830 21st St

Huntington, WV 25704

$60,000B-

None bd · None ba · 1,872 sqft · Built 1900 · MultiFamily · Pending · 11 DOM

Cashflow @ list (25.0% down · 7.5%)

• Estimated rent: $1,780/mo
• Mortgage (P&I): −$315
• Tax + insurance: −$100
• HOA: −$0
• Vac / Maint / Mgmt: −$374
• Net cashflow: $992/mo
• Annual: $11,899/yr
• Cap rate: 26.12%
• Cash-on-cash: 70.83%
• DSCR: 4.15
• 1% rule: 2.97%
• Cash to close: $16,800

Investor read

• This is a 2 × 2-bed/1.5-bath units multifamily listed at $60k. Condition is rated poor.
• At list price, monthly cash flow is $992 ($12k/yr) — positive. Per door: $496/mo.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($2k rent vs $60k).
• Only 11 days on market — expect competitive offers; lowballing is unlikely to land.
• Local home prices are declining (-3.0%/yr); year-one equity from $415 of loan paydown is wiped out by about $2k of value loss. Plan a longer hold.
• Location reads 79/100 on livability (#16 in WV, #2,045 nationally) — a middle-class / working-renter tenant base. Strengths: amenities A+, commute A+, cost of living A+; Watch: crime F, employment F.
• Cabell County Schools (urban): math 31% / reading 42% proficiency, ranked #13 of 55 in WV (top 24%) — families likely to look elsewhere, expect single-tenant / working-renter base with shorter leases.
• Zoned schools: Spring Hill Elementary School (math 17% / reading 22%, grade F, #350 of 377 statewide, top 95%, 381 students, 0% FRL); Huntington East Middle School (math 18% / reading 32%, grade F, #81 of 109 statewide, top 76%, 585 students, 0% FRL); Huntington High School (math 26% / reading 50%, grade F, #31 of 110 statewide, top 28%, 1,704 students, 0% FRL) — zoned schools average 0% FRL vs 47% district-wide (47 pts lower); this property's tenant base skews higher-income than the district average.
• Watch-outs: built in 1900 — expect roof / HVAC / electrical / plumbing capex.
• Market conditions: 80 active listings in the ZIP; 1 comparable units currently listed for rent nearby; 61 units permitted in Cabell County in 2024 (5 in 5+ unit buildings).
• At projected returns (-3.0% appreciation + 3.0% rent growth), your $17k cash investment doubles in ~2 years — after that, you're playing with house money.
• Climate carrying-cost: extreme-heat days projected 7→18/yr by 2055 (HVAC capex compounding) — expect insurance premiums to compound above CPI over the hold.
• Cap rate 26.1% vs local median 6.4% in Huntington — 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

• 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?
• Have any recent inspections been done? Can we get a copy of the seller's disclosures and any deferred-maintenance estimates?
• Built in 1900 — 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.
• Crime grade is F 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: roof — Signs of potential leaks and wear.
• Major: exterior siding — Peeling paint and chipping paint indicate significant damage.
• Major: HVAC/mechanicals — No visible signs of recent maintenance or updates.
• Major: landscaping — Overgrown and unkempt appearance, indicating neglect.
• Major: interior walls/paint — No visible signs of recent maintenance or updates, but exterior condition suggests interior may also be in poor condition.