314 Third Ave · Callaghan, VA 24986

$79,999

3 bd · 2.0 ba · 1,512 sqft · SingleFamily · 59 Days on market

Built 1999 0.92 ac lot ↓ 16% since listing

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Why this score? — see what drove the B+ grade

The composite is a weighted blend of 9 inputs, each scored 0–100. Each bar is that input's sub-score; the figure is the points it added to the 100-point composite (weight × sub-score).

• Cash flow +30.0/30.0
• DSCR +10.0/10.0
• 1% rule +9.4/10.0
• ARV discount +7.5/15.0
• Appreciation +7.5/10.0
• Livability +3.6/5.0
• Rent growth +2.5/5.0
• Schools +2.5/10.0
• Condition / age +2.5/5.0

Listing remarks

Looking for space, potential, and a property you can truly make your own? This character-filled double wide offers an incredible opportunity to create the retreat, investment property, or full-time home you've been dreaming of. Inside, you'll find a massive open living area that flows seamlessly into the kitchen, a layout perfect for gathering, entertaining, or redesigning into a stunning modern open-concept space. With a little vision and some personal touches, this home could easily transform into a cozy hunting cabin, short-term rental, or peaceful primary residence. Situated on just under one acre in a quiet, serene neighborhood, this property offers both privacy and room to breathe. En

Key facts

• Open living area
• Covered back porch
• 0.92 acre lot

Tags

• OPEN LIVING AREA
• OVERSIZED FRONT PORCH
• COVERED BACK PORCH
• QUIET SERENE NEIGHBORHOOD
• NEAR GREEN BANK OBSERVATORY
• NEAR THE GREENBRIER RESORT

What this means for you Summary

Snapshot

• This is a 3-bed/2.0-bath single-family listed at $80k.

Deal economics

• At list price, monthly cash flow is $355 ($4k/yr) — positive.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($1k rent vs $80k).
• Recommended offer: $78k (3.0% below list) — sets the bar for market timing.

Location & tenants

• Location reads 71/100 on livability (#212 in VA) — a middle-class / working-renter tenant base. Strengths: employment A+, cost of living A+, housing A+; Watch: commute D, amenities F, health & safety F.
• Greenbrier County Schools (town): math 24% / reading 37% proficiency, ranked #31 of 55 in WV (top 56%) — families likely to look elsewhere, expect single-tenant / working-renter base with shorter leases.
• Zoned schools: White Sulphur Elementary (math 37% / reading 32%, grade F, #148 of 377 statewide, top 49%, 337 students, 0% FRL); Eastern Greenbrier Middle School (math 14% / reading 36%, grade F, #81 of 109 statewide, top 76%, 732 students, 0% FRL); Greenbrier East High School (math 21% / reading 51%, grade F, #39 of 110 statewide, top 36%, 1,014 students, 0% FRL) — zoned schools average 0% FRL vs 49% district-wide (49 pts lower); this property's tenant base skews higher-income than the district average.
• Market conditions: 74 units permitted in Greenbrier County in 2024 (0 in 5+ unit buildings).

Forward outlook

• In year one you build about $5k of equity ($553 loan paydown + $4k appreciation (5.0% local appreciation)).
• Greenbrier County population projected to shrink 7% by 2050 — rents likely to lag national; underwrite the cash flow, not the appreciation.
• At projected returns (5.0% appreciation + 3.0% rent growth), your $22k cash investment doubles in ~3 years — after that, you're playing with house money.
• By year 8, paydown + projected appreciation supports a ~$34k cash-out refi (75% LTV) — recoverable capital for the next deal without selling this one.

Negotiation context

• It's been on market 59 days — a 3% lower offer ($78k) is reasonable based on typical stale-listing flexibility.

Recommended offer $77,599 (3.0% below list)

Questions for the listing agent

1. It's been on market 59 days. Have you received any prior offers? Is the seller open to a 3% concession, seller financing, or rate buy-down credit?
2. Is there a deadline driving the sale (1031 exchange, divorce, estate, relocation)? That informs how much negotiation room exists.
3. 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?
4. 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.
5. 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.
6. 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.

Investment metrics

• 1% rule: 1.44% ✓
• Cap rate: 11.62%
• Cash-on-cash: 19.03%
• DSCR: 1.85
• GRM: 5.8

CMA / ARV

No comps found within radius.

Projected returns pro-forma

4.98% appreciation · 3.0% rent growth · sell at horizon

5-year hold

• IRR: 29.4%
• Equity multiple: 2.83×
• Total profit: $40,976
• Equity at exit: $45,225

10-year hold

• IRR: 28.1%
• Equity multiple: 5.66×
• Total profit: $104,409
• Equity at exit: $77,962

Cash invested: $22,400 (down + closing). Projections, not guarantees.

Landlord ↔ Tenant lean methodology

• Overall (STATE): 55 Moderately Landlord-Leaning
• State Virginia: 55 Moderately Landlord-Leaning · D+2
• County: — inherits STATE
• City: — inherits STATE

VRLTA gives some tenant protections; Northern Virginia courts slower; rural VA landlord-leaning.

Methodology + full state rankings →

ZIP-level market 24986

• Home prices YoY: 3.1%
• Price-to-rent: 5.8×

Monthly cashflow live

• Estimated rent: $1,149 medium
• Mortgage (P&I): −$420
• Tax est. 1.5%: −$100 /mo · $1,200/yr
• Insurance: −$33
• HOA: −$0
• Vacancy / Maint / Mgmt: −$241
• Net cashflow: $355

Break-even live

Break-even rent $700

Max offer price $79,999

Occupancy floor 64%

UW: 25.0% down · 7.5% · 30yr · 1.5% tax · 5.0% vac · 8.0% maint · 8.0% mgmt

Financing live

Cash to close

• Down payment: $20,000
• Closing costs: $2,400
• Reserves months: —
• Total cash needed: —

Listing history 4 events

1. 2026-04-11
   status Pending
2. 2026-03-14
   price $79,999
3. 2026-02-17
   price $89,000
4. 2026-02-11
   listed $95,000 Active

ⓘ Source: listings_history table (triggers on properties + properties_extension) + one-shot backfill from property_details.listing_events for pre-trigger history.

Climate risk First Street

• 🌊 Flood 1/10 Low FEMA zone X (unshaded) · 0% chance over 30 yrs
• 🔥 Wildfire 4/10 Moderate
• 🌡 Heat 3/10 Moderate 8 d/yr ≥92°F today · 21 d/yr by 30 yrs out
• 💨 Wind 2/10 Low
• 🫁 Air quality 1/10 Low 0 unhealthy d/yr today · 0 by 30 yrs out

Taxation est. · year 1

• Rental income: $13,793
• − Mortgage interest: −$4,481
• − Property taxes: −$1,200
• − Insurance: −$400
• − Repairs & maintenance: −$1,103
• − Management: −$1,103
• − Depreciation: −$2,327
• Taxable income: $3,178
• Est. tax owed @ 24.0%: −$763
• After-tax cash flow: $3,500/yr

For passive investors: Depreciation is non-cash, so a rental often shows a tax loss while cash-flowing — sheltering income. Rental losses are passive: they offset passive income freely, and up to $25,000/yr can offset ordinary (W-2) income if you actively participate and your MAGI is under $100k (phasing out to $0 by $150k); unused losses carry forward. On sale, claimed depreciation is recaptured at up to 25%, and gains may owe capital-gains tax (a 1031 exchange can defer both). Figures are a year-1 estimate at your 24.0% rate — not tax advice; consult a CPA.

Schools (NCES district)

• District: Greenbrier County Schools
• NCES district ID: 5400390
• Math proficiency: 24% ▼ -14.00%
• Reading proficiency: 37% ▼ -10.00%
• Median HH income: $37,088
• Composite: 25.34/100
• National rank: #7477
• State rank: #31 of 55 in WV

Livability — Callaghan

• Score: 71/100
• State rank: #212
• US rank: #6887

Category grades

Amenities F Commute D Cost of living A+ Crime B- Employment A+ Housing A+ Health & safety F User ratings A

Schools grade is shown separately in the Schools card above.

Census & demographics

• Population (ZIP): 5,082

Population outlook (Greenbrier County) Hauer SSP2

• Today (2025): 35,394 people
• By 2030: 35,182 · -0.6%
• By 2040: 34,241 · -3.3%
• By 2050: 32,882 · -7.1%
• By 2075: 29,435 · -16.8%
• By 2100: 24,473 · -30.9%

Race, ethnicity, and origin ACS 2023

• Neighborhood character: Predominantly White (91%)
• Race & ethnicity: White 91% Black 5% Two or more races 2% Hispanic / Latino 2%
• Common ancestry: Italian 5% Slovak 2% Serbian 1%
• Foreign-born: 1% · Canada
• Languages at home: 97% English-only · Spanish 2% Arabic 1%

Political lean MEDSL · Greenbrier

• 2024 margin: Solid R (+42.1) · D 28.0% · R 70.1% · Other 1.9%
• 2008→2024 swing: -29.9pp toward R · 2008: -12.3pp · 2024: -42.1pp
• All cycles: 2024: R+42.1 2020: R+39.6 2016: R+41.2 2012: R+24.8 2008: R+12.3

Not yet ingested

• Civics: —

Market trends

• HPI YoY: ▲ 4.98%
• Current HPI: 165.3067
• Rent YoY: —
• Metro: —
• State GDP YoY: ▲ 2.40%
• F500 in state: 50

Industry mix (Fortune 500 HQ in VA)

Industry	F500 HQs	Revenue
▸Aerospace / Defense	4	$236B
▸Technology / Defense	3	$32B
▸Financial Services	2	$176B
▸Utilities	2	$27B
▸Insurance	2	$25B
▸Technology	2	$15B

Price history

-15.8% since first listed

4 events — show timeline

• 2026-04-11 Pending — BBOR
• 2026-03-14 Price Changed $79,999 BBOR
• 2026-02-17 Price Changed $89,000 BBOR
• 2026-02-11 Listed $95,000 BBOR