606 Ridge Ave

New Cumberland, WV 26047

$90,000B+

15 bd · 12.0 ba · 2,880 sqft · Built 1920 · MultiFamily · Active · 328 DOM

Cashflow @ list (25.0% down · 7.5%)

• Estimated rent: $2,835/mo
• Mortgage (P&I): −$472
• Tax + insurance: −$150
• HOA: −$0
• Vac / Maint / Mgmt: −$595
• Net cashflow: $1,618/mo
• Annual: $19,412/yr
• Cap rate: 27.86%
• Cash-on-cash: 77.03%
• DSCR: 4.43
• 1% rule: 3.15%
• Cash to close: $25,200

Investor read

• This is a 3 × 3-bed/1.5-bath units multifamily listed at $90k.
• At list price, monthly cash flow is $2k ($19k/yr) — positive. Per door: $539/mo.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($3k rent vs $90k).
• It's been on market 328 days — a 12% lower offer ($79k) is reasonable based on typical stale-listing flexibility.
• Recommended offer: $79k (12.0% below list) — sets the bar for market timing.
• In year one you build about $5k of equity ($622 loan paydown + $5k appreciation (5.4% local appreciation)).
• Location reads 72/100 on livability (#45 in WV) — a middle-class / working-renter tenant base. Strengths: crime A+, cost of living A+, health & safety A+; Watch: schools F, amenities F, commute F.
• Hancock County Schools (urban): math 37% / reading 43% proficiency, ranked #7 of 55 in WV (top 13%) — families likely to look elsewhere, expect single-tenant / working-renter base with shorter leases.
• Watch-outs: built in 1920 — expect roof / HVAC / electrical / plumbing capex.
• Market conditions: 25 active listings in the ZIP; 15 units permitted in Hancock County in 2024 (0 in 5+ unit buildings).
• Hancock County population projected at -15% by 2050 — secular population decline; favor cash flow + early exit over multi-decade hold.
• At projected returns (5.4% appreciation + 3.0% rent growth), your $25k cash investment doubles in ~2 years — after that, you're playing with house money.
• By year 7, paydown + projected appreciation supports a ~$35k cash-out refi (75% LTV) — recoverable capital for the next deal without selling this one.
• At $2,835/mo this rent would consume 54% of the median local household income ($63k/yr) — very limited rent-growth headroom before tenants either downsize or default.

Questions for listing agent

• It's been on market 328 days. Have you received any prior offers? Is the seller open to a 12% concession, seller financing, or rate buy-down credit?
• Can we see the unit-by-unit rent roll, current vacancy, and any below-market leases? What's the average tenancy length?
• What capital expenditures (roof, boiler, parking lot, exteriors) have been made in the last 5 years, and what's planned in the next 2?
• Built in 1920 — when were the roof, HVAC, electrical panel, plumbing, and water heater last replaced?
• 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.