43 Third St

Waverly, WV 26184

$97,500C

3 bd · 1.0 ba · 1,040 sqft · Built 1959 · SingleFamily · Pending · 86 DOM

Cashflow @ list (25.0% down · 7.5%)

• Estimated rent: $967/mo
• Mortgage (P&I): −$511
• Tax + insurance: −$133
• HOA: −$0
• Vac / Maint / Mgmt: −$203
• Net cashflow: $119/mo
• Annual: $1,432/yr
• Cap rate: 8.44%
• Cash-on-cash: 7.69%
• DSCR: 1.34
• 1% rule: 0.99%
• Cash to close: $27,300

Investor read

• This is a 3-bed/1.0-bath single-family listed at $98k.
• At list price, monthly cash flow is $119 ($1k/yr) — positive.
• The deal already cash-flows at list — no discount required.
• To meet the 1% rule (rent ≥ 1% of price), the offer needs to be $97k (0.9% below list).
• It's been on market 86 days — a 6% lower offer ($92k) is reasonable based on typical stale-listing flexibility.
• Recommended offer: $92k (6.0% below list) — sets the bar for market timing.
• In year one you build about $3k of equity ($674 loan paydown + $3k appreciation (2.8% local appreciation)).
• Location reads 59/100 on livability (#230 in WV) — a working-class tenant base; expect higher turnover. Strengths: cost of living A+, crime A, employment A; Watch: health & safety D, amenities F, commute F.
• Wood County Schools (urban): math 38% / reading 48% proficiency, ranked #3 of 55 in WV (top 6%) — families likely to look elsewhere, expect single-tenant / working-renter base with shorter leases.
• Zoned schools: Williamstown Elementary School (math 59% / reading 61%, grade B-, #14 of 377 statewide, top 3%, 553 students, 0% FRL); Williamstown High School (math 45% / reading 60%, grade C-, #5 of 110 statewide, top 4%, 671 students, 0% FRL) — zoned schools average 0% FRL vs 47% district-wide (47 pts lower); this property's tenant base skews higher-income than the district average.
• Zoned-school proficiency averages 56% at this address vs 43% district-wide (+13 pts) — the actual schools serving this property are materially stronger than the Wood County Schools average implies; a family-tenant draw the district grade alone would hide.
• Watch-outs: flood insurance adds $56/mo; built in 1959 — expect roof / HVAC / electrical / plumbing capex.
• Market conditions: 4 active listings in the ZIP; 124 units permitted in Wood County in 2024 (33 in 5+ unit buildings).
• Wood County population projected at -13% by 2050 — secular population decline; favor cash flow + early exit over multi-decade hold.
• 2 sale attempts since 10y ago; this cycle's ask has dropped $10k (10%) from the opening price — seller is motivated, your offer sets the floor, not the list.
• Current owner paid $80k; 22% above their basis — modest negotiation headroom, anchor on the comps not their cost.
• At projected returns (2.8% appreciation + 3.0% rent growth), your $27k cash investment doubles in ~5 years — after that, you're playing with house money.
• By year 10, paydown + projected appreciation supports a ~$33k cash-out refi (75% LTV) — recoverable capital for the next deal without selling this one.

Questions for listing agent

• It's been on market 86 days. Have you received any prior offers? Is the seller open to a 6% concession, seller financing, or rate buy-down credit?
• Built in 1959 — 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?
• Why hasn't it sold? Are there any deal-killer items the seller is aware of (foundation, flood, title, zoning, code violations)?
• 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.