363 Short St

Princeton, WV 24740

$84,000B+

4 bd · 2.0 ba · 2,181 sqft · Built 1981 · SingleFamily · Active · 45 DOM

Cashflow @ list (25.0% down · 7.5%)

• Estimated rent: $1,124/mo
• Mortgage (P&I): −$441
• Tax + insurance: −$109
• HOA: −$0
• Vac / Maint / Mgmt: −$236
• Net cashflow: $338/mo
• Annual: $4,055/yr
• Cap rate: 11.12%
• Cash-on-cash: 17.24%
• DSCR: 1.77
• 1% rule: 1.34%
• Cash to close: $23,520

Investor read

• This is a 4-bed/2.0-bath single-family listed at $84k.
• At list price, monthly cash flow is $338 ($4k/yr) — positive.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($1k rent vs $84k).
• It's been on market 45 days — a 3% lower offer ($81k) is reasonable based on typical stale-listing flexibility.
• Recommended offer: $81k (3.0% below list) — sets the bar for market timing.
• In year one you build about $9k of equity ($581 loan paydown + $8k 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+, schools 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.
• Market conditions: 48 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.
• 2 sale attempts since 2y ago with the ask held roughly flat each time — persistent listings suggest the price (not the market) is what's stuck; bring a comps-based counter.
• At projected returns (10.0% appreciation + 3.0% rent growth), your $24k cash investment doubles in ~2 years — after that, you're playing with house money.
• By year 4, paydown + projected appreciation supports a ~$32k cash-out refi (75% LTV) — recoverable capital for the next deal without selling this one.
• Cap rate 11.1% vs local median 3.7% 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.
• This rent runs 30% of the median local income ($45k/yr) — at the standard rent-burdened threshold; future hikes will face affordability resistance.

Questions for listing agent

• It's been on market 45 days. Have you received any prior offers? Is the seller open to a 3% concession, seller financing, or rate buy-down credit?
• 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.