119 Josephine Ave

Madison, WV 25130

$45,000B+

3 bd · 2.0 ba · 1,576 sqft · Built 1949 · SingleFamily · Active · 14 DOM

Cashflow @ list (25.0% down · 7.5%)

• Estimated rent: $1,200/mo
• Mortgage (P&I): −$236
• Tax + insurance: −$159
• HOA: −$0
• Vac / Maint / Mgmt: −$252
• Net cashflow: $553/mo
• Annual: $6,637/yr
• Cap rate: 22.52%
• Cash-on-cash: 57.96%
• DSCR: 3.58
• 1% rule: 2.67%
• Cash to close: $12,600

Investor read

• This is a 3-bed/2.0-bath single-family listed at $45k.
• At list price, monthly cash flow is $553 ($7k/yr) — positive.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($1k rent vs $45k).
• Only 14 days on market — expect competitive offers; lowballing is unlikely to land.
• In year one you build about $5k of equity ($311 loan paydown + $4k appreciation (10.0% local appreciation)).
• Location reads 60/100 on livability (#217 in WV) — a middle-class / working-renter tenant base. Strengths: cost of living A+, crime A, housing A-; Watch: schools F, amenities F, commute F.
• Boone County Schools (rural): math 26% / reading 36% proficiency, ranked #26 of 55 in WV (top 47%) — families likely to look elsewhere, expect single-tenant / working-renter base with shorter leases.
• Watch-outs: flood insurance adds $56/mo; built in 1949 — expect roof / HVAC / electrical / plumbing capex.
• Market conditions: 17 active listings in the ZIP; 4 units permitted in Boone County in 2024 (0 in 5+ unit buildings).
• Boone County population projected at -34% by 2050 — secular population decline; favor cash flow + early exit over multi-decade hold.
• At projected returns (10.0% appreciation + 3.0% rent growth), your $13k cash investment doubles in ~2 years — after that, you're playing with house money.
• By year 7, paydown + projected appreciation supports a ~$35k cash-out refi (75% LTV) — recoverable capital for the next deal without selling this one.
• Climate carrying-cost: severe flood risk; moderate wildfire risk; extreme-heat days projected 8→21/yr by 2055 (HVAC capex compounding) — expect insurance premiums to compound above CPI over the hold.

Questions for listing agent

• Built in 1949 — when were the roof, HVAC, electrical panel, plumbing, and water heater last replaced?
• What's the actual annual flood-insurance premium (NFIP or private), and is the property in a SFHA with mandatory coverage?
• 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?
• 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.