193 Silver Springs Ave

Princeton, WV 24740

$20,000B+

1 bd · 1.0 ba · 425 sqft · Built 1954 · Manufactured · Active · 6 DOM

Cashflow @ list (25.0% down · 7.5%)

• Estimated rent: $744/mo
• Mortgage (P&I): −$105
• Tax + insurance: −$24
• HOA: −$0
• Vac / Maint / Mgmt: −$156
• Net cashflow: $458/mo
• Annual: $5,500/yr
• Cap rate: 33.79%
• Cash-on-cash: 98.21%
• DSCR: 5.37
• 1% rule: 3.72%
• Cash to close: $5,600

Investor read

• This is a 1-bed/1.0-bath manufactured listed at $20k.
• At list price, monthly cash flow is $458 ($6k/yr) — positive.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($744 rent vs $20k).
• Only 6 days on market — expect competitive offers; lowballing is unlikely to land.
• In year one you build about $2k of equity ($138 loan paydown + $2k appreciation (10.0% local appreciation)).
• Location reads 72/100 on livability (#53 in WV) — a middle-class / working-renter tenant base. Strengths: cost of living A+, housing A+, crime B+; Watch: amenities D, commute F, employment F.
• Mercer County Schools (town): math 26% / reading 37% proficiency, ranked #28 of 55 in WV (top 51%) — families likely to look elsewhere, expect single-tenant / working-renter base with shorter leases.
• Zoned schools: Princeton Primary School (499 students, 0% FRL); Princeton Middle School (math 21% / reading 27%, grade F, #89 of 109 statewide, top 82%, 503 students, 0% FRL); Princeton Senior High School (math 32% / reading 52%, grade F, #14 of 110 statewide, top 16%, 983 students, 0% FRL) — zoned schools average 0% FRL vs 54% district-wide (54 pts lower); this property's tenant base skews higher-income than the district average.
• Watch-outs: built in 1954 — expect roof / HVAC / electrical / plumbing capex.
• Market conditions: 50 active listings in the ZIP; lower-income renter base — watch delinquency; 4 units permitted in Mercer County in 2024 (0 in 5+ unit buildings).
• Mercer County population projected at -18% by 2050 — secular population decline; favor cash flow + early exit over multi-decade hold.
• Current owner paid $16k; 25% above their basis — modest negotiation headroom, anchor on the comps not their cost.
• At projected returns (10.0% appreciation + 3.0% rent growth), your $6k cash investment doubles in ~1 year — after that, you're playing with house money.
• Cap rate 33.8% vs local median 3.5% in Princeton — 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

• Built in 1954 — 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 B-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.