17808 Depot Rd

McKenney, VA 23872

$122,000A-

3 bd · 1.0 ba · 640 sqft · Built 1964 · SingleFamily · Pending · 26 DOM

Cashflow @ list (25.0% down · 7.5%)

• Estimated rent: $2,106/mo
• Mortgage (P&I): −$640
• Tax + insurance: −$80
• HOA: −$0
• Vac / Maint / Mgmt: −$442
• Net cashflow: $944/mo
• Annual: $11,332/yr
• Cap rate: 15.58%
• Cash-on-cash: 33.17%
• DSCR: 2.48
• 1% rule: 1.73%
• Cash to close: $34,160

Investor read

• This is a 3-bed/1.0-bath single-family listed at $122k.
• At list price, monthly cash flow is $944 ($11k/yr) — positive.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($2k rent vs $122k).
• It's been on market 26 days — a 2% lower offer ($120k) is reasonable based on typical stale-listing flexibility.
• Recommended offer: $120k (1.5% below list) — sets the bar for market timing.
• In year one you build about $13k of equity ($843 loan paydown + $12k appreciation (10.0% local appreciation)).
• Location reads 60/100 on livability (#441 in VA) — a middle-class / working-renter tenant base. Strengths: cost of living A+, housing A+; Watch: crime C-, amenities F, commute F.
• Dinwiddie County Public School District (rural): math 45% / reading 64% proficiency, ranked #81 of 131 in VA (top 62%) — acceptable for families but not a draw, mixed tenant base, ~2y average lease.
• Zoned schools: Sunnyside Elementary (math 62% / reading 67%, grade B, #416 of 1,108 statewide, top 41%, 247 students, 87% FRL); Dinwiddie County Middle (math 34% / reading 62%, grade C-, #247 of 342 statewide, top 74%, 958 students, 84% FRL); Dinwiddie County High (math 51% / reading 70%, grade C+, #244 of 319 statewide, top 77%, 1,290 students, 83% FRL) — zoned schools average 84% FRL vs 46% district-wide (39 pts higher); higher-poverty schools than district average — tighter screening recommended.
• Market conditions: 11 active listings in the ZIP; 82 units permitted in Dinwiddie County in 2024 (0 in 5+ unit buildings).
• Dinwiddie County population projected at -12% by 2050 — secular population decline; favor cash flow + early exit over multi-decade hold.
• 2 sale attempts since 2y ago with the ask held roughly flat each time — persistent listings suggest the price (not the market) is what's stuck; bring a comps-based counter.
• Current owner paid $43k; list at $122k implies a 184% gain — meaningful room to come down on a strong offer.
• At projected returns (10.0% appreciation + 3.0% rent growth), your $34k cash investment doubles in ~2 years — after that, you're playing with house money.
• By year 3, paydown + projected appreciation supports a ~$33k cash-out refi (75% LTV) — recoverable capital for the next deal without selling this one.
• Climate carrying-cost: major wind risk, 27% chance of damaging wind over 30y; extreme-heat days projected 7→16/yr by 2055 (HVAC capex compounding) — expect insurance premiums to compound above CPI over the hold.

Questions for listing agent

• Built in 1964 — 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.
• Schools are B-rated — typically a magnet for longer-tenancy family renters. What's the average tenant stay here, and is there a school-zone premium baked into asking?
• 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.