301 & 303 South York St · Wheeling, WV 26003

$15,000

8 bd · 4.0 ba · 4,290 sqft · MultiFamily · 137 Days on market

Built 1900 3,485 sqft lot $3/sqft · 90% below area ↓ 41% since listing

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Why this score? — see what drove the D+ grade

The composite is a weighted blend of 9 inputs, each scored 0–100. Each bar is that input's sub-score; the figure is the points it added to the 100-point composite (weight × sub-score).

• Cash flow +15.0/30.0
• ARV discount +7.5/15.0
• 1% rule +5.0/10.0
• DSCR +5.0/10.0
• Schools +3.5/10.0
• Livability +3.5/5.0
• Rent growth +3.3/5.0
• Condition / age +2.5/5.0
• Appreciation +0.0/10.0

Multi-family units

County records classify this as Multi-Family (2-4 Unit). Listing-text estimate: 4 units. confirmed

Listing remarks MLS

Amazing Investment Opportunity – The Armstrong on York! Located just blocks from Wheeling Island's Casino, Racetrack, and Stadium, this fully gutted multi-unit property offers rare value-add potential. Interior is a clean slate for redevelopment, with existing utility meters for four units and income potential. Situated in a high-traffic, revitalization area, this property is ideal for investors or developers ready to restore a landmark with long-term income and community impact.

Key facts

• Income potential
• Value-add potential
• Multi-unit property

Tags

• MULTI-UNIT PROPERTY
• VALUE-ADD POTENTIAL
• CLEAN SLATE FOR REDEVELOPMENT
• EXISTING UTILITY METERS
• INCOME POTENTIAL
• STRUCTURAL IMPROVEMENTS

What this means for you Summary

Snapshot

• This is a 4 × 2-bed/1.0-bath units multifamily listed at $15k.

Deal economics

• At list price, monthly cash flow is $3k ($36k/yr) — positive. Per door: $760/mo.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($5k rent vs $15k).
• Recommended offer: $13k (12.0% below list) — sets the bar for market timing.
• Cap rate 286.4% vs local median 4.3% in Wheeling — 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.

Location & tenants

• Location reads 69/100 on livability (#74 in WV) — a middle-class / working-renter tenant base. Strengths: cost of living A+, housing A+, health & safety A-; Watch: crime F, amenities F, commute F.
• Ohio County Schools (urban): math 34% / reading 49% proficiency, ranked #5 of 55 in WV (top 9%) — families likely to look elsewhere, expect single-tenant / working-renter base with shorter leases.
• Market conditions: Rents rising (+3.0%/yr); 223 active listings in the ZIP; 2 units permitted in Ohio County in 2024 (0 in 5+ unit buildings).
• At $4,564/mo this rent would consume 95% of the median local household income ($58k/yr) (locally 1630% of renters already pay >50% of income on rent) — very limited rent-growth headroom before tenants either downsize or default.

Forward outlook

• Local home prices are declining (-3.0%/yr); year-one equity from $104 of loan paydown is wiped out by about $450 of value loss. Plan a longer hold.
• Ohio County population projected at -17% by 2050 — secular population decline; favor cash flow + early exit over multi-decade hold.
• At projected returns (-3.0% appreciation + 3.0% rent growth), your $4k cash investment doubles in ~1 year — after that, you're playing with house money.

Negotiation context

• It's been on market 137 days — a 12% lower offer ($13k) is reasonable based on typical stale-listing flexibility.
• 3 sale attempts since 3y ago; this cycle's ask has dropped $10k (39%) from the opening price — seller is motivated, your offer sets the floor, not the list.

Risks & watch-outs

• Watch-outs: flood insurance adds $460/mo; built in 1900 — expect roof / HVAC / electrical / plumbing capex.
• Climate carrying-cost: in FEMA flood zone AE (mandatory federal flood insurance) — expect insurance premiums to compound above CPI over the hold.

Recommended offer $13,200 (12.0% below list)

Questions for the listing agent

1. It's been on market 137 days. Have you received any prior offers? Is the seller open to a 12% concession, seller financing, or rate buy-down credit?
2. Can we see the unit-by-unit rent roll, current vacancy, and any below-market leases? What's the average tenancy length?
3. What capital expenditures (roof, boiler, parking lot, exteriors) have been made in the last 5 years, and what's planned in the next 2?
4. Built in 1900 — when were the roof, HVAC, electrical panel, plumbing, and water heater last replaced?
5. What's the actual annual flood-insurance premium (NFIP or private), and is the property in a SFHA with mandatory coverage?
6. Why hasn't it sold? Are there any deal-killer items the seller is aware of (foundation, flood, title, zoning, code violations)?
7. Is there a deadline driving the sale (1031 exchange, divorce, estate, relocation)? That informs how much negotiation room exists.
8. 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?
9. Crime grade is F 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?
10. The area grade is low — what's the realistic commute time and amenity access for the typical tenant pool here? Any planned neighborhood developments (good or bad) we should know about?
11. 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.
12. 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.
13. How much new apartment / multifamily construction is in the pipeline within 1–3 miles? Heavy new supply (>2% of stock underway) typically softens rents 12–24 months out; light construction supports rent growth.

Investment metrics

• 1% rule: 30.43% ✓
• Cap rate: 286.44%
• Cash-on-cash: 1000.54%
• DSCR: 45.52
• GRM: 0.3

CMA / ARV

• ARV (median comp): $149,596
• List price: $15,000
• Delta: -89.97%
• Verdict: UNDERPRICED
• Comps: 16 within 1.0 mi

Show comp detail 1 sale within ~0.75 mi

Address	Dist	Beds/Ba	Sqft	Sold	Price	$/sf	Match
515 N Wabash St	0.72mi	8/4.0	4,002 (-7%)	4mo	$28,500	$7	52

Match score weights: distance 35% · size 25% · config 20% · recency 20%. Top-matched comps best support the ARV.

Projected returns pro-forma

-3.0% appreciation · 3.03% rent growth · sell at horizon

5-year hold

• IRR: —
• Equity multiple: 46.66×
• Total profit: $191,773
• Equity at exit: $2,237

10-year hold

• IRR: —
• Equity multiple: 100.62×
• Total profit: $418,424
• Equity at exit: $1,297

Cash invested: $4,200 (down + closing). Projections, not guarantees.

Landlord ↔ Tenant lean methodology

• Overall (STATE): 83 Strongly Landlord-Friendly
• State West Virginia: 83 Strongly Landlord-Friendly · R+22
• County: — inherits STATE
• City: — inherits STATE

Landlord-favorable; preempted; minimal protections.

Methodology + full state rankings →

ZIP-level market 26003

• Home prices YoY: -23.4%
• Rents YoY: 3.0%
• Active inventory: 223
• Price-to-rent: 1.1×

Monthly cashflow live

• Estimated rent: $4,564 medium
• Mortgage (P&I): −$79
• Tax est. 1.5%: −$19 /mo · $225/yr
• Insurance: −$6
• Flood insurance flood zone: −$460 /mo · $5,525/yr
• HOA: −$0
• Vacancy / Maint / Mgmt: −$958
• Net cashflow: $3,041

Break-even live

Break-even rent $714

Max offer price $15,000

Occupancy floor 28%

4-unit breakdown (identical units grouped — click to expand)

Units	Beds	Baths	Est. rent
▸ 4× units	2	1	$4,564
Total (4 units)			$4,564

UW: 25.0% down · 7.5% · 30yr · 1.5% tax · 5.0% vac · 8.0% maint · 8.0% mgmt

Financing live

Cash to close

• Down payment: $3,750
• Closing costs: $450
• Reserves months: —
• Total cash needed: —

Listing history 19 events

1. 2026-06-16
   status $15,000 Pending 137 DOM
2. 2026-06-15
   days on market $15,000 Active 137 DOM
3. 2026-06-14
   days on market $15,000 Active 135 DOM
4. 2026-06-12
   days on market $15,000 Active 134 DOM
5. 2026-06-09
   days on market $15,000 Active 131 DOM
6. 2026-06-08
   days on market $15,000 Active 130 DOM
7. 2026-06-07
   pricedays on market $15,000 Active 129 DOM
8. 2026-06-05
   days on market $19,900 Active 126 DOM
9. 2026-06-03
   days on market $19,900 Active 125 DOM
10. 2026-06-02
    days on market $19,900 Active 124 DOM
11. 2026-06-01
    days on market $19,900 Active 123 DOM
12. 2026-05-31
    days on market $19,900 Active 122 DOM
13. 2026-05-30
    days on market $19,900 Active 121 DOM
14. 2026-05-11
    price $19,900 490-char remark

    Show marketing remark (490 chars)

    Amazing Investment Opportunity – The Armstrong on York! Located just blocks from Wheeling Island's Casino, Racetrack, and Stadium, this fully gutted multi-unit property offers rare value-add potential. Interior is a clean slate for redevelopment, with existing utility meters for four units and income potential. Situated in a high-traffic, revitalization area, this property is ideal for investors or developers ready to restore a landmark with long-term income and community impact.

15. 2026-03-17
    status Active 490-char remark

    Show marketing remark (490 chars)

    Amazing Investment Opportunity – The Armstrong on York! Located just blocks from Wheeling Island's Casino, Racetrack, and Stadium, this fully gutted multi-unit property offers rare value-add potential. Interior is a clean slate for redevelopment, with existing utility meters for four units and income potential. Situated in a high-traffic, revitalization area, this property is ideal for investors or developers ready to restore a landmark with long-term income and community impact.

16. 2026-03-16
    historical 490-char remark

    Show marketing remark (490 chars)

    Amazing Investment Opportunity – The Armstrong on York! Located just blocks from Wheeling Island's Casino, Racetrack, and Stadium, this fully gutted multi-unit property offers rare value-add potential. Interior is a clean slate for redevelopment, with existing utility meters for four units and income potential. Situated in a high-traffic, revitalization area, this property is ideal for investors or developers ready to restore a landmark with long-term income and community impact.

17. 2026-01-28
    listed $24,500 Active 490-char remark

    Show marketing remark (490 chars)

    Amazing Investment Opportunity – The Armstrong on York! Located just blocks from Wheeling Island's Casino, Racetrack, and Stadium, this fully gutted multi-unit property offers rare value-add potential. Interior is a clean slate for redevelopment, with existing utility meters for four units and income potential. Situated in a high-traffic, revitalization area, this property is ideal for investors or developers ready to restore a landmark with long-term income and community impact.

18. 2023-07-21
    soldstatus $15,000 101-char remark

    Show marketing remark (101 chars)

    4 unit multi-family home, good income potential. Property is in need of repairs and being sold as is.

19. 2023-02-07
    listed $34,000 101-char remark

    Show marketing remark (101 chars)

    4 unit multi-family home, good income potential. Property is in need of repairs and being sold as is.

ⓘ Source: listings_history table (triggers on properties + properties_extension) + one-shot backfill from property_details.listing_events for pre-trigger history.

Climate risk First Street

• 🌊 Flood 10/10 Extreme FEMA zone AE · 99% chance over 30 yrs
• 🔥 Wildfire 1/10 Low
• 🌡 Heat 4/10 Moderate 7 d/yr ≥98°F today · 20 d/yr by 30 yrs out
• 💨 Wind 1/10 Low
• 🫁 Air quality 2/10 Low 1 unhealthy d/yr today · 2 by 30 yrs out

Taxation est. · year 1

• Rental income: $54,768
• − Mortgage interest: −$840
• − Property taxes: −$225
• − Insurance: −$5,600
• − Repairs & maintenance: −$4,381
• − Management: −$4,381
• − Depreciation: −$436
• Taxable income: $38,904
• Est. tax owed @ 24.0%: −$9,337
• After-tax cash flow: $27,161/yr

For passive investors: Depreciation is non-cash, so a rental often shows a tax loss while cash-flowing — sheltering income. Rental losses are passive: they offset passive income freely, and up to $25,000/yr can offset ordinary (W-2) income if you actively participate and your MAGI is under $100k (phasing out to $0 by $150k); unused losses carry forward. On sale, claimed depreciation is recaptured at up to 25%, and gains may owe capital-gains tax (a 1031 exchange can defer both). Figures are a year-1 estimate at your 24.0% rate — not tax advice; consult a CPA.

Schools (NCES district)

• District: Ohio County Schools
• NCES district ID: 5401050
• Math proficiency: 34% ▼ -9.00%
• Reading proficiency: 49% ▼ -6.00%
• Median HH income: $41,572
• Composite: 34.88/100
• National rank: #5085
• State rank: #5 of 55 in WV

Livability — Wheeling

• Score: 69/100
• State rank: #74
• US rank: #8950

Category grades

Amenities F Commute F Cost of living A+ Crime F Employment D- Housing A+ Health & safety A- User ratings B-

Schools grade is shown separately in the Schools card above.

Census & demographics

• Census place: Wheeling, WV
• County: Ohio County · 39,982 people
• City population: 39,982
• Metro: Wheeling, WV-OH
• Population (ZIP): 39,982
• Household income: $57,703
• Rent vs Own: 32.5% rent · 67.5% own
• Severe rent burden: 1630.0

Population outlook (Ohio County) Hauer SSP2

• Today (2025): 40,604 people
• By 2030: 39,150 · -3.6%
• By 2040: 36,039 · -11.2%
• By 2050: 33,582 · -17.3%
• By 2075: 28,662 · -29.4%
• By 2100: 22,963 · -43.4%

Race, ethnicity, and origin ACS 2023

• Neighborhood character: Predominantly White (90%)
• Race & ethnicity: White 90% Two or more races 6% Black 3% Hispanic / Latino 2%
• Common ancestry: Romanian 6% Serbian 3% Slovak 2%
• Foreign-born: 3% · Canada
• Languages at home: 97% English-only · Other Indo-European 1% Spanish 1% German/W. Germanic 1%

Political lean MEDSL · Ohio

• 2024 margin: Strong R (+26.0) · D 36.0% · R 62.0% · Other 2.0%
• 2008→2024 swing: -15.3pp toward R · 2008: -10.8pp · 2024: -26.0pp
• All cycles: 2024: R+26.0 2020: R+25.8 2016: R+31.6 2012: R+22.5 2008: R+10.8

Not yet ingested

• Civics: —

Market trends

• HPI YoY: ▼ -68.09%
• Current HPI: 223.4106
• Rent YoY: ▲ 3.03%
• Metro: Wheeling, WV-OH
• State GDP YoY: —
• F500 in state: 0

Price history

-41.5% since first listed

6 events — show timeline

• 2026-05-11 Price Changed $19,900 WBOR
• 2026-03-17 Relisted — WBOR
• 2026-03-16 Delisted — WBOR
• 2026-01-28 Listed $24,500 WBOR
• 2023-07-21 Sold (MLS) $15,000 WBOR
• 2023-02-07 Listed $34,000 WBOR