122 - 124 S High St · Martinsburg, WV 25404

$99,000

6 bd · 2.0 ba · 2,374 sqft · SingleFamily public records · 38 Days on market

Built 1930 8,001 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
• Rent growth +4.1/5.0
• Livability +3.8/5.0
• Schools +2.6/10.0
• Condition / age +2.5/5.0
• Appreciation +0.0/10.0

Listing remarks

OWN A DUPLEX - GET TWO UNITS FOR THE PRICE OF ONE! GREAT OPPORTUNITY IN DOWNTOWN MARTINSBURG. EXCELLENT RENOVATION PROJECT FOR LANDLORDS, FLIPPERS AND OTHERS WHO ARE WILLING TO ROLL UP THEIR SLEEVES AND GET TO WORK. Sold strictly as-is, where-is. Cash only. Each side has 3 bedrooms and one bath. Deep back yard. This is one of six residential properties with houses in various stages of interior demo/reno that are 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 opportunities, restaurants, sho

Key facts

• Deep back yard
• 8,001 sq ft lot
• Built 1930

Tags

• DEEP BACK YARD
• REVITALIZING DOWNTOWN
• ACCESS TO MAJOR ROADS

Property features AI

Finance

• Financial info: Fee simple ownership; Property noted as needing major rehabilitation

Exterior

• Parking: On-street parking
• Utilities: Public water; Public sewer; Electric service
• Home design: Detached property; Metal roof; Frame construction with shingle siding; Permanent foundation; Built year per assessor
• Construction: Frame construction; Shingle siding; Metal roof; Permanent foundation
• Exterior features: Rear yard

Interior

• Bedrooms: Six bedrooms on the upper level
• Flooring: Wood flooring; Vinyl flooring
• Bathrooms: Two full bathrooms (both on the upper level)
• Heating & cooling: Forced air heating; Electric and natural gas heating fuel; Central air conditioning; Electric hot water
• Interior features: Unfinished partial basement; Wood and vinyl flooring

What this means for you Summary

Snapshot

• This is a 6-bed/2.0-bath single-family listed at $99k.

Deal economics

• At list price, monthly cash flow is $1k ($12k/yr) — positive.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($2k rent vs $99k).
• Recommended offer: $96k (3.0% below list) — sets the bar for market timing.
• Cap rate 18.4% 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 fast (+6.3%/yr); 109 active listings in the ZIP; 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 $684 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 + 6.3% rent growth), your $28k cash investment doubles in ~3 years — after that, you're playing with house money.

Negotiation context

• It's been on market 38 days — a 3% lower offer ($96k) is reasonable based on typical stale-listing flexibility.
• 3 sale attempts since 9y 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 $99k implies a 395% gain — meaningful room to come down on a strong offer.

Risks & watch-outs

• Watch-outs: built in 1930 — expect roof / HVAC / electrical / plumbing capex.
• Climate carrying-cost: extreme-heat days projected 7→16/yr by 2055 (HVAC capex compounding) — expect insurance premiums to compound above CPI over the hold.

Recommended offer $96,030 (3.0% below list)

Questions for the listing agent

1. It's been on market 38 days. Have you received any prior offers? Is the seller open to a 3% concession, seller financing, or rate buy-down credit?
2. Built in 1930 — when were the roof, HVAC, electrical panel, plumbing, and water heater last replaced?
3. Is there a deadline driving the sale (1031 exchange, divorce, estate, relocation)? That informs how much negotiation room exists.
4. 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.
5. 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.
6. 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.

Investment metrics

• 1% rule: 2.13% ✓
• Cap rate: 18.44%
• Cash-on-cash: 43.38%
• DSCR: 2.93
• GRM: 3.9

CMA / ARV

• ARV (on-the-fly): $327,612
• Comps found: 1

Show comp detail 1 sale within ~0.75 mi

Address	Dist	Beds/Ba	Sqft	Sold	Price	$/sf	Match
511 W Burke St	0.63mi	5/3.5 (-1)	2,688 (+13%)	14mo	$370,000	$138	26

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 · 6.3% rent growth · sell at horizon

5-year hold

• IRR: 43.9%
• Equity multiple: 2.99×
• Total profit: $55,026
• Equity at exit: $14,761

10-year hold

• IRR: 51.4%
• Equity multiple: 6.84×
• Total profit: $161,910
• Equity at exit: $8,560

Cash invested: $27,720 (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 25404

• Home prices YoY: -10.7%
• Rents YoY: 6.3%
• Active inventory: 109
• Price-to-rent: 3.9×

Monthly cashflow live

• Estimated rent: $2,107 medium
• Mortgage (P&I): −$519
• Tax from tax record: −$102 /mo · $1,223/yr
• Insurance: −$41
• HOA: −$0
• Vacancy / Maint / Mgmt: −$442
• Net cashflow: $1,002

Break-even live

Break-even rent $838

Max offer price $99,000

Occupancy floor 47%

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: $24,750
• Closing costs: $2,970
• Reserves months: —
• Total cash needed: —

Listing history 20 events

1. 2026-06-18
   days on market $99,000 Active 38 DOM
2. 2026-06-17
   days on market $99,000 Active 37 DOM
3. 2026-06-16
   days on market $99,000 Active 36 DOM
4. 2026-06-15
   days on market $99,000 Active 35 DOM
5. 2026-06-14
   days on market $99,000 Active 33 DOM
6. 2026-06-13
   days on market $99,000 Active 32 DOM
7. 2026-06-10
   days on market $99,000 Active 30 DOM
8. 2026-06-09
   days on market $99,000 Active 29 DOM
9. 2026-06-08
   days on market $99,000 Active 28 DOM
10. 2026-06-07
    days on market $99,000 Active 27 DOM
11. 2026-06-02
    days on market $99,000 Active 22 DOM
12. 2026-06-01
    days on market $99,000 Active 21 DOM
13. 2026-05-31
    days on market $99,000 Active 20 DOM
14. 2026-05-30
    days on market $99,000 Active 19 DOM
15. 2026-05-22
    status Active
16. 2025-12-24
    historical
17. 2025-12-14
    listed $99,000 Active
18. 2018-07-16
    historical Withdrawn
19. 2017-09-30
    listed Active
20. 2001-07-16
    soldstatus $20,000

ⓘ 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: $1,223 · $102/mo
• Projected year-2 tax: $1,223 · $102/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 · 16 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: $25,282
• − Mortgage interest: −$5,546
• − Property taxes: −$1,223
• − Insurance: −$495
• − Repairs & maintenance: −$2,023
• − Management: −$2,023
• − Depreciation: −$2,880
• Taxable income: $11,094
• Est. tax owed @ 24.0%: −$2,662
• After-tax cash flow: $9,363/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): 23,990
• Household income: $70,633
• Rent vs Own: 40.0% rent · 60.0% own
• Severe rent burden: 833.0

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 (78%)
• Race & ethnicity: White 78% Black 9% Two or more races 8% Hispanic / Latino 7% Asian 1%
• Hispanic origin (detail): Mexican 3% Puerto Rican 1%
• Common ancestry: Slovak 3% Romanian 3% Italian 1%
• Foreign-born: 6% · Canada, South Korea
• Languages at home: 94% English-only · Spanish 5%

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: ▼ -24.58%
• Current HPI: 205.3277
• Rent YoY: ▲ 6.30%
• Metro: Hagerstown-Martinsburg, MD-WV
• State GDP YoY: —
• F500 in state: 0

Price history

+395.0% since first listed

6 events — show timeline

• 2026-05-22 Relisted — BRIGHT MLS
• 2025-12-24 Listing Removed — BRIGHT MLS
• 2025-12-14 Listed $99,000 BRIGHT MLS
• 2018-07-16 Delisted — MRIS
• 2017-09-30 Listed — MRIS
• 2001-07-16 Sold (Public Records) $20,000 Public Records

Property tax history

+4.1%/yr

Latest (2025): $1,223 · +2.2% YoY. Source: county tax records.