1008 E Main St

Mannington, WV 26582

$59,900B+

4 bd · 2.0 ba · 2,200 sqft · Built 1911 · SingleFamily · Active · 207 DOM

Cashflow @ list (25.0% down · 7.5%)

• Estimated rent: $1,398/mo
• Mortgage (P&I): −$314
• Tax + insurance: −$77
• HOA: −$0
• Vac / Maint / Mgmt: −$294
• Net cashflow: $713/mo
• Annual: $8,556/yr
• Cap rate: 20.58%
• Cash-on-cash: 51.02%
• DSCR: 3.27
• 1% rule: 2.33%
• Cash to close: $16,772

Investor read

• This is a 4-bed/2.0-bath single-family listed at $60k.
• At list price, monthly cash flow is $713 ($9k/yr) — positive.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($1k rent vs $60k).
• It's been on market 207 days — a 12% lower offer ($53k) is reasonable based on typical stale-listing flexibility.
• Recommended offer: $53k (12.0% below list) — sets the bar for market timing.
• In year one you build about $4k of equity ($414 loan paydown + $4k appreciation (6.8% local appreciation)).
• Location reads 69/100 on livability (#75 in WV) — a middle-class / working-renter tenant base. Strengths: crime A+, cost of living A+, housing A+; Watch: health & safety C-, employment D+, amenities F.
• Marion County Schools (town): math 30% / reading 43% proficiency, ranked #11 of 55 in WV (top 20%) — families likely to look elsewhere, expect single-tenant / working-renter base with shorter leases.
• Zoned schools: Blackshere Elementary School (math 22% / reading 22%, grade F, #324 of 377 statewide, top 89%, 333 students, 0% FRL); Mannington Middle School (math 24% / reading 31%, grade F, #70 of 109 statewide, top 65%, 251 students, 0% FRL); North Marion High School (math 27% / reading 47%, grade F, #32 of 110 statewide, top 34%, 738 students, 0% FRL) — zoned schools average 0% FRL vs 46% district-wide (46 pts lower); this property's tenant base skews higher-income than the district average.
• Watch-outs: built in 1911 — expect roof / HVAC / electrical / plumbing capex.
• Market conditions: 10 active listings in the ZIP; 3 units permitted in Marion County in 2024 (0 in 5+ unit buildings).
• 2 sale attempts; this cycle's ask has dropped $50k (46%) from the opening price — seller is motivated, your offer sets the floor, not the list.
• Current owner paid $28k; list at $60k implies a 118% gain — meaningful room to come down on a strong offer.
• At projected returns (6.8% appreciation + 3.0% rent growth), your $17k cash investment doubles in ~2 years — after that, you're playing with house money.
• By year 8, paydown + projected appreciation supports a ~$36k cash-out refi (75% LTV) — recoverable capital for the next deal without selling this one.

Questions for listing agent

• It's been on market 207 days. Have you received any prior offers? Is the seller open to a 12% concession, seller financing, or rate buy-down credit?
• Built in 1911 — when were the roof, HVAC, electrical panel, plumbing, and water heater last replaced?
• 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.
• 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.