28 Rose Street 28n St

New Martinsville, WV 26155

$69,900B-

3 bd · 2.0 ba · 1,680 sqft · Built 2015 · Condo · Pending · 3 DOM

Cashflow @ list (25.0% down · 7.5%)

• Estimated rent: $1,332/mo
• Mortgage (P&I): −$367
• Tax + insurance: −$116
• HOA: −$0
• Vac / Maint / Mgmt: −$280
• Net cashflow: $569/mo
• Annual: $6,827/yr
• Cap rate: 16.06%
• Cash-on-cash: 34.88%
• DSCR: 2.55
• 1% rule: 1.91%
• Cash to close: $19,572

Investor read

• This is a 3-bed/2.0-bath condo listed at $70k. Condition is rated poor.
• At list price, monthly cash flow is $569 ($7k/yr) — positive.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($1k rent vs $70k).
• Only 3 days on market — expect competitive offers; lowballing is unlikely to land.
• Local home prices are declining (-3.0%/yr); year-one equity from $483 of loan paydown is wiped out by about $2k of value loss. Plan a longer hold.
• Location reads 62/100 on livability (#176 in WV) — a middle-class / working-renter tenant base. Strengths: crime A+, cost of living A+, housing A+; Watch: schools D-, amenities F, commute F.
• Wetzel County Schools (town): math 25% / reading 33% proficiency, ranked #36 of 55 in WV (top 66%) — low school quality limits family demand, transient renter base, plan for 1-2y turnover.
• Market conditions: 37 active listings in the ZIP.
• Wetzel County population projected at -28% by 2050 — secular population decline; favor cash flow + early exit over multi-decade hold.
• 8 sale attempts since 11y 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 $41k; list at $70k implies a 70% gain — meaningful room to come down on a strong offer.
• At projected returns (-3.0% appreciation + 3.0% rent growth), your $20k cash investment doubles in ~4 years — after that, you're playing with house money.
• Cap rate 16.1% vs local median 4.3% in New Martinsville — 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

• Have any recent inspections been done? Can we get a copy of the seller's disclosures and any deferred-maintenance estimates?
• 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.
• Schools are D-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.
• 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.

Repairs flagged (vision-AI assessment)

• Major: roof — No photos of roof
• Major: exterior siding — No photos of exterior siding
• Major: windows — No photos of windows
• Major: interior walls/paint — No photos of interior walls/paint
• Major: HVAC/mechanicals — No photos of HVAC/mechanicals
• Major: landscaping — No photos of landscaping/curb appeal