178 Lindsay Rd

Hampden-Sydney, VA 23958

$113,900B+

3 bd · 2.0 ba · 1,568 sqft · Built 1999 · Manufactured · Active · 56 DOM

Cashflow @ list (25.0% down · 7.5%)

• Estimated rent: $1,324/mo
• Mortgage (P&I): −$597
• Tax + insurance: −$104
• HOA: −$0
• Vac / Maint / Mgmt: −$278
• Net cashflow: $344/mo
• Annual: $4,131/yr
• Cap rate: 9.92%
• Cash-on-cash: 12.95%
• DSCR: 1.58
• 1% rule: 1.16%
• Cash to close: $31,892

Investor read

• This is a 3-bed/2.0-bath manufactured listed at $114k.
• At list price, monthly cash flow is $344 ($4k/yr) — positive.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($1k rent vs $114k).
• It's been on market 56 days — a 3% lower offer ($110k) is reasonable based on typical stale-listing flexibility.
• Recommended offer: $110k (3.0% below list) — sets the bar for market timing.
• In year one you build about $8k of equity ($787 loan paydown + $7k appreciation (6.4% local appreciation)).
• Location reads: area grade B — affects rentability + tenant quality, not the cash-flow math above.
• Prince Edward County Public School District (town): math 25% / reading 48% proficiency, ranked #126 of 131 in VA (top 96%) — families likely to look elsewhere, expect single-tenant / working-renter base with shorter leases; 65% free/reduced lunch — lower-income household profile, screen leases tightly.
• Market conditions: 42 active listings in the ZIP; 65 units permitted in Prince Edward County in 2024 (5 in 5+ unit buildings).
• Prince Edward County population projected to shrink 9% by 2050 — rents likely to lag national; underwrite the cash flow, not the appreciation.
• Current owner paid $78k; 47% above their basis — modest negotiation headroom, anchor on the comps not their cost.
• At projected returns (6.4% appreciation + 3.0% rent growth), your $32k cash investment doubles in ~3 years — after that, you're playing with house money.
• By year 5, paydown + projected appreciation supports a ~$36k cash-out refi (75% LTV) — recoverable capital for the next deal without selling this one.
• Climate carrying-cost: moderate wildfire risk; extreme-heat days projected 7→17/yr by 2055 (HVAC capex compounding) — expect insurance premiums to compound above CPI over the hold.
• Cap rate 9.9% vs local median 2.2% in Hampden-Sydney — 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

• It's been on market 56 days. Have you received any prior offers? Is the seller open to a 3% concession, seller financing, or rate buy-down credit?
• Is there a deadline driving the sale (1031 exchange, divorce, estate, relocation)? That informs how much negotiation room exists.
• 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.