None

Horntown, VA 23395

$62,000B+

1 bd · 1.0 ba · 500 sqft · Built — · SingleFamily · Active · 76 DOM

Cashflow @ list (25.0% down · 7.5%)

• Estimated rent: $801/mo
• Mortgage (P&I): −$325
• Tax + insurance: −$40
• HOA: −$86
• Vac / Maint / Mgmt: −$168
• Net cashflow: $181/mo
• Annual: $2,177/yr
• Cap rate: 9.80%
• Cash-on-cash: 12.54%
• DSCR: 1.56
• 1% rule: 1.29%
• Cash to close: $17,360

Investor read

• This is a 1-bed/1.0-bath single-family listed at $62k.
• At list price, monthly cash flow is $181 ($2k/yr) — positive.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($801 rent vs $62k).
• It's been on market 76 days — a 6% lower offer ($58k) is reasonable based on typical stale-listing flexibility.
• Recommended offer: $58k (6.0% below list) — sets the bar for market timing.
• Local home prices are declining (-2.4%/yr); year-one equity from $429 of loan paydown is wiped out by about $1k of value loss. Plan a longer hold.
• Location reads 51/100 on livability (#549 in VA) — a working-class tenant base; expect higher turnover. Strengths: cost of living A+, crime A, housing B; Watch: schools F, amenities F, commute F.
• Accomack County Public School District (rural): math 44% / reading 59% proficiency, ranked #99 of 131 in VA (top 76%) — acceptable for families but not a draw, mixed tenant base, ~2y average lease; 63% free/reduced lunch — lower-income household profile, screen leases tightly.
• Market conditions: 78 active listings in the ZIP; 181 units permitted in Accomack County in 2024 (0 in 5+ unit buildings).
• Accomack County population projected at -14% by 2050 — secular population decline; favor cash flow + early exit over multi-decade hold.
• Current owner paid $45k; 39% above their basis — modest negotiation headroom, anchor on the comps not their cost.
• At projected returns (-2.4% appreciation + 3.0% rent growth), your $17k cash investment doubles in ~9 years — after that, you're playing with house money.
• Climate carrying-cost: major flood risk; severe wind risk, 80% chance of damaging wind over 30y; extreme-heat days projected 7→19/yr by 2055 (HVAC capex compounding) — expect insurance premiums to compound above CPI over the hold.

Questions for listing agent

• It's been on market 76 days. Have you received any prior offers? Is the seller open to a 6% concession, seller financing, or rate buy-down credit?
• What does the HOA fee cover, when was the last increase, and are there any pending special assessments or reserve-fund shortfalls?
• 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.