356 Baker Island Rd

Fort Chiswell, VA 24360

$120,000C

3 bd · 3.0 ba · 2,008 sqft · Built 1974 · SingleFamily · Pending · 5 DOM

Cashflow @ list (25.0% down · 7.5%)

• Estimated rent: $1,217/mo
• Mortgage (P&I): −$629
• Tax + insurance: −$117
• HOA: −$0
• Vac / Maint / Mgmt: −$256
• Net cashflow: $215/mo
• Annual: $2,583/yr
• Cap rate: 8.45%
• Cash-on-cash: 7.69%
• DSCR: 1.34
• 1% rule: 1.01%
• Cash to close: $33,600

Investor read

• This is a 3-bed/3.0-bath single-family listed at $120k.
• At list price, monthly cash flow is $215 ($3k/yr) — positive.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($1k rent vs $120k).
• Only 5 days on market — expect competitive offers; lowballing is unlikely to land.
• Local home prices are declining (-3.0%/yr); year-one equity from $830 of loan paydown is wiped out by about $4k of value loss. Plan a longer hold.
• Location reads 56/100 on livability (#511 in VA) — a working-class tenant base; expect higher turnover. Strengths: cost of living A+; Watch: employment C-, crime D+, amenities F.
• Wythe County Public School District (rural): math 67% / reading 77% proficiency, ranked #20 of 131 in VA (top 15%) — strong family-tenant draw, lease renewals of 3-5y typical.
• Zoned schools: Jackson Memorial Elementary (math 57% / reading 67%, grade B, #480 of 1,108 statewide, top 46%, 212 students, 74% FRL); Fort Chiswell Middle (math 70% / reading 83%, grade A, #40 of 342 statewide, top 12%, 316 students, 74% FRL); Fort Chiswell High (math 52% / reading 72%, grade B-, #231 of 319 statewide, top 75%, 435 students, 73% FRL) — zoned schools average 74% FRL vs 41% district-wide (33 pts higher); higher-poverty schools than district average — tighter screening recommended.
• Market conditions: 50 active listings in the ZIP; 63 units permitted in Wythe County in 2024 (12 in 5+ unit buildings).
• Wythe County population projected to shrink 7% by 2050 — rents likely to lag national; underwrite the cash flow, not the appreciation.
• Cap rate 8.4% vs local median 3.6% in Fort Chiswell — 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

• Built in 1974 — 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 F-rated, which usually means shorter tenancies and higher turnover. Who's the typical renter profile here, and what's been the actual vacancy rate?
• 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?
• 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.