112 Woodlake Dr

Rio, VA 22901

$285,000D+

3 bd · 1.5 ba · 1,428 sqft · Built 1973 · SingleFamily · Active · 33 DOM

Cashflow @ list (25.0% down · 7.5%)

• Estimated rent: $2,237/mo
• Mortgage (P&I): −$1,495
• Tax + insurance: −$319
• HOA: −$0
• Vac / Maint / Mgmt: −$470
• Net cashflow: $-46/mo
• Annual: $-556/yr
• Cap rate: 6.10%
• Cash-on-cash: -0.70%
• DSCR: 0.97
• 1% rule: 0.78%
• Cash to close: $79,800

Investor read

• This is a 3-bed/1.5-bath single-family listed at $285k.
• At list price, monthly cash flow is $-46 ($-556/yr) — negative.
• To cash-flow at today's rent, offer at most $277k (2.9% below list).
• To meet the 1% rule (rent ≥ 1% of price), the offer needs to be $224k (21.5% below list).
• It's been on market 33 days — a 3% lower offer ($276k) is reasonable based on typical stale-listing flexibility.
• Recommended offer: $224k (21.5% below list) — sets the bar for 1% rule.
• Local home prices are declining (-3.0%/yr); year-one equity from $2k of loan paydown is wiped out by about $9k of value loss. Plan a longer hold.
• Location reads: area grade D — affects rentability + tenant quality, not the cash-flow math above.
• Albemarle County Public School District (rural): math 66% / reading 77% proficiency, ranked #14 of 131 in VA (top 11%) — strong family-tenant draw, lease renewals of 3-5y typical.
• Zoned schools: Agnor-Hurt Elementary (math 42% / reading 52%, grade D-, #794 of 1,108 statewide, top 74%, 438 students, 73% FRL); Jackson P. Burley Middle (math 59% / reading 71%, grade A-, #120 of 342 statewide, top 35%, 586 students, 45% FRL); Albemarle High (math 70% / reading 85%, grade A-, #83 of 319 statewide, top 28%, 1,987 students, 34% FRL) — zoned schools average 51% FRL vs 23% district-wide (27 pts higher); higher-poverty schools than district average — tighter screening recommended.
• Market conditions: Rents rising (+2.8%/yr); 388 active listings in the ZIP; 29 comparable units currently listed for rent nearby; rentals at typical pace (median 15d on market — plan ~3-4 weeks tenant-placement turnaround); solid renter incomes; 810 units permitted in Albemarle County in 2024 (188 in 5+ unit buildings).
• Albemarle County population projected at +24% by 2050 — long-run rental-demand tailwind backs the buy-and-hold thesis.
• Current owner paid $84k; list at $285k implies a 239% gain — meaningful room to come down on a strong offer.
• Climate carrying-cost: extreme-heat days projected 7→17/yr by 2055 (HVAC capex compounding) — expect insurance premiums to compound above CPI over the hold.
• Cap rate 6.1% vs local median 3.4% in Rio — 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 33 days. Have you received any prior offers? Is the seller open to a 22% concession, seller financing, or rate buy-down credit?
• Built in 1973 — when were the roof, HVAC, electrical panel, plumbing, and water heater last replaced?
• 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 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.