3191 Wards Rd

Altavista, VA 24517

$244,444F

3 bd · 1.0 ba · 1,222 sqft · Built 1959 · SingleFamily · Active · 56 DOM

Cashflow @ list (25.0% down · 7.5%)

• Estimated rent: $1,236/mo
• Mortgage (P&I): −$1,282
• Tax + insurance: −$162
• HOA: −$0
• Vac / Maint / Mgmt: −$259
• Net cashflow: $-468/mo
• Annual: $-5,616/yr
• Cap rate: 4.00%
• Cash-on-cash: -8.21%
• DSCR: 0.63
• 1% rule: 0.51%
• Cash to close: $68,444

Investor read

• This is a 3-bed/1.0-bath single-family listed at $244k.
• At list price, monthly cash flow is $-468 ($-6k/yr) — negative.
• To cash-flow at today's rent, offer at most $162k (33.8% below list).
• To meet the 1% rule (rent ≥ 1% of price), the offer needs to be $124k (49.5% below list).
• It's been on market 56 days — a 3% lower offer ($237k) is reasonable based on typical stale-listing flexibility.
• Recommended offer: $124k (49.5% below list) — sets the bar for 1% rule.
• Local home prices are declining (-3.0%/yr); year-one equity from $2k of loan paydown is wiped out by about $7k of value loss. Plan a longer hold.
• Location reads 64/100 on livability (#367 in VA) — a middle-class / working-renter tenant base. Strengths: cost of living A+, schools B; Watch: health & safety C-, crime D+, amenities F.
• Campbell County Public School District (rural): math 55% / reading 68% proficiency, ranked #55 of 131 in VA (top 42%) — acceptable for families but not a draw, mixed tenant base, ~2y average lease.
• Watch-outs: built in 1959 — expect roof / HVAC / electrical / plumbing capex.
• Market conditions: 38 active listings in the ZIP; 315 units permitted in Campbell County in 2024 (51 in 5+ unit buildings).
• Campbell County population projected to shrink 6% by 2050 — rents likely to lag national; underwrite the cash flow, not the appreciation.
• 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.
• Climate carrying-cost: moderate wildfire risk; extreme-heat days projected 7→17/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?
• It's been on market 56 days. Have you received any prior offers? Is the seller open to a 49% concession, seller financing, or rate buy-down credit?
• Built in 1959 — 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.
• Schools are B-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 D 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?
• 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.