345 U.s. 421 · Pennington Gap, VA 24277

$65,000

3 bd · 2.0 ba · 1,188 sqft · SingleFamily public records · 42 Days on market

Built 2002 3.00 ac lot ↓ 24% since listing

---

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
• Appreciation +7.8/10.0
• ARV discount +7.5/15.0
• Schools +5.0/10.0
• Livability +3.1/5.0
• Rent growth +2.5/5.0
• Condition / age +2.5/5.0

Listing remarks

Opportunity awaits in Pennington Gap! This fixer-upper doublewide offers 3 bedrooms and 2 bathrooms on approximately 3 acres, giving you plenty of space to make it your own. Whether you're looking for an investment property or a place to customize and call home, this property has great potential. Enjoy a peaceful setting while still being just minutes from town for shopping, dining, and everyday conveniences. Bring your vision and turn this property into something special!

Key facts

• Peaceful setting
• 3 acres
• 3 acre lot

Tags

• 3 ACRES
• PEACEFUL SETTING

What this means for you Summary

Snapshot

• This is a 3-bed/2.0-bath single-family listed at $65k.

Deal economics

• At list price, monthly cash flow is $439 ($5k/yr) — positive.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($1k rent vs $65k).
• Recommended offer: $63k (3.0% below list) — sets the bar for market timing.

Location & tenants

• Location reads 62/100 on livability (#410 in VA) — a middle-class / working-renter tenant base. Strengths: crime A+, cost of living A+, housing B; Watch: amenities F, commute F, employment F.
• Lee County Public School District (rural): math 53% / reading 69% proficiency, ranked #62 of 131 in VA (top 47%) — acceptable for families but not a draw, mixed tenant base, ~2y average lease.
• Market conditions: 31 active listings in the ZIP; 18 units permitted in Lee County in 2024 (0 in 5+ unit buildings).

Forward outlook

• In year one you build about $4k of equity ($449 loan paydown + $4k appreciation (5.6% local appreciation)).
• Lee County population projected at -27% by 2050 — secular population decline; favor cash flow + early exit over multi-decade hold.
• At projected returns (5.6% appreciation + 3.0% rent growth), your $18k cash investment doubles in ~2 years — after that, you're playing with house money.
• By year 8, paydown + projected appreciation supports a ~$31k cash-out refi (75% LTV) — recoverable capital for the next deal without selling this one.

Negotiation context

• It's been on market 42 days — a 3% lower offer ($63k) is reasonable based on typical stale-listing flexibility.
• 2 sale attempts; this cycle's ask has dropped $20k (24%) from the opening price — seller is motivated, your offer sets the floor, not the list.

Recommended offer $63,050 (3.0% below list)

Questions for the listing agent

1. It's been on market 42 days. Have you received any prior offers? Is the seller open to a 3% concession, seller financing, or rate buy-down credit?
2. Is there a deadline driving the sale (1031 exchange, divorce, estate, relocation)? That informs how much negotiation room exists.
3. 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.
4. 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.
5. 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: 1.66% ✓
• Cap rate: 14.39%
• Cash-on-cash: 28.93%
• DSCR: 2.29
• GRM: 5.0

CMA / ARV

No comps found within radius.

Projected returns pro-forma

5.59% appreciation · 3.0% rent growth · sell at horizon

5-year hold

• IRR: 39.2%
• Equity multiple: 3.48×
• Total profit: $45,146
• Equity at exit: $39,199

10-year hold

• IRR: 36.8%
• Equity multiple: 7.12×
• Total profit: $111,350
• Equity at exit: $69,694

Cash invested: $18,200 (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 24277

• Home prices YoY: 3.5%
• Active inventory: 31
• Price-to-rent: 5.0×

Monthly cashflow live

• Estimated rent: $1,077 medium
• Mortgage (P&I): −$341
• Tax from tax record: −$44 /mo · $526/yr
• Insurance: −$27
• HOA: −$0
• Vacancy / Maint / Mgmt: −$226
• Net cashflow: $439

Break-even live

Break-even rent $521

Max offer price $65,000

Occupancy floor 54%

Sensitivity live

Price	-10% $476	-5% $457	+0% $439	+5% $420	+10% $402
Rent	-10% $354	-5% $396	+0% $439	+5% $481	+10% $524
Rate	-1.0pp $472	-0.5pp $455	base $439	+0.5pp $422	+1.0pp $405

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: $16,250
• Closing costs: $1,950
• Reserves months: —
• Total cash needed: —

Listing history 9 events

1. 2026-06-02
   status $65,000 Pending 42 DOM
2. 2026-06-01
   days on market $65,000 Active 42 DOM
3. 2026-05-31
   days on market $65,000 Active 41 DOM
4. 2026-04-27
   status Pending
5. 2026-04-26
   price $65,000
6. 2026-04-13
   price $75,000
7. 2026-04-08
   status Active
8. 2026-03-24
   historical Pending - Continue to Show - Inspection
9. 2026-03-19
   listed $85,000 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: $526 · $44/mo
• Projected year-2 tax: $533 · $44/mo
• Expected delta: +$7/yr (+$1/mo · 1.2%)

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

Taxation est. · year 1

• Rental income: $12,921
• − Mortgage interest: −$3,641
• − Property taxes: −$526
• − Insurance: −$325
• − Repairs & maintenance: −$1,034
• − Management: −$1,034
• − Depreciation: −$1,891
• Taxable income: $4,470
• Est. tax owed @ 24.0%: −$1,073
• After-tax cash flow: $4,193/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: Lee County Public School District
• NCES district ID: 5102190
• Math proficiency: 53% ▼ -31.00%
• Reading proficiency: 69% ▼ -9.00%
• Median HH income: $31,356
• Composite: 50.06/100
• National rank: #1913
• State rank: #62 of 131 in VA

Livability — Pennington Gap

• Score: 62/100
• State rank: #410
• US rank: #17149

Category grades

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

Schools grade is shown separately in the Schools card above.

Census & demographics

• Population (ZIP): 6,379

Population outlook (Lee County) Hauer SSP2

• Today (2025): 22,861 people
• By 2030: 21,701 · -5.1%
• By 2040: 19,188 · -16.1%
• By 2050: 16,619 · -27.3%
• By 2075: 11,795 · -48.4%
• By 2100: 8,290 · -63.7%

Race, ethnicity, and origin ACS 2023

• Neighborhood character: Predominantly White (79%)
• Race & ethnicity: White 79% Black 14% Hispanic / Latino 5% Two or more races 2%
• Common ancestry: Serbian 1% Slovak 1% Romanian 1%
• Foreign-born: 4% · Canada
• Languages at home: 95% English-only · Spanish 4%

Political lean MEDSL · Lee

• 2024 margin: Solid R (+72.0) · D 13.8% · R 85.8%
• 2008→2024 swing: -43.8pp toward R · 2008: -28.2pp · 2024: -72.0pp
• All cycles: 2024: R+72.0 2020: R+69.1 2016: R+63.2 2012: R+44.4 2008: R+28.2

Not yet ingested

• Civics: —

Market trends

• HPI YoY: ▲ 5.59%
• Current HPI: 165.997
• 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

-23.5% since first listed

6 events — show timeline

• 2026-04-27 Pending — Knoxville MLS
• 2026-04-26 Price Changed $65,000 Knoxville MLS
• 2026-04-13 Price Changed $75,000 Knoxville MLS
• 2026-04-08 Relisted — Knoxville MLS
• 2026-03-24 Contingent — Knoxville MLS
• 2026-03-19 Listed $85,000 Knoxville MLS

Property tax history

+3.5%/yr

Latest (2025): $526 · +17.8% YoY. Source: county tax records.