11730 Essex Rd

Riverview, VA 24230

$65,000B+

None bd · None ba · — sqft · Built 1990 · MultiFamily · Active · 40 DOM

Cashflow @ list (25.0% down · 7.5%)

• Estimated rent: $1,300/mo
• Mortgage (P&I): −$341
• Tax + insurance: −$535
• HOA: −$0
• Vac / Maint / Mgmt: −$273
• Net cashflow: $151/mo
• Annual: $1,815/yr
• Cap rate: 16.96%
• Cash-on-cash: 38.10%
• DSCR: 2.70
• 1% rule: 2.00%
• Cash to close: $18,200

Investor read

• This is a multifamily listed at $65k. Condition is rated poor.
• At list price, monthly cash flow is $151 ($2k/yr) — positive.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($1k rent vs $65k).
• It's been on market 40 days — a 3% lower offer ($63k) is reasonable based on typical stale-listing flexibility.
• Recommended offer: $63k (3.0% below list) — sets the bar for market timing.
• In year one you build about $493 of equity ($449 loan paydown + $44 appreciation (0.1% local appreciation)).
• Location reads 55/100 on livability (#516 in VA) — a working-class tenant base; expect higher turnover. Strengths: cost of living A+, housing A; Watch: crime D+, amenities F, commute F.
• Wise County Public School District (town): math 74% / reading 79% proficiency, ranked #11 of 131 in VA (top 8%) — strong family-tenant draw, lease renewals of 3-5y typical.
• Zoned schools: Coeburn Primary (math 82% / reading 82%, grade A+, #106 of 1,108 statewide, top 11%, 466 students, 80% FRL); Coeburn Middle (math 76% / reading 80%, grade A+, #34 of 342 statewide, top 10%, 307 students, 89% FRL); Union High (math 57% / reading 77%, grade B, #185 of 319 statewide, top 61%, 601 students, 86% FRL) — zoned schools average 85% FRL vs 55% district-wide (30 pts higher); higher-poverty schools than district average — tighter screening recommended.
• Watch-outs: flood insurance adds $427/mo.
• Market conditions: 46 active listings in the ZIP; 1 comparable units currently listed for rent nearby; 17 units permitted in Wise County in 2024 (0 in 5+ unit buildings).
• Wise County population projected at -26% by 2050 — secular population decline; favor cash flow + early exit over multi-decade hold.
• At projected returns (0.1% appreciation + 3.0% rent growth), your $18k cash investment doubles in ~7 years — after that, you're playing with house money.
• Climate carrying-cost: in FEMA flood zone AE (mandatory federal flood insurance) — expect insurance premiums to compound above CPI over the hold.

Questions for listing agent

• It's been on market 40 days. Have you received any prior offers? Is the seller open to a 3% 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?
• 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 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?
• 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.
• 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.

Repairs flagged (vision-AI assessment)

• Major: structural repairs — The mobile homes are tilted and appear to be structurally compromised
• Major: roof repairs — The roof is visibly damaged and needs immediate attention
• Major: flooring repairs — The flooring is damaged and uneven, requiring replacement
• Major: interior wall repairs — The interior walls and paint are damaged and peeling, requiring extensive repairs
• Major: HVAC and mechanical repairs — The systems appear to be in disrepair and need professional assessment and repair
• Major: landscaping and curb appeal — The area is cluttered with debris and overgrown vegetation, requiring landscaping and curb appeal improvements