3103 Custer St

Parkersburg, WV 26104

$94,900B-

2 bd · 1.0 ba · 1,144 sqft · Built 1932 · SingleFamily · Active · 26 DOM

Cashflow @ list (25.0% down · 7.5%)

• Estimated rent: $1,049/mo
• Mortgage (P&I): −$498
• Tax + insurance: −$159
• HOA: −$0
• Vac / Maint / Mgmt: −$220
• Net cashflow: $171/mo
• Annual: $2,057/yr
• Cap rate: 9.16%
• Cash-on-cash: 10.25%
• DSCR: 1.46
• 1% rule: 1.11%
• Cash to close: $26,572

Investor read

• This is a 2-bed/1.0-bath single-family listed at $95k.
• At list price, monthly cash flow is $171 ($2k/yr) — positive.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($1k rent vs $95k).
• It's been on market 26 days — a 2% lower offer ($93k) is reasonable based on typical stale-listing flexibility.
• Recommended offer: $93k (1.5% below list) — sets the bar for market timing.
• Local home prices are declining (-3.0%/yr); year-one equity from $656 of loan paydown is wiped out by about $3k of value loss. Plan a longer hold.
• Location reads 72/100 on livability (#46 in WV) — a middle-class / working-renter tenant base. Strengths: cost of living A+, housing A+, health & safety A+; Watch: crime D+, commute F, employment F.
• Wood County Schools (urban): math 38% / reading 48% proficiency, ranked #3 of 55 in WV (top 6%) — families likely to look elsewhere, expect single-tenant / working-renter base with shorter leases.
• Zoned schools: Madison Elementary School (math 52% / reading 52%, grade C-, #39 of 377 statewide, top 12%, 287 students, 0% FRL); Van Devender Middle School (math 16% / reading 24%, grade F, #104 of 109 statewide, top 96%, 311 students, 0% FRL); Parkersburg High School (math 25% / reading 49%, grade F, #32 of 110 statewide, top 34%, 1,651 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.
• Watch-outs: flood insurance adds $56/mo; built in 1932 — expect roof / HVAC / electrical / plumbing capex.
• Market conditions: 55 active listings in the ZIP; 1 comparable units currently listed for rent nearby; 124 units permitted in Wood County in 2024 (33 in 5+ unit buildings).
• Wood County population projected at -13% by 2050 — secular population decline; favor cash flow + early exit over multi-decade hold.
• Current owner paid $63k; list at $95k implies a 51% gain — meaningful room to come down on a strong offer.
• Climate carrying-cost: severe flood risk; extreme-heat days projected 7→19/yr by 2055 (HVAC capex compounding) — expect insurance premiums to compound above CPI over the hold.
• Cap rate 9.2% vs local median 5.6% in Parkersburg — 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 1932 — when were the roof, HVAC, electrical panel, plumbing, and water heater last replaced?
• What's the actual annual flood-insurance premium (NFIP or private), and is the property in a SFHA with mandatory coverage?
• 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?
• Crime grade is D in this area — have there been break-ins, vandalism, or insurance claims at this property in the last 3 years? What carrier currently insures it and at what premium?
• 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.