214 N College St · Martinsburg, WV 25401

$92,000

3 bd · 2.0 ba · 1,616 sqft · MultiFamily public records · 21 Days on market

Built 1900 1,912 sqft lot

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Why this score? — see what drove the B- grade

The composite is a weighted blend of 9 inputs, each scored 0–100. Each bar is that input's sub-score; the figure is the points it added to the 100-point composite (weight × sub-score).

• Cash flow +30.0/30.0
• 1% rule +10.0/10.0
• DSCR +10.0/10.0
• ARV discount +7.5/15.0
• Livability +3.8/5.0
• Rent growth +2.8/5.0
• Schools +2.6/10.0
• Condition / age +2.5/5.0
• Appreciation +0.0/10.0

Multi-family units

County records classify this as Multi-Family (2-4 Unit). Listing-text estimate: 1 unit. estimate disagrees with records

Listing remarks

SO MUCH POTENTIAL. GREAT OPPORTUNITY IN DOWNTOWN MARTINSBURG. EXCELLENT RENOVATION PROJECT FOR FLIPPERS AND OTHERS WHO ARE WILLING TO ROLL UP THEIR SLEEVES AND GET TO WORK. Sold strictly as-is, where-is. Cash only. Main living area, kitchen and bedrooms are upstairs. Entry level has large, unfinished bonus rooms. Appears to have common wall with neighboring building. This is one of six houses in various stages of interior demo/reno being offered for sale by this owner. Six building lots also are for sale. The Eastern Panhandle is one of the fastest growing areas of West Virginia. Residents of Martinsburg and Berkeley County are attracted to the small-town atmosphere, employment opportunitie

Key facts

• Downtown martinsburg
• Renovation project
• 1,912 sq ft lot

Tags

• DOWNTOWN MARTINSBURG
• RENOVATION PROJECT
• UNFINISHED BONUS ROOMS

Property features AI

Finance

• Other: Finished above-grade living area reported by assessor

Exterior

• Parking: On-street parking
• Utilities: Public water; Public sewer; Electric hot water
• Home design: Detached property; Metal roof; Permanent foundation; Fee simple ownership; Major rehab needed
• Construction: Brick construction
• Exterior features: Not in a federal flood zone; Above-grade and below-grade structures

Interior

• Kitchen: Kitchen
• Bedrooms: Three bedrooms on the upper level
• Flooring: Hardwood floors; Vinyl floors
• Bathrooms: Two full bathrooms
• Heating & cooling: Forced air heating; Central air conditioning
• Interior features: Living room; Foyer; Bonus room; No basement

What this means for you Summary

Snapshot

• This is a 3-bed/2.0-bath multifamily listed at $92k.

Deal economics

• At list price, monthly cash flow is $664 ($8k/yr) — positive.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($2k rent vs $92k).
• Recommended offer: $91k (1.5% below list) — sets the bar for market timing.
• Cap rate 15.0% vs local median 4.0% in Martinsburg — 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.

Location & tenants

• Location reads 75/100 on livability (#29 in WV, #4,057 nationally) — a middle-class / working-renter tenant base. Strengths: amenities A+, cost of living A+, housing A+; Watch: commute F, employment D-.
• Berkeley County Schools (other): math 21% / reading 38% proficiency, ranked #24 of 55 in WV (top 44%) — low school quality limits family demand, transient renter base, plan for 1-2y turnover.
• Zoned schools: Burke Street Elementary School (math 50% / reading 50%, grade D, #49 of 377 statewide, top 16%, 208 students, 0% FRL); Martinsburg North Middle School (math 10% / reading 34%, grade F, #95 of 109 statewide, top 88%, 666 students, 0% FRL); Martinsburg High School (math 17% / reading 49%, grade F, #53 of 110 statewide, top 48%, 1,471 students, 0% FRL) — zoned schools average 0% FRL vs 42% district-wide (42 pts lower); this property's tenant base skews higher-income than the district average.
• Market conditions: Rents rising (+1.1%/yr); 66 active listings in the ZIP; 17 comparable units currently listed for rent nearby; rentals at typical pace (median 22d on market — plan ~3-4 weeks tenant-placement turnaround); 1,460 units permitted in Berkeley County in 2024 (16 in 5+ unit buildings).

Forward outlook

• Local home prices are declining (-3.0%/yr); year-one equity from $636 of loan paydown is wiped out by about $3k of value loss. Plan a longer hold.
• Berkeley County population projected at +25% by 2050 — long-run rental-demand tailwind backs the buy-and-hold thesis.
• At projected returns (-3.0% appreciation + 1.1% rent growth), your $26k cash investment doubles in ~5 years — after that, you're playing with house money.

Negotiation context

• It's been on market 21 days — a 2% lower offer ($91k) is reasonable based on typical stale-listing flexibility.
• 9 sale attempts since 30y ago 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.
• Current owner paid $20k; list at $92k implies a 360% gain — meaningful room to come down on a strong offer.

Risks & watch-outs

• Watch-outs: built in 1900 — expect roof / HVAC / electrical / plumbing capex.
• Climate carrying-cost: extreme-heat days projected 7→17/yr by 2055 (HVAC capex compounding) — expect insurance premiums to compound above CPI over the hold.

Recommended offer $90,620 (1.5% below list)

Questions for the listing agent

1. Built in 1900 — when were the roof, HVAC, electrical panel, plumbing, and water heater last replaced?
2. Is there a deadline driving the sale (1031 exchange, divorce, estate, relocation)? That informs how much negotiation room exists.
3. 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.
4. 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.
5. 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.

Investment metrics

• 1% rule: 1.73% ✓
• Cap rate: 14.96%
• Cash-on-cash: 30.94%
• DSCR: 2.38
• GRM: 4.8

CMA / ARV

• ARV (on-the-fly): $274,720
• Comps found: 1

Show comp detail 1 sale within ~0.75 mi

Address	Dist	Beds/Ba	Sqft	Sold	Price	$/sf	Match
420 Winchester Ave	0.55mi	4/— (+1)	1,592 (-2%)	18mo	$270,000	$170	52

Match score weights: distance 35% · size 25% · config 20% · recency 20%. Top-matched comps best support the ARV.

Projected returns pro-forma

-3.0% appreciation · 1.11% rent growth · sell at horizon

5-year hold

• IRR: 23.6%
• Equity multiple: 1.95×
• Total profit: $24,424
• Equity at exit: $13,717

10-year hold

• IRR: 30.3%
• Equity multiple: 3.48×
• Total profit: $64,003
• Equity at exit: $7,954

Cash invested: $25,760 (down + closing). Projections, not guarantees.

Landlord ↔ Tenant lean methodology

• Overall (STATE): 83 Strongly Landlord-Friendly
• State West Virginia: 83 Strongly Landlord-Friendly · R+22
• County: — inherits STATE
• City: — inherits STATE

Landlord-favorable; preempted; minimal protections.

Methodology + full state rankings →

ZIP-level market 25401

• Home prices YoY: -14.1%
• Rents YoY: 1.1%
• Active inventory: 66
• Price-to-rent: 4.8×

Monthly cashflow live

• Estimated rent: $1,590 high
• Mortgage (P&I): −$482
• Tax from tax record: −$71 /mo · $854/yr
• Insurance: −$38
• HOA: −$0
• Vacancy / Maint / Mgmt: −$334
• Net cashflow: $664

Break-even live

Break-even rent $749

Max offer price $92,000

Occupancy floor 53%

Sensitivity live

Price	-10% $716	-5% $690	+0% $664	+5% $638	+10% $612
Rent	-10% $539	-5% $601	+0% $664	+5% $727	+10% $790
Rate	-1.0pp $711	-0.5pp $688	base $664	+0.5pp $640	+1.0pp $616

UW: 25.0% down · 7.5% · 30yr · 1.5% tax · 5.0% vac · 8.0% maint · 8.0% mgmt

Financing live

Cash to close

• Down payment: $23,000
• Closing costs: $2,760
• Reserves months: —
• Total cash needed: —

Rent comps 17 comps

Address	Beds	Baths	Sqft	Rent	$/sqft	DOM	Units	Dist
218 N College St Martinsburg, WV	3.0	1.0	1200	$1,330	$1.11	22d	1	0.03mi
328 Boyd Ave Martinsburg, WV	3.0	2.0	1700	$1,450	$0.85	22d	1	0.16mi
226 N Raleigh St Martinsburg, WV	3.0	1.0	1200	$1,450	$1.21	22d	1	0.22mi
589 Berkeley Cir Martinsburg, WV	2.0	2.0	1160	$1,970	$1.70	13d	1	0.26mi
215 W King St Apt B Martinsburg, WV	2.0	2.0	1192	$1,690	$1.42	22d	1	0.28mi
316 N High St Martinsburg, WV	3.0	1.5	1300	$1,650	$1.27	14d	1	0.38mi
116 S High St Martinsburg, WV	2.0	1.0	1200	$1,280	$1.07	14d	1	0.43mi
600 W John St Martinsburg, WV	1.0–2.0	1.0–2.0	976	$2,026	$2.08	14d	14	0.51mi
721 2nd St Unit A Martinsburg, WV	2.0	1.0	1412	$1,180	$0.84	14d	1	0.52mi
620 W Virginia Ave Martinsburg, WV	3.0	1.0	1200	$1,555	$1.30	14d	1	0.74mi
403 S Tennessee Ave Martinsburg, WV	3.0	2.0	1880	$2,000	$1.06	22d	1	0.81mi
653 Faulkner Ave Martinsburg, WV	3.0	1.5	1442	$1,450	$1.01	22d	1	0.86mi
808 Marquette Dr Martinsburg, WV	3.0	2.5	1299	$1,730	$1.33	22d	1	1.26mi
1123 Shepherdstown Rd Martinsburg, WV	3.0	1.0	1429	$1,900	$1.33	22d	1	1.33mi
1100 Myna Ct Martinsburg, WV	2.0–3.0	2.0–2.5	1400	$1,870	$1.34	14d	15	1.34mi
121 Checko Ct Martinsburg, WV	3.0	2.5	1320	$1,695	$1.28	22d	1	1.37mi
136 Checko Ct Martinsburg, WV	3.0	2.5	1320	$1,749	$1.32	22d	1	1.38mi

Listing history 26 events

1. 2026-06-03
   status $92,000 Pending 21 DOM
2. 2026-06-02
   days on market $92,000 Active 21 DOM
3. 2026-06-01
   days on market $92,000 Active 20 DOM
4. 2026-05-31
   days on market $92,000 Active 19 DOM
5. 2026-05-30
   days on market $92,000 Active 18 DOM
6. 2026-05-22
   status Active
7. 2025-12-24
   historical
8. 2025-12-14
   listed $92,000 Active
9. 2018-07-16
   historical
10. 2018-07-16
    historical Withdrawn
11. 2017-12-06
    listed $140,000 Active
12. 2017-12-06
    listed Active
13. 2005-11-13
    historical
14. 2005-05-16
    listed
15. 2003-12-01
    historical
16. 2003-10-17
    soldstatus $20,000
17. 2003-07-08
    soldstatus $20,000
18. 2003-01-27
    listed
19. 2002-02-21
    historical
20. 2001-12-16
    listed
21. 1996-12-28
    historical
22. 1996-11-13
    soldstatus $12,476
23. 1996-10-10
    soldstatus $16,500
24. 1996-10-03
    listed
25. 1996-09-25
    historical
26. 1996-07-31
    listed $16,500

ⓘ Source: listings_history table (triggers on properties + properties_extension) + one-shot backfill from property_details.listing_events for pre-trigger history.

Tax reassessment forecast WV · Resets to sale price

• Current annual tax: $854 · $71/mo
• Projected year-2 tax: $854 · $71/mo
• Expected delta: $0/yr ($0/mo · 0.0%)

ⓘ Screening estimate from a state-policy table — verify with the county assessor before closing.

Climate risk First Street

• 🌊 Flood 1/10 Low FEMA zone X (unshaded) · 0% chance over 30 yrs
• 🔥 Wildfire 3/10 Moderate
• 🌡 Heat 5/10 Major 7 d/yr ≥103°F today · 17 d/yr by 30 yrs out
• 💨 Wind 2/10 Low 2% chance of damaging wind over 30 yrs
• 🫁 Air quality 2/10 Low 0 unhealthy d/yr today · 1 by 30 yrs out

Taxation est. · year 1

• Rental income: $19,081
• − Mortgage interest: −$5,153
• − Property taxes: −$854
• − Insurance: −$460
• − Repairs & maintenance: −$1,527
• − Management: −$1,527
• − Depreciation: −$2,676
• Taxable income: $6,884
• Est. tax owed @ 24.0%: −$1,652
• After-tax cash flow: $6,318/yr

For passive investors: Depreciation is non-cash, so a rental often shows a tax loss while cash-flowing — sheltering income. Rental losses are passive: they offset passive income freely, and up to $25,000/yr can offset ordinary (W-2) income if you actively participate and your MAGI is under $100k (phasing out to $0 by $150k); unused losses carry forward. On sale, claimed depreciation is recaptured at up to 25%, and gains may owe capital-gains tax (a 1031 exchange can defer both). Figures are a year-1 estimate at your 24.0% rate — not tax advice; consult a CPA.

Schools (NCES district)

• District: Berkeley County Schools
• NCES district ID: 5400060
• Math proficiency: 21% ▼ -12.00%
• Reading proficiency: 38% ▼ -6.00%
• Median HH income: $54,599
• Composite: 26.16/100
• National rank: #7273
• State rank: #24 of 55 in WV

Livability — Martinsburg

• Score: 75/100
• State rank: #29
• US rank: #4057

Category grades

Amenities A+ Commute F Cost of living A+ Crime A Employment D- Housing A+ Health & safety A+ User ratings F

Schools grade is shown separately in the Schools card above.

Census & demographics

• Census place: Martinsburg, WV
• County: Berkeley County · 85,235 people
• City population: 55,439
• Metro: Hagerstown-Martinsburg, MD-WV
• Population (ZIP): 14,979
• Household income: $51,909
• Rent vs Own: 47.4% rent · 52.6% own
• Severe rent burden: 670.0

Population outlook (Berkeley County) Hauer SSP2

• Today (2025): 127,359 people
• By 2030: 134,684 · +5.8%
• By 2040: 148,219 · +16.4%
• By 2050: 159,300 · +25.1%
• By 2075: 179,920 · +41.3%
• By 2100: 183,896 · +44.4%

Race, ethnicity, and origin ACS 2023

• Neighborhood character: Predominantly White (68%)
• Race & ethnicity: White 68% Two or more races 14% Black 12% Hispanic / Latino 11%
• Hispanic origin (detail): Mexican 8% Puerto Rican 1%
• Common ancestry: Lithuanian 2% Serbian 2% Slovak 2%
• Foreign-born: 6% · Canada
• Languages at home: 93% English-only · Spanish 6% Other Asian/Pacific 1%

Political lean MEDSL · Berkeley

• 2024 margin: Solid R (+35.8) · D 31.2% · R 67.0% · Other 1.8%
• 2008→2024 swing: -22.8pp toward R · 2008: -13.0pp · 2024: -35.8pp
• All cycles: 2024: R+35.8 2020: R+31.2 2016: R+37.2 2012: R+21.3 2008: R+13.0

Not yet ingested

• Civics: —

Market trends

• HPI YoY: ▼ -37.63%
• Current HPI: 229.6691
• Rent YoY: ▲ 1.11%
• Metro: Hagerstown-Martinsburg, MD-WV
• State GDP YoY: —
• F500 in state: 0

Price history

+457.6% since first listed

21 events — show timeline

• 2026-05-22 Relisted — BRIGHT MLS
• 2025-12-24 Listing Removed — BRIGHT MLS
• 2025-12-14 Listed $92,000 BRIGHT MLS
• 2018-07-16 Listing Removed — BRIGHT MLS
• 2018-07-16 Delisted — MRIS
• 2017-12-06 Listed — MRIS
• 2017-12-06 Listed $140,000 BRIGHT MLS
• 2005-11-13 Delisted — MRIS
• 2005-05-16 Listed — MRIS
• 2003-12-01 Delisted — MRIS
• 2003-10-17 Sold (Public Records) $20,000 Public Records
• 2003-07-08 Sold (Public Records) $20,000 Public Records
• 2003-01-27 Listed — MRIS
• 2002-02-21 Delisted — MRIS
• 2001-12-16 Listed — MRIS
• 1996-12-28 Delisted — MRIS
• 1996-11-13 Sold (Public Records) $12,476 Public Records
• 1996-10-10 Sold (MLS) $16,500 MRIS
• 1996-10-03 Listed — MRIS
• 1996-09-25 Delisted — MRIS
• 1996-07-31 Listed $16,500 MRIS

Property tax history

-0.5%/yr

Latest (2025): $854 · +2.0% YoY. Source: county tax records.