102 Lights Addition Dr · Martinsburg, WV 25404

$199,900

1 bd · 1.0 ba · 390 sqft · MultiFamily public records · 51 Days on market

Built 1991 7,000 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

Multi-family units

County records classify this as Multi-Family (2-4 Unit). Listing-text estimate: 1 unit. estimate disagrees with records

Listing remarks

TURN KEY INVESTMENT PROPERTY WITH A PROVEN TRACK HISTORY WITH AIRBNB! Welcome to 102 Lights Addition Dr in Martinsburg, WV—a rare opportunity to own a fully furnished, income-producing property with a proven track record! This versatile, multi-unit investment is perfectly set up for immediate cash flow and is being offered completely turnkey, with furniture, household items, and TVs all conveying (excluding contents in Unit D1). The property features multiple income streams across several units, currently operating as successful Airbnb rentals with a minimum three-month stay model: (4 total structures, several units - see below) Unit A is a cozy one-bedroom apartment located above Uni

Key facts

• 7,000 sq ft lot
• 6 parking spots
• Built 1991

Property features AI

Finance

• Other: Above-grade finished area approximately 3,000 (estimated)
• Financial info: Fee simple ownership

Exterior

• Parking: Driveway and off-street parking; Six off-street parking spaces (6 total garage/parking spaces)
• Utilities: Public water; Public sewer (public septic); Electric service for heating, cooling, and hot water
• Home design: Multifamily building with 4 total units; Combination construction
• Construction: Combination construction materials; Above-grade and below-grade structures; Year built estimated
• Exterior features: No tidal water on the property

Interior

• Bedrooms: One studio unit; One 1-bedroom unit; Two 2-bedroom units
• Heating & cooling: Central air and window AC units; Heat pump(s); Electric baseboard heating; Electric hot water
• Interior features: Units are furnished

What this means for you Summary

Snapshot

• This is a 1-bed/1.0-bath multifamily listed at $200k.

Deal economics

• At list price, monthly cash flow is $3k ($34k/yr) — positive.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($5k rent vs $200k).
• Recommended offer: $194k (3.0% below list) — sets the bar for market timing.
• Cap rate 23.3% 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.
• 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).
• At $5,141/mo this rent would consume 87% of the median local household income ($71k/yr) (locally 833% of renters already pay >50% of income on rent) — very limited rent-growth headroom before tenants either downsize or default.

Forward outlook

• Local home prices are declining (-3.0%/yr); year-one equity from $1k of loan paydown is wiped out by about $6k 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 $56k cash investment doubles in ~2 years — after that, you're playing with house money.

Negotiation context

• It's been on market 51 days — a 3% lower offer ($194k) is reasonable based on typical stale-listing flexibility.
• Current owner paid $32k; list at $200k implies a 515% gain — meaningful room to come down on a strong offer.

Risks & watch-outs

• 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 $193,903 (3.0% below list)

Questions for the listing agent

1. It's been on market 51 days. Have you received any prior offers? Is the seller open to a 3% concession, seller financing, or rate buy-down credit?
2. Is there a deadline driving the sale (1031 exchange, divorce, estate, relocation)? That informs how much negotiation room exists.
3. 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.
4. 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.
5. How much new apartment / multifamily construction is in the pipeline within 1–3 miles? Heavy new supply (>2% of stock underway) typically softens rents 12–24 months out; light construction supports rent growth.

Investment metrics

• 1% rule: 2.57% ✓
• Cap rate: 23.34%
• Cash-on-cash: 60.88%
• DSCR: 3.71
• GRM: 3.2

CMA / ARV

No comps found within radius.

Projected returns pro-forma

-3.0% appreciation · 6.3% rent growth · sell at horizon

5-year hold

• IRR: 63.3%
• Equity multiple: 3.97×
• Total profit: $166,068
• Equity at exit: $29,806

10-year hold

• IRR: 68.8%
• Equity multiple: 9.13×
• Total profit: $454,840
• Equity at exit: $17,284

Cash invested: $55,972 (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: 13.0×

Monthly cashflow live

• Estimated rent: $5,141 high
• Mortgage (P&I): −$1,048
• Tax from tax record: −$90 /mo · $1,084/yr
• Insurance: −$83
• HOA: −$0
• Vacancy / Maint / Mgmt: −$1,080
• Net cashflow: $2,839

Break-even live

Break-even rent $1,547

Max offer price $199,900

Occupancy floor 40%

4-unit breakdown (identical units grouped — click to expand)

Units	Beds	Baths	Est. rent
▸ 4× units	1	1	$5,140
Total (4 units)			$5,141

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: $49,975
• Closing costs: $5,997
• Reserves months: —
• Total cash needed: —

Listing history 19 events

1. 2026-06-18
   days on market $199,900 Active 51 DOM
2. 2026-06-17
   days on market $199,900 Active 50 DOM
3. 2026-06-16
   days on market $199,900 Active 49 DOM
4. 2026-06-15
   days on market $199,900 Active 48 DOM
5. 2026-06-14
   days on market $199,900 Active 46 DOM
6. 2026-06-13
   days on market $199,900 Active 45 DOM
7. 2026-06-10
   days on market $199,900 Active 43 DOM
8. 2026-06-09
   days on market $199,900 Active 42 DOM
9. 2026-06-08
   days on market $199,900 Active 41 DOM
10. 2026-06-07
    days on market $199,900 Active 40 DOM
11. 2026-06-02
    days on market $199,900 Active 35 DOM
12. 2026-06-01
    days on market $199,900 Active 34 DOM
13. 2026-05-31
    days on market $199,900 Active 33 DOM
14. 2026-05-30
    days on market $199,900 Active 32 DOM
15. 2026-04-29
    listed $199,900 Active
16. 2026-04-23
    historical $199,900
17. 2019-08-26
    soldstatus $32,491
18. 2007-07-03
    soldstatus $75,000
19. 1988-09-27
    soldstatus $18,000

ⓘ 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: $1,084 · $90/mo
• Projected year-2 tax: $1,179 · $98/mo
• Expected delta: +$95/yr (+$8/mo · 8.8%)

ⓘ 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: $61,692
• − Mortgage interest: −$11,198
• − Property taxes: −$1,084
• − Insurance: −$1,000
• − Repairs & maintenance: −$4,935
• − Management: −$4,935
• − Depreciation: −$5,815
• Taxable income: $32,725
• Est. tax owed @ 24.0%: −$7,854
• After-tax cash flow: $26,220/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

• 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

+1010.6% since first listed

5 events — show timeline

• 2026-04-29 Listed $199,900 BRIGHT MLS
• 2026-04-23 Coming Soon $199,900 BRIGHT MLS
• 2019-08-26 Sold (Public Records) $32,491 Public Records
• 2007-07-03 Sold (Public Records) $75,000 Public Records
• 1988-09-27 Sold (Public Records) $18,000 Public Records

Property tax history

-2.6%/yr

Latest (2025): $1,084 · -1.3% YoY. Source: county tax records.