914 Reynolds Ave

Princeton, WV 24740

$134,900D

2 bd · 1.0 ba · 1,296 sqft · Built 1945 · SingleFamily · Pending · 140 DOM

Cashflow @ list (25.0% down · 7.5%)

• Estimated rent: $933/mo
• Mortgage (P&I): −$707
• Tax + insurance: −$164
• HOA: −$0
• Vac / Maint / Mgmt: −$196
• Net cashflow: $-135/mo
• Annual: $-1,621/yr
• Cap rate: 5.09%
• Cash-on-cash: -4.29%
• DSCR: 0.81
• 1% rule: 0.69%
• Cash to close: $37,772

Investor read

• This is a 2-bed/1.0-bath single-family listed at $135k.
• At list price, monthly cash flow is $-135 ($-2k/yr) — negative.
• To cash-flow at today's rent, offer at most $111k (17.7% below list).
• To meet the 1% rule (rent ≥ 1% of price), the offer needs to be $93k (30.9% below list).
• It's been on market 140 days — a 12% lower offer ($119k) is reasonable based on typical stale-listing flexibility.
• Recommended offer: $93k (30.9% below list) — sets the bar for 1% rule.
• In year one you build about $14k of equity ($933 loan paydown + $13k appreciation (10.0% local appreciation)).
• Location reads 72/100 on livability (#53 in WV) — a middle-class / working-renter tenant base. Strengths: cost of living A+, housing A+, crime B+; Watch: amenities D, commute F, employment F.
• Mercer County Schools (town): math 26% / reading 37% proficiency, ranked #28 of 55 in WV (top 51%) — families likely to look elsewhere, expect single-tenant / working-renter base with shorter leases.
• Zoned schools: Princeton Primary School (499 students, 0% FRL); Princeton Middle School (math 21% / reading 27%, grade F, #89 of 109 statewide, top 82%, 503 students, 0% FRL); Princeton Senior High School (math 32% / reading 52%, grade F, #14 of 110 statewide, top 16%, 983 students, 0% FRL) — zoned schools average 0% FRL vs 54% district-wide (54 pts lower); this property's tenant base skews higher-income than the district average.
• Watch-outs: built in 1945 — expect roof / HVAC / electrical / plumbing capex.
• Market conditions: 50 active listings in the ZIP; lower-income renter base — watch delinquency; 4 units permitted in Mercer County in 2024 (0 in 5+ unit buildings).
• Mercer County population projected at -18% by 2050 — secular population decline; favor cash flow + early exit over multi-decade hold.
• Current owner paid $18k; list at $135k implies a 649% gain — meaningful room to come down on a strong offer.
• By year 3, paydown + projected appreciation supports a ~$37k cash-out refi (75% LTV) — recoverable capital for the next deal without selling this one.
• Cap rate 5.1% vs local median 3.7% in Princeton — 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

• What do current leases actually rent for vs. the listed asking? Can we see a recent rent roll and the last 12 months of T-12 income?
• It's been on market 140 days. Have you received any prior offers? Is the seller open to a 31% concession, seller financing, or rate buy-down credit?
• Built in 1945 — 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 B-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?
• The area grade is low — what's the realistic commute time and amenity access for the typical tenant pool here? Any planned neighborhood developments (good or bad) we should know about?
• 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.