value loss. Plan a longer hold.
• Location reads 78/100 on livability (#79 in VA, #2,622 nationally) — a middle-class / working-renter tenant base. Strengths: amenities A+, commute A+, cost of living A+; Watch: schools C-, crime F, employment F.
• Cumberland County Public School District (rural): math 33% / reading 56% proficiency, ranked #113 of 131 in VA (top 86%) — families likely to look elsewhere, expect single-tenant / working-renter base with shorter leases; 61% free/reduced lunch — lower-income household profile, screen leases tightly.
• Watch-outs: built in 1955 — expect roof / HVAC / electrical / plumbing capex.
• Market conditions: 155 active listings in the ZIP; 2 comparable units currently listed for rent nearby; 80 units permitted in Cumberland County in 2024 (0 in 5+ unit buildings).
• Cumberland County population projected at -26% by 2050 — secular population decline; favor cash flow + early exit over multi-decade hold.
• 2 sale attempts with the ask held roughly flat each time — persistent listings suggest the price (not the market) is what's stuck; bring a comps-based counter.
• At projected returns (-3.0% appreciation + 3.0% rent growth), your $77k cash investment doubles in ~7 years — after that, you're playing with house money.
• Cap rate 11.9% vs local median 2.8% in Farmville — 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

• Can we see the unit-by-unit rent roll, current vacancy, and any below-market leases? What's the average tenancy length?
• What capital expenditures (roof, boiler, parking lot, exteriors) have been made in the last 5 years, and what's planned in the next 2?
• Built in 1955 — when were the roof, HVAC, electrical panel, plumbing, and water heater last replaced?
• Is there a deadline driving the sale (1031 exchange, divorce, estate, relocation)? That informs how much negotiation room exists.
• Crime grade is F in this area — have there been break-ins, vandalism, or insurance claims at this property in the last 3 years? What carrier currently insures it and at what premium?
• 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 apartment / multifamily construction is in the pipeline within 1–3 miles? Heavy new supply (>2% of stock underway) typically softens rents 12–24 months out; light construction supports rent growth.