247 Piney Mountain Rd

Ivanhoe, VA 24382

$99,500B+

3 bd · 1.0 ba · 1,360 sqft · Built 1946 · SingleFamily · Pending · 121 DOM

Cashflow @ list (25.0% down · 7.5%)

• Estimated rent: $1,478/mo
• Mortgage (P&I): −$522
• Tax + insurance: −$91
• HOA: −$0
• Vac / Maint / Mgmt: −$310
• Net cashflow: $555/mo
• Annual: $6,662/yr
• Cap rate: 12.99%
• Cash-on-cash: 23.91%
• DSCR: 2.06
• 1% rule: 1.49%
• Cash to close: $27,860

Investor read

• This is a 3-bed/1.0-bath single-family listed at $100k.
• At list price, monthly cash flow is $555 ($7k/yr) — positive.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($1k rent vs $100k).
• It's been on market 121 days — a 12% lower offer ($88k) is reasonable based on typical stale-listing flexibility.
• Recommended offer: $88k (12.0% below list) — sets the bar for market timing.
• Local home prices are declining (-3.0%/yr); year-one equity from $688 of loan paydown is wiped out by about $3k of value loss. Plan a longer hold.
• Location reads 56/100 on livability (#509 in VA) — a working-class tenant base; expect higher turnover. Strengths: cost of living A+, housing B+; Watch: employment D+, amenities F, commute F.
• Wythe County Public School District (rural): math 67% / reading 77% proficiency, ranked #20 of 131 in VA (top 15%) — strong family-tenant draw, lease renewals of 3-5y typical.
• Zoned schools: Sheffey Elementary (math 62% / reading 72%, grade B+, #381 of 1,108 statewide, top 36%, 243 students, 74% FRL); Fort Chiswell Middle (math 70% / reading 83%, grade A, #40 of 342 statewide, top 12%, 316 students, 74% FRL); Fort Chiswell High (math 52% / reading 72%, grade B-, #231 of 319 statewide, top 75%, 435 students, 73% FRL) — zoned schools average 74% FRL vs 41% district-wide (33 pts higher); higher-poverty schools than district average — tighter screening recommended.
• Watch-outs: built in 1946 — expect roof / HVAC / electrical / plumbing capex.
• Market conditions: 156 active listings in the ZIP; 63 units permitted in Wythe County in 2024 (12 in 5+ unit buildings).
• Wythe County population projected to shrink 7% by 2050 — rents likely to lag national; underwrite the cash flow, not the appreciation.
• 2 sale attempts; this cycle's ask has dropped $20k (17%) from the opening price — seller is motivated, your offer sets the floor, not the list.
• Current owner paid $65k; list at $100k implies a 53% gain — meaningful room to come down on a strong offer.
• At projected returns (-3.0% appreciation + 3.0% rent growth), your $28k cash investment doubles in ~6 years — after that, you're playing with house money.
• Climate carrying-cost: moderate wildfire risk — expect insurance premiums to compound above CPI over the hold.

Questions for listing agent

• It's been on market 121 days. Have you received any prior offers? Is the seller open to a 12% concession, seller financing, or rate buy-down credit?
• Built in 1946 — 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.
• 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.