276 Frost Ln

Gallipolis Ferry, WV 25515

$139,900B

4 bd · 2.0 ba · 1,680 sqft · Built 1971 · MultiFamily · Active · 166 DOM

Cashflow @ list (25.0% down · 7.5%)

• Estimated rent: $1,722/mo
• Mortgage (P&I): −$734
• Tax + insurance: −$132
• HOA: −$0
• Vac / Maint / Mgmt: −$362
• Net cashflow: $494/mo
• Annual: $5,934/yr
• Cap rate: 10.53%
• Cash-on-cash: 15.15%
• DSCR: 1.67
• 1% rule: 1.23%
• Cash to close: $39,172

Investor read

• This is a 2 × 2-bed/1-bath units multifamily listed at $140k.
• At list price, monthly cash flow is $494 ($6k/yr) — positive. Per door: $247/mo.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($2k rent vs $140k).
• It's been on market 166 days — a 12% lower offer ($123k) is reasonable based on typical stale-listing flexibility.
• Recommended offer: $123k (12.0% below list) — sets the bar for market timing.
• In year one you build about $8k of equity ($967 loan paydown + $7k appreciation (5.3% local appreciation)).
• Location reads 60/100 on livability (#218 in WV) — a middle-class / working-renter tenant base. Strengths: cost of living A+, housing A; Watch: employment D+, schools F, amenities F.
• Mason County Schools (town): math 20% / reading 33% proficiency, ranked #44 of 55 in WV (top 80%) — low school quality limits family demand, transient renter base, plan for 1-2y turnover.
• Market conditions: 11 active listings in the ZIP; 3 units permitted in Mason County in 2024 (0 in 5+ unit buildings).
• Mason County population projected at -14% by 2050 — secular population decline; favor cash flow + early exit over multi-decade hold.
• At projected returns (5.3% appreciation + 3.0% rent growth), your $39k cash investment doubles in ~3 years — after that, you're playing with house money.
• By year 5, paydown + projected appreciation supports a ~$36k cash-out refi (75% LTV) — recoverable capital for the next deal without selling this one.
• This rent runs 45% of the median local income ($46k/yr) — at the standard rent-burdened threshold; future hikes will face affordability resistance.

Questions for listing agent

• It's been on market 166 days. Have you received any prior offers? Is the seller open to a 12% concession, seller financing, or rate buy-down credit?
• Can we see the unit-by-unit rent roll, current vacancy, and any below-market leases? What's the average tenancy length?
• What capital expenditures (roof, boiler, parking lot, exteriors) have been made in the last 5 years, and what's planned in the next 2?
• Built in 1971 — 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.