117 Mill Creek Rd

Burkeville, VA 23954

$56,000A-

3 bd · 1.0 ba · 1,008 sqft · Built 1972 · SingleFamily · Active · 27 DOM

Cashflow @ list (25.0% down · 7.5%)

• Estimated rent: $945/mo
• Mortgage (P&I): −$294
• Tax + insurance: −$46
• HOA: −$0
• Vac / Maint / Mgmt: −$198
• Net cashflow: $407/mo
• Annual: $4,881/yr
• Cap rate: 15.01%
• Cash-on-cash: 31.13%
• DSCR: 2.39
• 1% rule: 1.69%
• Cash to close: $15,680

Investor read

• This is a 3-bed/1.0-bath single-family listed at $56k.
• At list price, monthly cash flow is $407 ($5k/yr) — positive.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($945 rent vs $56k).
• It's been on market 27 days — a 2% lower offer ($55k) is reasonable based on typical stale-listing flexibility.
• Recommended offer: $55k (1.5% below list) — sets the bar for market timing.
• In year one you build about $2k of equity ($387 loan paydown + $2k appreciation (3.2% local appreciation)).
• Location reads 57/100 on livability (#497 in VA) — a working-class tenant base; expect higher turnover. Strengths: cost of living A+; Watch: crime C-, schools F, amenities F.
• Prince Edward County Public School District (town): math 25% / reading 48% proficiency, ranked #126 of 131 in VA (top 96%) — families likely to look elsewhere, expect single-tenant / working-renter base with shorter leases; 65% free/reduced lunch — lower-income household profile, screen leases tightly.
• Market conditions: 26 active listings in the ZIP; 65 units permitted in Prince Edward County in 2024 (5 in 5+ unit buildings).
• Prince Edward County population projected to shrink 9% by 2050 — rents likely to lag national; underwrite the cash flow, not the appreciation.
• Current owner paid $31k; list at $56k implies a 81% gain — meaningful room to come down on a strong offer.
• At projected returns (3.2% appreciation + 3.0% rent growth), your $16k cash investment doubles in ~3 years — after that, you're playing with house money.
• Climate carrying-cost: extreme-heat days projected 7→17/yr by 2055 (HVAC capex compounding) — expect insurance premiums to compound above CPI over the hold.

Questions for listing agent

• Built in 1972 — 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.
• 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.