3770 Wheatland Rd · Fincastle, VA 24090

$38,000

2 bd · 1.0 ba · 524 sqft · SingleFamily public records · 34 Days on market

Built 1960 0.54 ac lot Est $33k · 15% over ↓ 24% since listing

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Why this score? — see what drove the B- grade

The composite is a weighted blend of 9 inputs, each scored 0–100. Each bar is that input's sub-score; the figure is the points it added to the 100-point composite (weight × sub-score).

• Cash flow +30.0/30.0
• 1% rule +10.0/10.0
• DSCR +10.0/10.0
• Schools +6.8/10.0
• Livability +3.6/5.0
• Rent growth +2.5/5.0
• Condition / age +2.5/5.0
• ARV discount +0.7/15.0
• Appreciation +0.0/10.0

Listing remarks

This property features a four-room home built in 1960 along with a 1997 single-wide, offering multiple possibilities for redevelopment or investment. Both structures are being sold as-is and are currently not safe for entry--please do not access the buildings. Situated on a . 54-acre lot, the property includes an existing well and septic system (condition unknown), providing a strong starting point for your next project. Whether you're looking to renovate, rebuild, or create rental income potential, this property offers a unique opportunity for those with vision. Property conveys with all personal property; seller will not make repairs or remove personal property.

Key facts

• Four-room home
• 1997 single-wide
• Existing well

Tags

• FOUR-ROOM HOME
• 1997 SINGLE-WIDE
• 54-ACRE LOT
• EXISTING WELL
• SEPTIC SYSTEM
• REDEVELOPMENT POTENTIAL

Property features AI

Finance

• Other: Listed by Wainwright & Co., REALTORS®
• Financial info: Annual tax amount reported

Exterior

• Home design: Residential property; Built in 1960
• Construction: Built in 1960
• Exterior features: Approximately 0.54-acre lot

Interior

• Bedrooms: 1 bedroom (main level)
• Flooring: Wood flooring
• Bathrooms: 1 full bathroom (main level)
• Heating & cooling: Heating: Other (see remarks); Cooling: Other (see remarks)
• Interior features: Wood doors

What this means for you Summary

Snapshot

• This is a 2-bed/1.0-bath single-family listed at $38k.

Deal economics

• At list price, monthly cash flow is $420 ($5k/yr) — positive.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($919 rent vs $38k).
• Recommended offer: $37k (3.0% below list) — sets the bar for market timing.
• Cap rate 21.7% vs local median 1.5% in Fincastle — 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.

Location & tenants

• Location reads 71/100 on livability (#213 in VA) — a middle-class / working-renter tenant base. Strengths: health & safety A+, housing A, cost of living B; Watch: amenities F, commute F.
• Botetourt County Public School District (rural): math 76% / reading 82% proficiency, ranked #6 of 131 in VA (top 5%) — strong family-tenant draw, lease renewals of 3-5y typical; only 19% free/reduced lunch — higher-income household profile.
• Zoned schools: Breckinridge Elementary (math 67% / reading 72%, grade A-, #313 of 1,108 statewide, top 32%, 195 students, 33% FRL); Central Academy Middle (math 77% / reading 83%, grade A+, #24 of 342 statewide, top 8%, 369 students, 42% FRL); James River High (math 98% / reading 87%, grade A+, #3 of 319 statewide, top 1%, 460 students, 32% FRL) — zoned schools average 36% FRL vs 19% district-wide (16 pts higher); higher-poverty schools than district average — tighter screening recommended.
• Market conditions: 40 active listings in the ZIP; 116 units permitted in Botetourt County in 2024 (0 in 5+ unit buildings).

Forward outlook

• Local home prices are declining (-3.0%/yr); year-one equity from $263 of loan paydown is wiped out by about $1k of value loss. Plan a longer hold.
• Botetourt County population projected to shrink 4% by 2050 — rents likely to lag national; underwrite the cash flow, not the appreciation.
• At projected returns (-3.0% appreciation + 3.0% rent growth), your $11k cash investment doubles in ~3 years — after that, you're playing with house money.

Negotiation context

• It's been on market 34 days — a 3% lower offer ($37k) is reasonable based on typical stale-listing flexibility.

Risks & watch-outs

• Watch-outs: flood insurance adds $66/mo.
• Climate carrying-cost: major flood risk — expect insurance premiums to compound above CPI over the hold.

Recommended offer $36,860 (3.0% below list)

Questions for the listing agent

1. It's been on market 34 days. Have you received any prior offers? Is the seller open to a 3% concession, seller financing, or rate buy-down credit?
2. Built in 1960 — when were the roof, HVAC, electrical panel, plumbing, and water heater last replaced?
3. What's the actual annual flood-insurance premium (NFIP or private), and is the property in a SFHA with mandatory coverage?
4. Is there a deadline driving the sale (1031 exchange, divorce, estate, relocation)? That informs how much negotiation room exists.
5. 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?
6. 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.
7. 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.
8. 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.

Investment metrics

• 1% rule: 2.42% ✓
• Cap rate: 21.65%
• Cash-on-cash: 54.86%
• DSCR: 3.44
• GRM: 3.4

CMA / ARV

• ARV (on-the-fly): $33,012
• Comps found: 1

Show comp detail 1 sale within ~0.75 mi

Address	Dist	Beds/Ba	Sqft	Sold	Price	$/sf	Match
3770 Wheatland Rd	0.00mi	1/1.0 (-1)	524 (0%)	1mo	$33,000	$63	94

Match score weights: distance 35% · size 25% · config 20% · recency 20%. Top-matched comps best support the ARV.

Projected returns pro-forma

-3.0% appreciation · 3.0% rent growth · sell at horizon

5-year hold

• IRR: 44.8%
• Equity multiple: 2.94×
• Total profit: $20,633
• Equity at exit: $5,666

10-year hold

• IRR: 50.7%
• Equity multiple: 5.94×
• Total profit: $52,576
• Equity at exit: $3,286

Cash invested: $10,640 (down + closing). Projections, not guarantees.

Landlord ↔ Tenant lean methodology

• Overall (STATE): 55 Moderately Landlord-Leaning
• State Virginia: 55 Moderately Landlord-Leaning · D+2
• County: — inherits STATE
• City: — inherits STATE

VRLTA gives some tenant protections; Northern Virginia courts slower; rural VA landlord-leaning.

Methodology + full state rankings →

ZIP-level market 24090

• Home prices YoY: -13.7%
• Active inventory: 40
• Price-to-rent: 3.4×

Monthly cashflow live

• Estimated rent: $919 medium
• Mortgage (P&I): −$199
• Tax from tax record: −$24 /mo · $291/yr
• Insurance: −$16
• Flood insurance flood zone: −$66 /mo · $798/yr
• HOA: −$0
• Vacancy / Maint / Mgmt: −$193
• Net cashflow: $420

Break-even live

Break-even rent $387

Max offer price $38,000

Occupancy floor 49%

UW: 25.0% down · 7.5% · 30yr · 1.5% tax · 5.0% vac · 8.0% maint · 8.0% mgmt

Financing live

Cash to close

• Down payment: $9,500
• Closing costs: $1,140
• Reserves months: —
• Total cash needed: —

Listing history 3 events

1. 2026-04-30
   status Pending
2. 2026-04-29
   price $38,000
3. 2026-03-27
   listed $50,000 Active

ⓘ Source: listings_history table (triggers on properties + properties_extension) + one-shot backfill from property_details.listing_events for pre-trigger history.

Tax reassessment forecast VA · Resets to sale price

• Current annual tax: $291 · $24/mo
• Projected year-2 tax: $312 · $26/mo
• Expected delta: +$20/yr (+$2/mo · 7.0%)

ⓘ Screening estimate from a state-policy table — verify with the county assessor before closing.

Climate risk First Street

• 🌊 Flood 7/10 Severe FEMA zone X (unshaded) · 99% chance over 30 yrs
• 🔥 Wildfire 4/10 Moderate
• 🌡 Heat 4/10 Moderate 7 d/yr ≥100°F today · 19 d/yr by 30 yrs out
• 💨 Wind 2/10 Low 100% chance of damaging wind over 30 yrs
• 🫁 Air quality 2/10 Low 0 unhealthy d/yr today · 1 by 30 yrs out

Taxation est. · year 1

• Rental income: $11,025
• − Mortgage interest: −$2,129
• − Property taxes: −$291
• − Insurance: −$987
• − Repairs & maintenance: −$882
• − Management: −$882
• − Depreciation: −$1,105
• Taxable income: $4,749
• Est. tax owed @ 24.0%: −$1,140
• After-tax cash flow: $3,900/yr

For passive investors: Depreciation is non-cash, so a rental often shows a tax loss while cash-flowing — sheltering income. Rental losses are passive: they offset passive income freely, and up to $25,000/yr can offset ordinary (W-2) income if you actively participate and your MAGI is under $100k (phasing out to $0 by $150k); unused losses carry forward. On sale, claimed depreciation is recaptured at up to 25%, and gains may owe capital-gains tax (a 1031 exchange can defer both). Figures are a year-1 estimate at your 24.0% rate — not tax advice; consult a CPA.

Schools (NCES district)

• District: Botetourt County Public School District
• NCES district ID: 5100420
• Math proficiency: 76% ▼ -14.00%
• Reading proficiency: 82% ▼ -2.00%
• Median HH income: $63,125
• Composite: 68.07/100
• National rank: #355
• State rank: #6 of 131 in VA

Livability — Fincastle

• Score: 71/100
• State rank: #213
• US rank: #6888

Category grades

Amenities F Commute F Cost of living B Crime B- Employment C+ Housing A Health & safety A+ User ratings A

Schools grade is shown separately in the Schools card above.

Census & demographics

• Population (ZIP): 4,612

Population outlook (Botetourt County) Hauer SSP2

• Today (2025): 34,273 people
• By 2030: 34,457 · +0.5%
• By 2040: 34,051 · -0.6%
• By 2050: 32,841 · -4.2%
• By 2075: 30,720 · -10.4%
• By 2100: 26,395 · -23.0%

Race, ethnicity, and origin ACS 2023

• Neighborhood character: Predominantly White (88%)
• Race & ethnicity: White 88% Black 4% Hispanic / Latino 4% Two or more races 3% Pacific Islander 2%
• Common ancestry: Slovak 3% Serbian 2% Iranian 1%
• Foreign-born: 1% · Canada
• Languages at home: 97% English-only · Spanish 2%

Political lean MEDSL · Botetourt

• 2024 margin: Solid R (+45.1) · D 27.0% · R 72.2%
• 2008→2024 swing: -11.9pp toward R · 2008: -33.2pp · 2024: -45.1pp
• All cycles: 2024: R+45.1 2020: R+44.5 2016: R+47.6 2012: R+38.6 2008: R+33.2

Not yet ingested

• Civics: —

Market trends

• HPI YoY: ▼ -30.26%
• Current HPI: 191.3602
• Rent YoY: —
• Metro: —
• State GDP YoY: ▲ 2.40%
• F500 in state: 50

Industry mix (Fortune 500 HQ in VA)

Industry	F500 HQs	Revenue
▸Aerospace / Defense	4	$236B
▸Technology / Defense	3	$32B
▸Financial Services	2	$176B
▸Utilities	2	$27B
▸Insurance	2	$25B
▸Technology	2	$15B

Price history

-24.0% since first listed

3 events — show timeline

• 2026-04-30 Pending — MLSRV
• 2026-04-29 Price Changed $38,000 MLSRV
• 2026-03-27 Listed $50,000 MLSRV

Property tax history

-1.8%/yr

Latest (2025): $291 · +0.0% YoY. Source: county tax records.