103 Washington St

Mannington, WV 26582

$95,000B-

2 bd · 1.0 ba · 1,100 sqft · Built 1937 · SingleFamily · Active · 44 DOM

Cashflow @ list (25.0% down · 7.5%)

• Estimated rent: $964/mo
• Mortgage (P&I): −$498
• Tax + insurance: −$592
• HOA: −$0
• Vac / Maint / Mgmt: −$203
• Net cashflow: $-328/mo
• Annual: $-3,942/yr
• Cap rate: 7.96%
• Cash-on-cash: 5.95%
• DSCR: 1.26
• 1% rule: 1.02%
• Cash to close: $26,600

Investor read

• This is a 2-bed/1.0-bath single-family listed at $95k.
• At list price, monthly cash flow is $-328 ($-4k/yr) — negative.
• To cash-flow at today's rent, offer at most $37k (61.1% below list).
• Meets the 1% rule at list price ($964 rent vs $95k).
• It's been on market 44 days — a 3% lower offer ($92k) is reasonable based on typical stale-listing flexibility.
• Recommended offer: $37k (61.1% below list) — sets the bar for cash-flow.
• In year one you build about $7k of equity ($657 loan paydown + $6k appreciation (6.8% local appreciation)).
• Location reads 69/100 on livability (#75 in WV) — a middle-class / working-renter tenant base. Strengths: crime A+, cost of living A+, housing A+; Watch: health & safety C-, employment D+, amenities F.
• Marion County Schools (town): math 30% / reading 43% proficiency, ranked #11 of 55 in WV (top 20%) — families likely to look elsewhere, expect single-tenant / working-renter base with shorter leases.
• Zoned schools: Blackshere Elementary School (math 22% / reading 22%, grade F, #324 of 377 statewide, top 89%, 333 students, 0% FRL); Mannington Middle School (math 24% / reading 31%, grade F, #70 of 109 statewide, top 65%, 251 students, 0% FRL); North Marion High School (math 27% / reading 47%, grade F, #32 of 110 statewide, top 34%, 738 students, 0% FRL) — zoned schools average 0% FRL vs 46% district-wide (46 pts lower); this property's tenant base skews higher-income than the district average.
• Watch-outs: flood insurance adds $460/mo; built in 1937 — expect roof / HVAC / electrical / plumbing capex.
• Market conditions: 10 active listings in the ZIP; 3 units permitted in Marion County in 2024 (0 in 5+ unit buildings).
• By year 5, paydown + projected appreciation supports a ~$32k cash-out refi (75% LTV) — recoverable capital for the next deal without selling this one.
• 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

• What do current leases actually rent for vs. the listed asking? Can we see a recent rent roll and the last 12 months of T-12 income?
• It's been on market 44 days. Have you received any prior offers? Is the seller open to a 61% concession, seller financing, or rate buy-down credit?
• Built in 1937 — when were the roof, HVAC, electrical panel, plumbing, and water heater last replaced?
• 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?
• 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.