154 Old Stone Dr

Clinchco, VA 24228

$69,000B+

3 bd · 2.0 ba · 1,740 sqft · Built 1935 · SingleFamily · Active Under Contract · 147 DOM

Cashflow @ list (25.0% down · 7.5%)

• Estimated rent: $1,113/mo
• Mortgage (P&I): −$362
• Tax + insurance: −$64
• HOA: −$0
• Vac / Maint / Mgmt: −$234
• Net cashflow: $454/mo
• Annual: $5,443/yr
• Cap rate: 14.18%
• Cash-on-cash: 28.18%
• DSCR: 2.25
• 1% rule: 1.61%
• Cash to close: $19,320

Investor read

• This is a 3-bed/2.0-bath single-family listed at $69k.
• At list price, monthly cash flow is $454 ($5k/yr) — positive.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($1k rent vs $69k).
• It's been on market 147 days — a 12% lower offer ($61k) is reasonable based on typical stale-listing flexibility.
• Recommended offer: $61k (12.0% below list) — sets the bar for market timing.
• In year one you build about $3k of equity ($477 loan paydown + $3k appreciation (4.3% local appreciation)).
• Location reads 51/100 on livability (#544 in VA) — a working-class tenant base; expect higher turnover. Strengths: cost of living A+; Watch: housing D+, crime D, schools F.
• Dickenson County Public School District (rural): math 59% / reading 66% proficiency, ranked #58 of 131 in VA (top 44%) — acceptable for families but not a draw, mixed tenant base, ~2y average lease.
• Watch-outs: built in 1935 — expect roof / HVAC / electrical / plumbing capex.
• Market conditions: 35 active listings in the ZIP; 11 units permitted in Dickenson County in 2024 (0 in 5+ unit buildings).
• Dickenson County population projected at -30% by 2050 — secular population decline; favor cash flow + early exit over multi-decade hold.
• Current owner paid $59k; 17% above their basis — modest negotiation headroom, anchor on the comps not their cost.
• At projected returns (4.3% appreciation + 3.0% rent growth), your $19k cash investment doubles in ~3 years — after that, you're playing with house money.
• By year 10, paydown + projected appreciation supports a ~$34k cash-out refi (75% LTV) — recoverable capital for the next deal without selling this one.
• 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 147 days. Have you received any prior offers? Is the seller open to a 12% concession, seller financing, or rate buy-down credit?
• Built in 1935 — 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?
• Crime grade is D 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.