265 Flatwoods Rd · Adwolf, VA 24354

$50,000

3 bd · 1.0 ba · 1,517 sqft · SingleFamily public records · 74 Days on market

Built 1874 0.75 ac lot

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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
• ARV discount +7.5/15.0
• Schools +4.5/10.0
• Livability +3.2/5.0
• Rent growth +2.5/5.0
• Condition / age +2.5/5.0
• Appreciation +0.0/10.0

Listing remarks MLS

Investor special with tons of potential! Historic former schoolhouse converted to a home, ready for your renovation vision. Located minutes from town and I-81 with beautiful mountain views. Renovations have been started—bring your ideas and make it your own!

Key facts

• Mountain views
• 0.75 acre lot
• Garage

Tags

• HISTORIC FORMER SCHOOLHOUSE
• MOUNTAIN VIEWS

What this means for you Summary

Snapshot

• This is a 3-bed/1.0-bath single-family listed at $50k.

Deal economics

• At list price, monthly cash flow is $477 ($6k/yr) — positive.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($1k rent vs $50k).
• Recommended offer: $47k (6.0% below list) — sets the bar for market timing.

Location & tenants

• Location reads 64/100 on livability (#349 in VA) — a middle-class / working-renter tenant base. Strengths: crime A+, cost of living A+, housing A+; Watch: health & safety C-, amenities F, commute F.
• Smyth County Public School District (rural): math 46% / reading 63% proficiency, ranked #89 of 131 in VA (top 68%) — acceptable for families but not a draw, mixed tenant base, ~2y average lease.
• Zoned schools: Marion Middle (math 44% / reading 64%, grade B-, #205 of 342 statewide, top 61%, 431 students, 96% FRL); Marion Senior High (math 57% / reading 82%, grade B, #159 of 319 statewide, top 53%, 638 students, 84% FRL) — zoned schools average 90% FRL vs 54% district-wide (36 pts higher); higher-poverty schools than district average — tighter screening recommended.
• Market conditions: 86 active listings in the ZIP; 38 units permitted in Smyth County in 2024 (0 in 5+ unit buildings).

Forward outlook

• Local home prices are declining (-3.0%/yr); year-one equity from $346 of loan paydown is wiped out by about $2k of value loss. Plan a longer hold.
• Smyth County population projected at -20% by 2050 — secular population decline; favor cash flow + early exit over multi-decade hold.
• At projected returns (-3.0% appreciation + 3.0% rent growth), your $14k cash investment doubles in ~3 years — after that, you're playing with house money.

Negotiation context

• It's been on market 74 days — a 6% lower offer ($47k) is reasonable based on typical stale-listing flexibility.
• 5 sale attempts since 3y ago; this cycle's ask has dropped $55k (52%) from the opening price — seller is motivated, your offer sets the floor, not the list.
• Current owner paid $37k; 35% above their basis — modest negotiation headroom, anchor on the comps not their cost.

Risks & watch-outs

• Watch-outs: built in 1874 — expect roof / HVAC / electrical / plumbing capex.
• Climate carrying-cost: major wildfire risk — expect insurance premiums to compound above CPI over the hold.

Recommended offer $47,000 (6.0% below list)

Questions for the listing agent

1. It's been on market 74 days. Have you received any prior offers? Is the seller open to a 6% concession, seller financing, or rate buy-down credit?
2. Built in 1874 — when were the roof, HVAC, electrical panel, plumbing, and water heater last replaced?
3. Why hasn't it sold? Are there any deal-killer items the seller is aware of (foundation, flood, title, zoning, code violations)?
4. Is there a deadline driving the sale (1031 exchange, divorce, estate, relocation)? That informs how much negotiation room exists.
5. 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?
6. 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.
7. 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.
8. 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: 2.06% ✓
• Cap rate: 17.73%
• Cash-on-cash: 40.86%
• DSCR: 2.82
• GRM: 4.0

CMA / ARV

• ARV (on-the-fly): $186,591
• Comps found: 1

Show comp detail 1 sale within ~0.75 mi

Address	Dist	Beds/Ba	Sqft	Sold	Price	$/sf	Match
206 Spring Hollow Rd	0.62mi	3/1.0	1,428 (-6%)	8mo	$175,000	$123	55

Match score weights: distance 35% · size 25% · config 20% · recency 20%. Top-matched comps best support the ARV.

Projected returns pro-forma

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

5-year hold

• IRR: 37.4%
• Equity multiple: 2.59×
• Total profit: $22,269
• Equity at exit: $7,455

10-year hold

• IRR: 43.9%
• Equity multiple: 5.18×
• Total profit: $58,530
• Equity at exit: $4,323

Cash invested: $14,000 (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 24354

• Home prices YoY: -6.8%
• Active inventory: 86
• Price-to-rent: 4.0×

Monthly cashflow live

• Estimated rent: $1,031 medium
• Mortgage (P&I): −$262
• Tax from tax record: −$55 /mo · $657/yr
• Insurance: −$21
• HOA: −$0
• Vacancy / Maint / Mgmt: −$216
• Net cashflow: $477

Break-even live

Break-even rent $428

Max offer price $50,000

Occupancy floor 49%

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: $12,500
• Closing costs: $1,500
• Reserves months: —
• Total cash needed: —

Listing history 30 events

1. 2026-03-13
   soldstatus $37,000 Closed 264-char remark

   Show marketing remark (264 chars)

   Investor special with tons of potential! Historic former schoolhouse converted to a home, ready for your renovation vision. Located minutes from town and I-81 with beautiful mountain views. Renovations have been started—bring your ideas and make it your own!

2. 2026-03-11
   soldstatus $37,000
3. 2026-02-16
   status Pending 264-char remark

   Show marketing remark (264 chars)

   Investor special with tons of potential! Historic former schoolhouse converted to a home, ready for your renovation vision. Located minutes from town and I-81 with beautiful mountain views. Renovations have been started—bring your ideas and make it your own!

4. 2026-02-16
   status Pending

   Show marketing remark (264 chars)

   Investor special with tons of potential! Historic former schoolhouse converted to a home, ready for your renovation vision. Located minutes from town and I-81 with beautiful mountain views. Renovations have been started—bring your ideas and make it your own!

5. 2026-02-10
   price $50,000 264-char remark

   Show marketing remark (264 chars)

   Investor special with tons of potential! Historic former schoolhouse converted to a home, ready for your renovation vision. Located minutes from town and I-81 with beautiful mountain views. Renovations have been started—bring your ideas and make it your own!

6. 2026-02-10
   price $50,000

   Show marketing remark (264 chars)

   Investor special with tons of potential! Historic former schoolhouse converted to a home, ready for your renovation vision. Located minutes from town and I-81 with beautiful mountain views. Renovations have been started—bring your ideas and make it your own!

7. 2026-02-04
   price $70,000
8. 2026-01-06
   price $65,000 264-char remark

   Show marketing remark (264 chars)

   Investor special with tons of potential! Historic former schoolhouse converted to a home, ready for your renovation vision. Located minutes from town and I-81 with beautiful mountain views. Renovations have been started—bring your ideas and make it your own!

9. 2025-12-29
   price $85,000 264-char remark

   Show marketing remark (264 chars)

   Investor special with tons of potential! Historic former schoolhouse converted to a home, ready for your renovation vision. Located minutes from town and I-81 with beautiful mountain views. Renovations have been started—bring your ideas and make it your own!

10. 2025-12-11
    price $95,000 264-char remark

    Show marketing remark (264 chars)

    Investor special with tons of potential! Historic former schoolhouse converted to a home, ready for your renovation vision. Located minutes from town and I-81 with beautiful mountain views. Renovations have been started—bring your ideas and make it your own!

11. 2025-12-11
    price $95,000

    Show marketing remark (264 chars)

    Investor special with tons of potential! Historic former schoolhouse converted to a home, ready for your renovation vision. Located minutes from town and I-81 with beautiful mountain views. Renovations have been started—bring your ideas and make it your own!

12. 2025-12-04
    listed $105,000 Active
13. 2025-12-03
    listed $105,000 Active 264-char remark

    Show marketing remark (264 chars)

    Investor special with tons of potential! Historic former schoolhouse converted to a home, ready for your renovation vision. Located minutes from town and I-81 with beautiful mountain views. Renovations have been started—bring your ideas and make it your own!

14. 2025-04-21
    price $99,000
15. 2025-04-21
    price $99,000
16. 2025-01-18
    price $112,000
17. 2025-01-18
    price $112,000
18. 2024-11-11
    price $120,000
19. 2024-11-11
    price $120,000
20. 2024-09-03
    price $124,000
21. 2024-09-03
    price $124,000
22. 2024-05-23
    price $132,000
23. 2024-05-04
    price $139,000
24. 2024-04-27
    listed $144,000 Active
25. 2023-12-18
    soldstatus $120,000 Closed
26. 2023-12-18
    soldstatus $120,000 Closed
27. 2023-12-18
    soldstatus $120,000
28. 2023-11-16
    historical Active Under Contract
29. 2023-10-13
    listed $136,530 Active
30. 2023-10-13
    listed $136,530 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: $657 · $55/mo
• Projected year-2 tax: $657 · $55/mo
• Expected delta: $0/yr ($0/mo · 0.0%)

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

Climate risk First Street

• 🌊 Flood 1/10 Low FEMA zone X (unshaded) · 0% chance over 30 yrs
• 🔥 Wildfire 6/10 Major
• 🌡 Heat 3/10 Moderate 7 d/yr ≥90°F today · 22 d/yr by 30 yrs out
• 💨 Wind 2/10 Low 0% chance of damaging wind over 30 yrs
• 🫁 Air quality 1/10 Low 0 unhealthy d/yr today · 0 by 30 yrs out

Taxation est. · year 1

• Rental income: $12,371
• − Mortgage interest: −$2,801
• − Property taxes: −$657
• − Insurance: −$250
• − Repairs & maintenance: −$990
• − Management: −$990
• − Depreciation: −$1,455
• Taxable income: $5,230
• Est. tax owed @ 24.0%: −$1,255
• After-tax cash flow: $4,465/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: Smyth County Public School District
• NCES district ID: 5103520
• Math proficiency: 46% ▼ -38.00%
• Reading proficiency: 63% ▼ -14.00%
• Median HH income: $36,901
• Composite: 45.2/100
• National rank: #2672
• State rank: #89 of 131 in VA

Livability — Adwolf

• Score: 64/100
• State rank: #349
• US rank: #13855

Category grades

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

Schools grade is shown separately in the Schools card above.

Census & demographics

• Population (ZIP): 12,984

Population outlook (Smyth County) Hauer SSP2

• Today (2025): 29,740 people
• By 2030: 28,593 · -3.9%
• By 2040: 26,091 · -12.3%
• By 2050: 23,629 · -20.5%
• By 2075: 18,365 · -38.2%
• By 2100: 13,697 · -53.9%

Race, ethnicity, and origin ACS 2023

• Neighborhood character: Predominantly White (93%)
• Race & ethnicity: White 93% Black 3% Two or more races 3% Hispanic / Latino 1%
• Common ancestry: Serbian 3% Slovak 2% Italian 1%
• Foreign-born: 1% · Canada
• Languages at home: 99% English-only · Spanish 1%

Political lean MEDSL · Smyth

• 2024 margin: Solid R (+60.5) · D 19.4% · R 79.9%
• 2008→2024 swing: -31.4pp toward R · 2008: -29.1pp · 2024: -60.5pp
• All cycles: 2024: R+60.5 2020: R+56.3 2016: R+55.2 2012: R+33.0 2008: R+29.1

Not yet ingested

• Civics: —

Market trends

• HPI YoY: ▼ -19.22%
• Current HPI: 265.5586
• 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

-72.9% since first listed

30 events — show timeline

• 2026-03-13 Sold (MLS) $37,000 SWVAR
• 2026-03-11 Sold (Public Records) $37,000 Public Records
• 2026-02-16 Pending — SWVAR
• 2026-02-16 Pending — NRVMLS
• 2026-02-10 Price Changed $50,000 SWVAR
• 2026-02-10 Price Changed $50,000 NRVMLS
• 2026-02-04 Price Changed $70,000 NRVMLS
• 2026-01-06 Price Changed $65,000 SWVAR
• 2025-12-29 Price Changed $85,000 SWVAR
• 2025-12-11 Price Changed $95,000 SWVAR
• 2025-12-11 Price Changed $95,000 NRVMLS
• 2025-12-04 Listed $105,000 NRVMLS
• 2025-12-03 Listed $105,000 SWVAR
• 2025-04-21 Price Changed $99,000 TVRMLS
• 2025-04-21 Price Changed $99,000 SWVAR
• 2025-01-18 Price Changed $112,000 SWVAR
• 2025-01-18 Price Changed $112,000 TVRMLS
• 2024-11-11 Price Changed $120,000 TVRMLS
• 2024-11-11 Price Changed $120,000 SWVAR
• 2024-09-03 Price Changed $124,000 TVRMLS
• 2024-09-03 Price Changed $124,000 SWVAR
• 2024-05-23 Price Changed $132,000 SWVAR
• 2024-05-04 Price Changed $139,000 SWVAR
• 2024-04-27 Listed $144,000 SWVAR
• 2023-12-18 Sold (Public Records) $120,000 Public Records
• 2023-12-18 Sold (MLS) $120,000 TVRMLS
• 2023-12-18 Sold (MLS) $120,000 SWVAR
• 2023-11-16 Contingent — TVRMLS
• 2023-10-13 Listed $136,530 TVRMLS
• 2023-10-13 Listed $136,530 SWVAR

Property tax history

+6.5%/yr

Latest (2025): $657 · +0.0% YoY. Source: county tax records.