1608 Wallace Pke

Lumberport, WV 26386

$29,900B

2 bd · 2.0 ba · 1,900 sqft · Built 1940 · SingleFamily · Active · 106 DOM

Cashflow @ list (25.0% down · 7.5%)

• Estimated rent: $1,046/mo
• Mortgage (P&I): −$157
• Tax + insurance: −$50
• HOA: −$0
• Vac / Maint / Mgmt: −$220
• Net cashflow: $620/mo
• Annual: $7,437/yr
• Cap rate: 31.16%
• Cash-on-cash: 88.83%
• DSCR: 4.95
• 1% rule: 3.50%
• Cash to close: $8,372

Investor read

• This is a 2-bed/2.0-bath single-family listed at $30k.
• At list price, monthly cash flow is $620 ($7k/yr) — positive.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($1k rent vs $30k).
• It's been on market 106 days — a 9% lower offer ($27k) is reasonable based on typical stale-listing flexibility.
• Recommended offer: $27k (9.0% below list) — sets the bar for market timing.
• Local home prices are declining (-2.1%/yr); year-one equity from $207 of loan paydown is wiped out by about $624 of value loss. Plan a longer hold.
• Location reads 78/100 on livability (#20 in WV, #2,596 nationally) — a middle-class / working-renter tenant base. Strengths: cost of living A+, housing A+, health & safety A+; Watch: schools D, amenities F.
• Harrison County Schools (town): math 29% / reading 43% proficiency, ranked #12 of 55 in WV (top 22%) — families likely to look elsewhere, expect single-tenant / working-renter base with shorter leases.
• Watch-outs: built in 1940 — expect roof / HVAC / electrical / plumbing capex.
• Market conditions: 1 active listings in the ZIP; 84 units permitted in Harrison County in 2024 (5 in 5+ unit buildings).
• Harrison County population projected at -11% by 2050 — secular population decline; favor cash flow + early exit over multi-decade hold.
• At projected returns (-2.1% appreciation + 3.0% rent growth), your $8k cash investment doubles in ~2 years — after that, you're playing with house money.

Questions for listing agent

• It's been on market 106 days. Have you received any prior offers? Is the seller open to a 9% concession, seller financing, or rate buy-down credit?
• Built in 1940 — when were the roof, HVAC, electrical panel, plumbing, and water heater last replaced?
• 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?
• 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 for-sale + rental construction is in the pipeline within 1–3 miles? Heavy new supply typically softens prices + rents 12–24 months out; constrained supply supports both.