140 Fiddler Ave

Winchester, VA 22603

$85,000B

2 bd · 2.0 ba · 1,000 sqft · Built 2013 · SingleFamily · Active · 8 DOM

Cashflow @ list (25.0% down · 7.5%)

• Estimated rent: $1,577/mo
• Mortgage (P&I): −$446
• Tax + insurance: −$142
• HOA: −$0
• Vac / Maint / Mgmt: −$331
• Net cashflow: $659/mo
• Annual: $7,905/yr
• Cap rate: 15.59%
• Cash-on-cash: 33.22%
• DSCR: 2.48
• 1% rule: 1.86%
• Cash to close: $23,800

Investor read

• This is a 2-bed/2.0-bath single-family listed at $85k. Condition is rated good.
• At list price, monthly cash flow is $659 ($8k/yr) — positive.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($2k rent vs $85k).
• Only 8 days on market — expect competitive offers; lowballing is unlikely to land.
• Local home prices are declining (-3.0%/yr); year-one equity from $588 of loan paydown is wiped out by about $3k of value loss. Plan a longer hold.
• Location reads 74/100 on livability (#138 in VA, #4,429 nationally) — a middle-class / working-renter tenant base. Strengths: housing A+, health & safety A+, schools A-; Watch: commute F.
• Frederick County Public School District (rural): math 49% / reading 64% proficiency, ranked #65 of 131 in VA (top 50%) — acceptable for families but not a draw, mixed tenant base, ~2y average lease.
• Market conditions: 146 active listings in the ZIP; 2 comparable units currently listed for rent nearby; 872 units permitted in Frederick County in 2024 (0 in 5+ unit buildings).
• Frederick County population projected at +17% by 2050 — long-run rental-demand tailwind backs the buy-and-hold thesis.
• At projected returns (-3.0% appreciation + 3.0% rent growth), your $24k cash investment doubles in ~4 years — after that, you're playing with house money.
• Cap rate 15.6% vs local median 3.1% in Winchester — 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

• 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.