421 Stone Way

Atkins, VA 24311

$70,000B+

1 bd · None ba · 1,152 sqft · Built 2017 · Manufactured · Active · 271 DOM

Cashflow @ list (25.0% down · 7.5%)

• Estimated rent: $998/mo
• Mortgage (P&I): −$367
• Tax + insurance: −$543
• HOA: −$0
• Vac / Maint / Mgmt: −$210
• Net cashflow: $-122/mo
• Annual: $-1,465/yr
• Cap rate: 11.51%
• Cash-on-cash: 18.64%
• DSCR: 1.83
• 1% rule: 1.43%
• Cash to close: $19,600

Investor read

• This is a 1-bed/?-bath manufactured listed at $70k. Condition is rated good.
• At list price, monthly cash flow is $-122 ($-1k/yr) — negative.
• To cash-flow at today's rent, offer at most $52k (25.2% below list).
• Meets the 1% rule at list price ($998 rent vs $70k).
• It's been on market 271 days — a 12% lower offer ($62k) is reasonable based on typical stale-listing flexibility.
• Recommended offer: $52k (25.2% below list) — sets the bar for cash-flow.
• In year one you build about $860 of equity ($484 loan paydown + $376 appreciation (0.5% local appreciation)).
• Location reads 57/100 on livability (#496 in VA) — a working-class tenant base; expect higher turnover. Strengths: cost of living A+, crime A; Watch: health & safety C-, amenities F, commute F.
• Smyth County Public School District (rural): math 46% / reading 63% proficiency, ranked #89 of 131 in VA (top 68%) — acceptable for families but not a draw, mixed tenant base, ~2y average lease.
• Watch-outs: flood insurance adds $427/mo.
• Market conditions: 5 active listings in the ZIP; 2 comparable units currently listed for rent nearby; 38 units permitted in Smyth County in 2024 (0 in 5+ unit buildings).
• Smyth County population projected at -20% by 2050 — secular population decline; favor cash flow + early exit over multi-decade hold.
• 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 271 days. Have you received any prior offers? Is the seller open to a 25% concession, seller financing, or rate buy-down credit?
• What's the actual annual flood-insurance premium (NFIP or private), and is the property in a SFHA with mandatory coverage?
• 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 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.