18 Lee St

Bland, VA 24315

$125,000C+

3 bd · 1.0 ba · 1,311 sqft · Built 1952 · SingleFamily · Active · 42 DOM

Cashflow @ list (25.0% down · 7.5%)

• Estimated rent: $1,130/mo
• Mortgage (P&I): −$656
• Tax + insurance: −$402
• HOA: −$0
• Vac / Maint / Mgmt: −$237
• Net cashflow: $-164/mo
• Annual: $-1,970/yr
• Cap rate: 7.73%
• Cash-on-cash: 5.13%
• DSCR: 1.23
• 1% rule: 0.90%
• Cash to close: $35,000

Investor read

• This is a 3-bed/1.0-bath single-family listed at $125k.
• At list price, monthly cash flow is $-164 ($-2k/yr) — negative.
• To cash-flow at today's rent, offer at most $96k (23.2% below list).
• To meet the 1% rule (rent ≥ 1% of price), the offer needs to be $113k (9.6% below list).
• It's been on market 42 days — a 3% lower offer ($121k) is reasonable based on typical stale-listing flexibility.
• Recommended offer: $96k (23.2% below list) — sets the bar for cash-flow.
• In year one you build about $7k of equity ($864 loan paydown + $7k appreciation (5.3% local appreciation)).
• Location reads 72/100 on livability (#202 in VA) — a middle-class / working-renter tenant base. Strengths: cost of living A+, housing A+, health & safety A+; Watch: crime D+, employment D+, amenities F.
• Bland County Public School District (rural): math 62% / reading 80% proficiency, ranked #23 of 131 in VA (top 18%) — strong family-tenant draw, lease renewals of 3-5y typical.
• Zoned schools: Bland County Elementary (math 57% / reading 72%, grade B, #416 of 1,108 statewide, top 41%, 371 students, 67% FRL); Bland County High (math 62% / reading 87%, grade B+, #107 of 319 statewide, top 37%, 425 students, 68% FRL) — zoned schools average 67% FRL vs 32% district-wide (35 pts higher); higher-poverty schools than district average — tighter screening recommended.
• Watch-outs: flood insurance adds $314/mo; built in 1952 — expect roof / HVAC / electrical / plumbing capex.
• Market conditions: 21 active listings in the ZIP; 8 units permitted in Bland County in 2024 (0 in 5+ unit buildings).
• Bland County population projected at -20% by 2050 — secular population decline; favor cash flow + early exit over multi-decade hold.
• 2 sale attempts 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.
• Current owner paid $16k; list at $125k implies a 681% gain — meaningful room to come down on a strong offer.
• By year 5, paydown + projected appreciation supports a ~$33k cash-out refi (75% LTV) — recoverable capital for the next deal without selling this one.
• Climate carrying-cost: in FEMA flood zone A (mandatory federal flood insurance); moderate wildfire risk — expect insurance premiums to compound above CPI over the hold.

Questions for listing agent

• What do current leases actually rent for vs. the listed asking? Can we see a recent rent roll and the last 12 months of T-12 income?
• It's been on market 42 days. Have you received any prior offers? Is the seller open to a 23% concession, seller financing, or rate buy-down credit?
• Built in 1952 — when were the roof, HVAC, electrical panel, plumbing, and water heater last replaced?
• What's the actual annual flood-insurance premium (NFIP or private), and is the property in a SFHA with mandatory coverage?
• 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?
• Crime grade is D in this area — have there been break-ins, vandalism, or insurance claims at this property in the last 3 years? What carrier currently insures it and at what premium?
• 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.