113 Doak St

Bluefield, VA 24605

$90,000C+

2 bd · 1.0 ba · 1,117 sqft · Built 1920 · SingleFamily · Active · 58 DOM

Cashflow @ list (25.0% down · 7.5%)

• Estimated rent: $850/mo
• Mortgage (P&I): −$472
• Tax + insurance: −$65
• HOA: −$0
• Vac / Maint / Mgmt: −$178
• Net cashflow: $134/mo
• Annual: $1,614/yr
• Cap rate: 8.09%
• Cash-on-cash: 6.40%
• DSCR: 1.28
• 1% rule: 0.94%
• Cash to close: $25,200

Investor read

• This is a 2-bed/1.0-bath single-family listed at $90k.
• At list price, monthly cash flow is $134 ($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 $85k (5.6% below list).
• It's been on market 58 days — a 3% lower offer ($87k) is reasonable based on typical stale-listing flexibility.
• Recommended offer: $85k (5.6% below list) — sets the bar for 1% rule.
• Local home prices are declining (-3.0%/yr); year-one equity from $622 of loan paydown is wiped out by about $3k of value loss. Plan a longer hold.
• Location reads 62/100 on livability (#408 in VA) — a middle-class / working-renter tenant base. Strengths: cost of living A+, housing A+, crime B; Watch: employment C-, amenities F, commute F.
• Tazewell County Public School District (town): math 67% / reading 78% proficiency, ranked #21 of 131 in VA (top 16%) — strong family-tenant draw, lease renewals of 3-5y typical.
• Zoned schools: Dudley Primary (357 students, 82% FRL); Graham Middle (math 65% / reading 78%, grade A, #72 of 342 statewide, top 22%, 372 students, 82% FRL); Graham High (math 92% / reading 98%, grade A+, #1 of 319 statewide, top 0%, 529 students, 83% FRL) — zoned schools average 83% FRL vs 47% district-wide (36 pts higher); higher-poverty schools than district average — tighter screening recommended.
• Watch-outs: built in 1920 — expect roof / HVAC / electrical / plumbing capex.
• Market conditions: 46 active listings in the ZIP; 1 comparable units currently listed for rent nearby; 4 units permitted in Tazewell County in 2024 (0 in 5+ unit buildings).
• Tazewell County population projected at -30% by 2050 — secular population decline; favor cash flow + early exit over multi-decade hold.
• 4 sale attempts since 20y ago; this cycle's ask has dropped $5k (5%) from the opening price — seller is motivated, your offer sets the floor, not the list.
• Current owner paid $75k; 20% above their basis — modest negotiation headroom, anchor on the comps not their cost.
• Cap rate 8.1% vs local median 4.1% in Bluefield — 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

• It's been on market 58 days. Have you received any prior offers? Is the seller open to a 6% concession, seller financing, or rate buy-down credit?
• Built in 1920 — 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 A-rated — typically a magnet for longer-tenancy family renters. What's the average tenant stay here, and is there a school-zone premium baked into asking?
• 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.