239 Boxwood St

Glade Spring, VA 24340

$144,900C+

3 bd · 1.5 ba · 1,869 sqft · Built 1900 · SingleFamily · Active · 430 DOM

Cashflow @ list (25.0% down · 7.5%)

• Estimated rent: $1,231/mo
• Mortgage (P&I): −$760
• Tax + insurance: −$95
• HOA: −$0
• Vac / Maint / Mgmt: −$258
• Net cashflow: $117/mo
• Annual: $1,408/yr
• Cap rate: 7.26%
• Cash-on-cash: 3.47%
• DSCR: 1.15
• 1% rule: 0.85%
• Cash to close: $40,572

Investor read

• This is a 3-bed/1.5-bath single-family listed at $145k.
• At list price, monthly cash flow is $117 ($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 $123k (15.1% below list).
• It's been on market 430 days — a 12% lower offer ($128k) is reasonable based on typical stale-listing flexibility.
• Recommended offer: $123k (15.1% below list) — sets the bar for 1% rule.
• In year one you build about $3k of equity ($1k loan paydown + $2k appreciation (1.4% local appreciation)).
• Location reads 62/100 on livability (#399 in VA) — a middle-class / working-renter tenant base. Strengths: cost of living A+, housing A+, schools A; Watch: health & safety C-, crime D-, amenities F.
• Washington County Public School District (rural): math 68% / reading 79% proficiency, ranked #15 of 131 in VA (top 12%) — strong family-tenant draw, lease renewals of 3-5y typical.
• Watch-outs: built in 1900 — expect roof / HVAC / electrical / plumbing capex.
• Market conditions: 35 active listings in the ZIP; 99 units permitted in Washington County in 2024 (0 in 5+ unit buildings).
• Washington County population projected at -14% by 2050 — secular population decline; favor cash flow + early exit over multi-decade hold.
• 3 sale attempts since 8y ago; this cycle's ask has dropped $55k (28%) from the opening price — seller is motivated, your offer sets the floor, not the list.
• Current owner paid $39k; list at $145k implies a 272% gain — meaningful room to come down on a strong offer.
• At projected returns (1.4% appreciation + 3.0% rent growth), your $41k cash investment doubles in ~8 years — after that, you're playing with house money.
• By year 10, paydown + projected appreciation supports a ~$30k cash-out refi (75% LTV) — recoverable capital for the next deal without selling this one.
• Climate carrying-cost: moderate wildfire risk — expect insurance premiums to compound above CPI over the hold.
• Cap rate 7.3% vs local median 3.2% in Glade Spring — 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

• It's been on market 430 days. Have you received any prior offers? Is the seller open to a 15% concession, seller financing, or rate buy-down credit?
• Built in 1900 — 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 A-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?
• Crime grade is D in this area — have there been break-ins, vandalism, or insurance claims at this property in the last 3 years? What carrier currently insures it and at what premium?
• 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.