206 Dogwood Ct

Shady Spring, WV 25832

$2,050D

4 bd · 3.0 ba · 2,390 sqft · Built 1979 · Condo · Pending · 18 DOM

Cashflow @ list (25.0% down · 7.5%)

• Estimated rent: $1,253/mo
• Mortgage (P&I): −$11
• Tax + insurance: −$3
• HOA: −$0
• Vac / Maint / Mgmt: −$263
• Net cashflow: $976/mo
• Annual: $11,708/yr
• Cap rate: 577.42%
• Cash-on-cash: 2039.73%
• DSCR: 91.76
• 1% rule: 61.12%
• Cash to close: $574

Investor read

• This is a 4-bed/3.0-bath condo listed at $2k.
• At list price, monthly cash flow is $976 ($12k/yr) — positive.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($1k rent vs $2k).
• It's been on market 18 days — a 2% lower offer ($2k) is reasonable based on typical stale-listing flexibility.
• Recommended offer: $2k (1.5% below list) — sets the bar for market timing.
• Local home prices are declining (-3.0%/yr); year-one equity from $14 of loan paydown is wiped out by about $62 of value loss. Plan a longer hold.
• Location reads 60/100 on livability (#214 in WV) — a middle-class / working-renter tenant base. Strengths: crime A+, cost of living A+, housing B+; Watch: amenities F, commute F, health & safety F.
• Raleigh County Schools (rural): math 29% / reading 42% proficiency, ranked #14 of 55 in WV (top 26%) — families likely to look elsewhere, expect single-tenant / working-renter base with shorter leases.
• Zoned schools: Shady Spring Elementary (math 36% / reading 43%, grade F, #108 of 377 statewide, top 33%, 414 students, 0% FRL); Shady Spring Middle School (math 30% / reading 46%, grade F, #25 of 109 statewide, top 23%, 578 students, 0% FRL); Shady Spring High (math 32% / reading 57%, grade F, #11 of 110 statewide, top 11%, 828 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.
• Market conditions: 150 active listings in the ZIP; 41 units permitted in Raleigh County in 2024 (0 in 5+ unit buildings).
• Raleigh County population projected at -16% by 2050 — secular population decline; favor cash flow + early exit over multi-decade hold.
• 2 sale attempts since 9y ago with the ask held roughly flat each time — persistent listings suggest the price (not the market) is what's stuck; bring a comps-based counter.
• Current owner paid $2k; 21% above their basis — modest negotiation headroom, anchor on the comps not their cost.
• At projected returns (-3.0% appreciation + 3.0% rent growth), your $574 cash investment doubles in ~1 year — after that, you're playing with house money.
• Cap rate 577.4% vs local median 1.8% in Shady 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

• Built in 1979 — when were the roof, HVAC, electrical panel, plumbing, and water heater last replaced?
• Any open or pending special assessments — roof, HVAC, plumbing, elevator, façade? What's the per-unit balance and payoff schedule, and is the seller paying it off at close or rolling it to the buyer?
• Is there a deadline driving the sale (1031 exchange, divorce, estate, relocation)? That informs how much negotiation room exists.
• 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.
• 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 apartment / multifamily construction is in the pipeline within 1–3 miles? Heavy new supply (>2% of stock underway) typically softens rents 12–24 months out; light construction supports rent growth.