2427 Washington St

Charleston, WV 25387

$13,900D+

2 bd · 1.0 ba · 928 sqft · Built 1920 · Other · Pending · 96 DOM

Cashflow @ list (25.0% down · 7.5%)

• Estimated rent: $930/mo
• Mortgage (P&I): −$73
• Tax + insurance: −$111
• HOA: −$0
• Vac / Maint / Mgmt: −$195
• Net cashflow: $551/mo
• Annual: $6,614/yr
• Cap rate: 58.67%
• Cash-on-cash: 187.07%
• DSCR: 9.32
• 1% rule: 6.69%
• Cash to close: $3,892

Investor read

• This is a 2-bed/1.0-bath other listed at $14k.
• At list price, monthly cash flow is $551 ($7k/yr) — positive.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($930 rent vs $14k).
• It's been on market 96 days — a 9% lower offer ($13k) is reasonable based on typical stale-listing flexibility.
• Recommended offer: $13k (9.0% below list) — sets the bar for market timing.
• Local home prices are declining (-2.8%/yr); year-one equity from $96 of loan paydown is wiped out by about $389 of value loss. Plan a longer hold.
• Location reads 85/100 on livability (#3 in WV, #524 nationally) — a professional / high-income tenant draw. Strengths: amenities A+, commute A+, cost of living A+; Watch: crime F.
• Kanawha County Schools (suburban): math 29% / reading 40% proficiency, ranked #17 of 55 in WV (top 31%) — families likely to look elsewhere, expect single-tenant / working-renter base with shorter leases.
• Zoned schools: Grandview Elementary School (math 12% / reading 22%, grade F, #363 of 377 statewide, top 97%, 172 students, 0% FRL); West Side Middle School (math 7% / reading 18%, grade F, #109 of 109 statewide, top 100%, 377 students, 0% FRL); Capital High School (math 22% / reading 52%, grade F, #32 of 110 statewide, top 34%, 1,086 students, 0% FRL) — zoned schools average 0% FRL vs 46% district-wide (46 pts lower); this property's tenant base skews higher-income than the district average.
• Zoned-school proficiency averages 22% at this address vs 34% district-wide (-12 pts) — the specific schools serving this property underperform the Kanawha County Schools average; the district grade overstates school quality for this exact location.
• Watch-outs: property tax is 4.3% of price; flood insurance adds $56/mo; built in 1920 — expect roof / HVAC / electrical / plumbing capex.
• Market conditions: 24 active listings in the ZIP; 103 units permitted in Kanawha County in 2024 (0 in 5+ unit buildings).
• Kanawha County population projected at -17% by 2050 — secular population decline; favor cash flow + early exit over multi-decade hold.
• At projected returns (-2.8% appreciation + 3.0% rent growth), your $4k cash investment doubles in ~1 year — after that, you're playing with house money.
• Climate carrying-cost: severe flood risk; moderate wildfire risk; extreme-heat days projected 7→20/yr by 2055 (HVAC capex compounding) — expect insurance premiums to compound above CPI over the hold.
• Cap rate 58.7% vs local median 3.8% in Charleston — 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 96 days. Have you received any prior offers? Is the seller open to a 9% concession, seller financing, or rate buy-down credit?
• Built in 1920 — when were the roof, HVAC, electrical panel, plumbing, and water heater last replaced?
• Property tax is high relative to price — has the assessment been appealed recently, and will the sale trigger a re-assessment?
• What's the actual annual flood-insurance premium (NFIP or private), and is the property in a SFHA with mandatory coverage?
• 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?
• 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?