6398 Ohio River Rd

Lesage, WV 25537

$130,000C

3 bd · 2.0 ba · 1,403 sqft · Built 2017 · Manufactured · Active · 69 DOM

Cashflow @ list (25.0% down · 7.5%)

• Estimated rent: $1,217/mo
• Mortgage (P&I): −$682
• Tax + insurance: −$110
• HOA: −$0
• Vac / Maint / Mgmt: −$256
• Net cashflow: $170/mo
• Annual: $2,040/yr
• Cap rate: 7.86%
• Cash-on-cash: 5.60%
• DSCR: 1.25
• 1% rule: 0.94%
• Cash to close: $36,400

Investor read

• This is a 3-bed/2.0-bath manufactured listed at $130k.
• At list price, monthly cash flow is $170 ($2k/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 $122k (6.4% below list).
• It's been on market 69 days — a 6% lower offer ($122k) is reasonable based on typical stale-listing flexibility.
• Recommended offer: $122k (6.4% below list) — sets the bar for 1% rule.
• In year one you build about $2k of equity ($899 loan paydown + $2k appreciation (1.2% local appreciation)).
• Location reads 62/100 on livability (#184 in WV) — a middle-class / working-renter tenant base. Strengths: cost of living A+, housing A+, crime B+; Watch: employment D+, amenities F, commute F.
• Cabell County Schools (urban): math 31% / reading 42% proficiency, ranked #13 of 55 in WV (top 24%) — families likely to look elsewhere, expect single-tenant / working-renter base with shorter leases.
• Zoned schools: Cox Landing Elementary School (math 27% / reading 32%, grade F, #225 of 377 statewide, top 68%, 225 students, 0% FRL); Barboursville Middle School (math 32% / reading 56%, grade D, #11 of 109 statewide, top 9%, 679 students, 0% FRL); Cabell Midland High School (math 25% / reading 56%, grade F, #19 of 110 statewide, top 17%, 1,757 students, 0% FRL) — zoned schools average 0% FRL vs 47% district-wide (47 pts lower); this property's tenant base skews higher-income than the district average.
• Market conditions: 8 active listings in the ZIP; 61 units permitted in Cabell County in 2024 (5 in 5+ unit buildings).
• 2 sale attempts; this cycle's ask has dropped $139.87M (100%) from the opening price — seller is motivated, your offer sets the floor, not the list.
• At projected returns (1.2% appreciation + 3.0% rent growth), your $36k cash investment doubles in ~7 years — after that, you're playing with house money.
• Climate carrying-cost: moderate wildfire risk; extreme-heat days projected 7→20/yr by 2055 (HVAC capex compounding) — expect insurance premiums to compound above CPI over the hold.
• Cap rate 7.9% vs local median 2.5% in Lesage — 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 69 days. Have you received any prior offers? Is the seller open to a 6% concession, seller financing, or rate buy-down credit?
• 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 F-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 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.