269 High St

Fort Gay, WV 25514

$58,000B-

2 bd · 1.0 ba · 864 sqft · Built 2003 · SingleFamily · Active · 112 DOM

Cashflow @ list (25.0% down · 7.5%)

• Estimated rent: $862/mo
• Mortgage (P&I): −$304
• Tax + insurance: −$163
• HOA: −$0
• Vac / Maint / Mgmt: −$181
• Net cashflow: $213/mo
• Annual: $2,560/yr
• Cap rate: 12.08%
• Cash-on-cash: 20.67%
• DSCR: 1.92
• 1% rule: 1.49%
• Cash to close: $16,240

Investor read

• This is a 2-bed/1.0-bath single-family listed at $58k. Condition is rated fair.
• At list price, monthly cash flow is $213 ($3k/yr) — positive.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($862 rent vs $58k).
• It's been on market 112 days — a 9% lower offer ($53k) is reasonable based on typical stale-listing flexibility.
• Recommended offer: $53k (9.0% below list) — sets the bar for market timing.
• In year one you build about $3k of equity ($401 loan paydown + $2k appreciation (3.6% local appreciation)).
• Location reads 53/100 on livability (#302 in WV) — a working-class tenant base; expect higher turnover. Strengths: cost of living A+; Watch: schools F, amenities F, commute F.
• Wayne County Schools (rural): math 25% / reading 38% proficiency, ranked #25 of 55 in WV (top 46%) — families likely to look elsewhere, expect single-tenant / working-renter base with shorter leases.
• Watch-outs: flood insurance adds $66/mo.
• Market conditions: 14 active listings in the ZIP; 67 units permitted in Wayne County in 2024 (0 in 5+ unit buildings).
• Wayne County population projected at -22% by 2050 — secular population decline; favor cash flow + early exit over multi-decade hold.
• 2 sale attempts; this cycle's ask has dropped $4k (6%) from the opening price — seller is motivated, your offer sets the floor, not the list.
• At projected returns (3.6% appreciation + 3.0% rent growth), your $16k cash investment doubles in ~4 years — after that, you're playing with house money.
• Climate carrying-cost: severe flood risk; major wildfire risk; extreme-heat days projected 7→20/yr by 2055 (HVAC capex compounding) — expect insurance premiums to compound above CPI over the hold.

Questions for listing agent

• It's been on market 112 days. Have you received any prior offers? Is the seller open to a 9% concession, seller financing, or rate buy-down credit?
• Have any recent inspections been done? Can we get a copy of the seller's disclosures and any deferred-maintenance estimates?
• What's the actual annual flood-insurance premium (NFIP or private), and is the property in a SFHA with mandatory coverage?
• Why hasn't it sold? Are there any deal-killer items the seller is aware of (foundation, flood, title, zoning, code violations)?
• 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.

Repairs flagged (vision-AI assessment)

• Major: Paint — Worn paint in living room and bedrooms
• Major: Flooring — Worn carpet in living room and bedrooms
• Major: Kitchen appliances — Dirty and outdated appliances
• Major: Bathroom fixtures — Dirty sink and outdated fixtures
• Major: Landscaping — Overgrown yard and lack of landscaping