260 Hoye Rd

Shady Spring, WV 25989

$1,650D+

2 bd · 2.0 ba · 2,464 sqft · Built 1968 · SingleFamily · Active · 9 DOM

Cashflow @ list (25.0% down · 7.5%)

• Estimated rent: $1,057/mo
• Mortgage (P&I): −$9
• Tax + insurance: −$3
• HOA: −$0
• Vac / Maint / Mgmt: −$222
• Net cashflow: $823/mo
• Annual: $9,879/yr
• Cap rate: 605.02%
• Cash-on-cash: 2138.33%
• DSCR: 96.14
• 1% rule: 64.03%
• Cash to close: $462

Investor read

• This is a 2-bed/2.0-bath single-family listed at $2k.
• At list price, monthly cash flow is $823 ($10k/yr) — positive.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($1k rent vs $2k).
• Only 9 days on market — expect competitive offers; lowballing is unlikely to land.
• In year one you build about $25 of equity ($12 loan paydown + $13 appreciation (0.8% local appreciation)).
• Location reads 60/100 on livability (#214 in WV) — a middle-class / working-renter tenant base. Strengths: crime A+, cost of living A+, housing B+; Watch: amenities F, commute F, health & safety F.
• Raleigh County Schools (rural): math 29% / reading 42% proficiency, ranked #14 of 55 in WV (top 26%) — families likely to look elsewhere, expect single-tenant / working-renter base with shorter leases.
• Zoned schools: Shady Spring Elementary (math 36% / reading 43%, grade F, #108 of 377 statewide, top 33%, 414 students, 0% FRL); Shady Spring Middle School (math 30% / reading 46%, grade F, #25 of 109 statewide, top 23%, 578 students, 0% FRL); Shady Spring High (math 32% / reading 57%, grade F, #11 of 110 statewide, top 11%, 828 students, 0% FRL) — zoned schools average 0% FRL vs 46% district-wide (46 pts lower); this property's tenant base skews higher-income than the district average.
• Market conditions: 3 active listings in the ZIP; 41 units permitted in Raleigh County in 2024 (0 in 5+ unit buildings).
• Raleigh County population projected at -16% by 2050 — secular population decline; favor cash flow + early exit over multi-decade hold.
• 6 sale attempts since 2y ago; this cycle's ask has dropped $150 (8%) from the opening price — seller is motivated, your offer sets the floor, not the list.
• At projected returns (0.8% appreciation + 3.0% rent growth), your $462 cash investment doubles in ~1 year — after that, you're playing with house money.
• Climate carrying-cost: moderate wildfire risk — expect insurance premiums to compound above CPI over the hold.
• Cap rate 605.0% vs local median 1.8% in Shady Spring — 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

• Built in 1968 — when were the roof, HVAC, electrical panel, plumbing, and water heater last replaced?
• Is there a deadline driving the sale (1031 exchange, divorce, estate, relocation)? That informs how much negotiation room exists.
• 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?
• 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.