11 Water St

Richwood, WV 26261

$19,900D+

3 bd · 2.0 ba · 1,600 sqft · Built 1901 · SingleFamily · Active · 93 DOM

Cashflow @ list (25.0% down · 7.5%)

• Estimated rent: $1,120/mo
• Mortgage (P&I): −$104
• Tax + insurance: −$466
• HOA: −$0
• Vac / Maint / Mgmt: −$235
• Net cashflow: $314/mo
• Annual: $3,769/yr
• Cap rate: 50.95%
• Cash-on-cash: 159.49%
• DSCR: 8.10
• 1% rule: 5.63%
• Cash to close: $5,572

Investor read

• This is a 3-bed/2.0-bath single-family listed at $20k.
• At list price, monthly cash flow is $314 ($4k/yr) — positive.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($1k rent vs $20k).
• It's been on market 93 days — a 9% lower offer ($18k) is reasonable based on typical stale-listing flexibility.
• Recommended offer: $18k (9.0% below list) — sets the bar for market timing.
• In year one you build about $282 of equity ($138 loan paydown + $144 appreciation (0.7% local appreciation)).
• Location reads 57/100 on livability (#251 in WV) — a working-class tenant base; expect higher turnover. Strengths: crime A+, cost of living A+, housing A+; Watch: schools D-, amenities F, commute F.
• Nicholas County Schools (rural): math 23% / reading 34% proficiency, ranked #38 of 55 in WV (top 69%) — low school quality limits family demand, transient renter base, plan for 1-2y turnover.
• Watch-outs: flood insurance adds $427/mo; built in 1901 — expect roof / HVAC / electrical / plumbing capex.
• Market conditions: 2 active listings in the ZIP; 2 units permitted in Nicholas County in 2024 (0 in 5+ unit buildings).
• Nicholas County population projected at -24% by 2050 — secular population decline; favor cash flow + early exit over multi-decade hold.
• At projected returns (0.7% appreciation + 3.0% rent growth), your $6k cash investment doubles in ~2 years — after that, you're playing with house money.
• Climate carrying-cost: in FEMA flood zone AE (mandatory federal flood insurance) — expect insurance premiums to compound above CPI over the hold.

Questions for listing agent

• It's been on market 93 days. Have you received any prior offers? Is the seller open to a 9% concession, seller financing, or rate buy-down credit?
• Built in 1901 — 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?
• 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 D-rated, which usually means shorter tenancies and higher turnover. Who's the typical renter profile here, and what's been the actual vacancy rate?
• 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.