115 Virginia Ave

Harrisville, WV 26362

$33,000B

3 bd · 1.0 ba · 1,056 sqft · Built — · SingleFamily · Pending · 70 DOM

Cashflow @ list (25.0% down · 7.5%)

• Estimated rent: $927/mo
• Mortgage (P&I): −$173
• Tax + insurance: −$55
• HOA: −$0
• Vac / Maint / Mgmt: −$195
• Net cashflow: $504/mo
• Annual: $6,051/yr
• Cap rate: 24.63%
• Cash-on-cash: 65.48%
• DSCR: 3.91
• 1% rule: 2.81%
• Cash to close: $9,240

Investor read

• This is a 3-bed/1.0-bath single-family listed at $33k. Condition is rated fair.
• At list price, monthly cash flow is $504 ($6k/yr) — positive.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($927 rent vs $33k).
• It's been on market 70 days — a 6% lower offer ($31k) is reasonable based on typical stale-listing flexibility.
• Recommended offer: $31k (6.0% below list) — sets the bar for market timing.
• In year one you build about $1k of equity ($228 loan paydown + $990 appreciation (3.0% local appreciation)).
• Location reads 66/100 on livability (#102 in WV) — a middle-class / working-renter tenant base. Strengths: crime A+, cost of living A+, housing A+; Watch: amenities F, commute F, employment D-.
• Ritchie County Schools (rural): math 31% / reading 40% proficiency, ranked #16 of 55 in WV (top 29%) — families likely to look elsewhere, expect single-tenant / working-renter base with shorter leases.
• Zoned schools: Harrisville Elementary (math 42% / reading 42%, grade F, #87 of 377 statewide, top 28%, 219 students, 0% FRL); Ritchie County Middle (math 24% / reading 36%, grade F, #58 of 109 statewide, top 55%, 330 students, 0% FRL); Ritchie County High School (math 27% / reading 42%, grade F, #42 of 110 statewide, top 47%, 387 students, 0% FRL) — zoned schools average 0% FRL vs 43% district-wide (43 pts lower); this property's tenant base skews higher-income than the district average.
• Market conditions: 7 active listings in the ZIP; 25 units permitted in Ritchie County in 2024 (0 in 5+ unit buildings).
• Ritchie County population projected at -27% 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 $9k cash investment doubles in ~2 years — after that, you're playing with house money.

Questions for listing agent

• It's been on market 70 days. Have you received any prior offers? Is the seller open to a 6% 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?
• 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.
• 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.

Repairs flagged (vision-AI assessment)

• Minor: kitchen appliances — can be replaced
• Minor: bathroom vanity — can be replaced
• Moderate: exterior siding — needs repainting
• Moderate: interior walls — needs repainting