203 Carter St

Radford, VA 24141

$130,000B+

4 bd · 1.5 ba · 1,466 sqft · Built 1920 · SingleFamily · Active · 3 DOM

Cashflow @ list (25.0% down · 7.5%)

• Estimated rent: $1,559/mo
• Mortgage (P&I): −$682
• Tax + insurance: −$135
• HOA: −$0
• Vac / Maint / Mgmt: −$327
• Net cashflow: $415/mo
• Annual: $4,977/yr
• Cap rate: 10.12%
• Cash-on-cash: 13.67%
• DSCR: 1.61
• 1% rule: 1.20%
• Cash to close: $36,400

Investor read

• This is a 4-bed/1.5-bath single-family listed at $130k.
• At list price, monthly cash flow is $415 ($5k/yr) — positive.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($2k rent vs $130k).
• Only 3 days on market — expect competitive offers; lowballing is unlikely to land.
• Local home prices are declining (-3.0%/yr); year-one equity from $899 of loan paydown is wiped out by about $4k of value loss. Plan a longer hold.
• Location reads 68/100 on livability (#269 in VA) — a middle-class / working-renter tenant base. Strengths: cost of living A+, crime A-, health & safety B+; Watch: amenities F, commute F, employment F.
• Radford City Public School District (urban): math 66% / reading 78% proficiency, ranked #26 of 131 in VA (top 20%) — strong family-tenant draw, lease renewals of 3-5y typical.
• Zoned schools: Belle Heth Elementary (math 73% / reading 77%, grade A, #211 of 1,108 statewide, top 20%, 492 students, 72% FRL); John N. Dalton Intermediate (math 61% / reading 77%, grade A, #89 of 342 statewide, top 26%, 235 students, 66% FRL); Radford High (math 52% / reading 87%, grade B, #159 of 319 statewide, top 53%, 504 students, 42% FRL) — zoned schools average 60% FRL vs 38% district-wide (22 pts higher); higher-poverty schools than district average — tighter screening recommended.
• Watch-outs: built in 1920 — expect roof / HVAC / electrical / plumbing capex.
• Market conditions: Rents rising fast (+6.6%/yr); 151 active listings in the ZIP; 1 comparable units currently listed for rent nearby; 28 units permitted in Radford city in 2024 (0 in 5+ unit buildings).
• Radford County population projected at +32% by 2050 — long-run rental-demand tailwind backs the buy-and-hold thesis.
• At projected returns (-3.0% appreciation + 6.6% rent growth), your $36k cash investment doubles in ~7 years — after that, you're playing with house money.
• Cap rate 10.1% vs local median 3.6% in Radford — 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 1920 — 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 A-rated — typically a magnet for longer-tenancy family renters. What's the average tenant stay here, and is there a school-zone premium baked into asking?
• 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.