204 Courthouse Rd

Blackstone, VA 23824

$210,000C-

3 bd · 3.0 ba · 1,824 sqft · Built 1974 · SingleFamily · Active · 30 DOM

Cashflow @ list (25.0% down · 7.5%)

• Estimated rent: $1,812/mo
• Mortgage (P&I): −$1,101
• Tax + insurance: −$151
• HOA: −$0
• Vac / Maint / Mgmt: −$381
• Net cashflow: $179/mo
• Annual: $2,151/yr
• Cap rate: 7.32%
• Cash-on-cash: 3.66%
• DSCR: 1.16
• 1% rule: 0.86%
• Cash to close: $58,800

Investor read

• This is a 3-bed/3.0-bath single-family listed at $210k.
• At list price, monthly cash flow is $179 ($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 $181k (13.7% below list).
• It's been on market 30 days — a 2% lower offer ($207k) is reasonable based on typical stale-listing flexibility.
• Recommended offer: $181k (13.7% below list) — sets the bar for 1% rule.
• Local home prices are declining (-3.0%/yr); year-one equity from $1k of loan paydown is wiped out by about $6k of value loss. Plan a longer hold.
• Location reads 71/100 on livability (#210 in VA) — a middle-class / working-renter tenant base. Strengths: cost of living A+, housing A+, health & safety A+; Watch: amenities F, commute F.
• Nottoway County Public School District (rural): math 34% / reading 59% proficiency, ranked #109 of 131 in VA (top 83%) — families likely to look elsewhere, expect single-tenant / working-renter base with shorter leases.
• Zoned schools: Blackstone Primary (math 37% / reading 52%, grade F, #827 of 1,108 statewide, top 77%, 387 students, 92% FRL); Nottoway High (math 37% / reading 72%, grade C-, #281 of 319 statewide, top 90%, 536 students, 98% FRL) — zoned schools average 96% FRL vs 56% district-wide (40 pts higher); higher-poverty schools than district average — tighter screening recommended.
• Market conditions: 58 active listings in the ZIP; 2 comparable units currently listed for rent nearby; 57 units permitted in Nottoway County in 2024 (5 in 5+ unit buildings).
• Nottoway County population projected at -15% by 2050 — secular population decline; favor cash flow + early exit over multi-decade hold.
• 13 sale attempts since 23y 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 $140k; list at $210k implies a 50% gain — meaningful room to come down on a strong offer.
• Climate carrying-cost: moderate wind risk, 21% chance of damaging wind over 30y; extreme-heat days projected 7→16/yr by 2055 (HVAC capex compounding) — expect insurance premiums to compound above CPI over the hold.
• Cap rate 7.3% vs local median 4.0% in Blackstone — 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 1974 — 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.
• 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.