531 Mullins St · Wise, VA 24293

$39,900

3 bd · 1.0 ba · 1,194 sqft · SingleFamily public records · 363 Days on market

0.60 ac lot $33/sqft · 64% below area ↓ 25% 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
• 1% rule +10.0/10.0
• DSCR +10.0/10.0
• ARV discount +7.5/15.0
• Schools +6.3/10.0
• Livability +3.9/5.0
• Rent growth +2.5/5.0
• Condition / age +2.5/5.0
• Appreciation +0.3/10.0

Listing remarks MLS

Location!! Location!! Location!! This fixer upper is situated on . 6 acres located in the Town of Wise. Located only minutes to UVA-Wise, this property is an excellent investment opportunity!! Renovate the current house or tear it down and utilize the existing infrastructure to create multi-tenant housing!! This has the potential to be an excellent income producing property!! Buyers and Buyers agents to verify all information in this listing. Subject to Errors and Omissions.

Key facts

• 6 acres
• Multi-tenant housing
• 0.6 acre lot

Tags

• 6 ACRES
• INVESTMENT OPPORTUNITY
• MULTI-TENANT HOUSING
• INCOME PRODUCING PROPERTY

🏷️ Possibly a rental listed for sale. The $39,900 price doesn't fit this home's estimated sale value (~$111,195) and the remarks read like a rental — treat the cards below with caution.

What this means for you Summary

Snapshot

• This is a 3-bed/1.0-bath single-family listed at $40k.

Deal economics

• At list price, monthly cash flow is $581 ($7k/yr) — positive.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($1k rent vs $40k).
• Recommended offer: $35k (12.0% below list) — sets the bar for market timing.
• Cap rate 23.8% vs local median 5.1% in Wise — top-decile yield for the area; either an underpriced asset or a hidden risk that comps aren't pricing in. Stress-test before assuming the spread holds.

Location & tenants

• Location reads 77/100 on livability (#99 in VA, #3,153 nationally) — a middle-class / working-renter tenant base. Strengths: schools A+, cost of living A+, health & safety A; Watch: employment D+, amenities F, commute F.
• Wise County Public School District (town): math 74% / reading 79% proficiency, ranked #11 of 131 in VA (top 8%) — strong family-tenant draw, lease renewals of 3-5y typical.
• Market conditions: 42 active listings in the ZIP; 17 units permitted in Wise County in 2024 (0 in 5+ unit buildings).

Forward outlook

• Local home prices are declining (-3.0%/yr); year-one equity from $276 of loan paydown is wiped out by about $1k of value loss. Plan a longer hold.
• Wise County population projected at -26% by 2050 — secular population decline; favor cash flow + early exit over multi-decade hold.
• At projected returns (-3.0% appreciation + 3.0% rent growth), your $11k cash investment doubles in ~2 years — after that, you're playing with house money.

Negotiation context

• It's been on market 363 days — a 12% lower offer ($35k) is reasonable based on typical stale-listing flexibility.

Risks & watch-outs

• Climate carrying-cost: moderate wildfire risk — expect insurance premiums to compound above CPI over the hold.

Recommended offer $35,112 (12.0% below list)

Questions for the listing agent

1. It's been on market 363 days. Have you received any prior offers? Is the seller open to a 12% concession, seller financing, or rate buy-down credit?
2. Why hasn't it sold? Are there any deal-killer items the seller is aware of (foundation, flood, title, zoning, code violations)?
3. Is there a deadline driving the sale (1031 exchange, divorce, estate, relocation)? That informs how much negotiation room exists.
4. Schools are A-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?
5. 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.
6. 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.
7. 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: 2.70% ✓
• Cap rate: 23.76%
• Cash-on-cash: 62.37%
• DSCR: 3.78
• GRM: 3.1

CMA / ARV

• ARV (median comp): $111,195
• List price: $39,900
• Delta: -64.12%
• Verdict: UNDERPRICED
• Comps: 20 within 1.0 mi

Show comp detail 3 sales within ~0.75 mi

Address	Dist	Beds/Ba	Sqft	Sold	Price	$/sf	Match
125 Modoc Ave	0.67mi	3/1.0	1,167 (-2%)	12mo	$125,000	$107	55
304 Spring Ave	0.48mi	2/1.0 (-1)	1,056 (-12%)	12mo	$112,000	$106	44
402 Birchfield Rd	0.45mi	2/1.0 (-1)	1,091 (-9%)	20mo	$72,700	$67	43

Match score weights: distance 35% · size 25% · config 20% · recency 20%. Top-matched comps best support the ARV.

Projected returns pro-forma

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

5-year hold

• IRR: 61.3%
• Equity multiple: 3.73×
• Total profit: $30,532
• Equity at exit: $5,949

10-year hold

• IRR: 65.9%
• Equity multiple: 7.65×
• Total profit: $74,264
• Equity at exit: $3,450

Cash invested: $11,172 (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 24293

• Home prices YoY: -5.8%
• Active inventory: 42
• Price-to-rent: 3.1×

Monthly cashflow live

• Estimated rent: $1,079 medium
• Mortgage (P&I): −$209
• Tax from tax record: −$46 /mo · $548/yr
• Insurance: −$17
• HOA: −$0
• Vacancy / Maint / Mgmt: −$227
• Net cashflow: $581

Break-even live

Break-even rent $344

Max offer price $39,900

Occupancy floor 41%

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: $9,975
• Closing costs: $1,197
• Reserves months: —
• Total cash needed: —

Listing history 19 events

1. 2026-06-18
   days on market $39,900 Active 363 DOM
2. 2026-06-17
   days on market $39,900 Active 362 DOM
3. 2026-06-16
   days on market $39,900 Active 361 DOM
4. 2026-06-15
   days on market $39,900 Active 360 DOM
5. 2026-06-15
   days on market $39,900 Active 359 DOM
6. 2026-06-13
   days on market $39,900 Active 358 DOM
7. 2026-06-12
   days on market $39,900 Active 357 DOM
8. 2026-06-09
   days on market $39,900 Active 354 DOM
9. 2026-06-08
   days on market $39,900 Active 353 DOM
10. 2026-06-08
    days on market $39,900 Active 352 DOM
11. 2026-06-07
    days on market $39,900 Active 351 DOM
12. 2026-06-03
    days on market $39,900 Active 348 DOM
13. 2026-06-02
    days on market $39,900 Active 347 DOM
14. 2026-06-01
    days on market $39,900 Active 346 DOM
15. 2026-05-31
    days on market $39,900 Active 345 DOM
16. 2026-03-03
    price $39,900 482-char remark

    Show marketing remark (482 chars)

    Location!! Location!! Location!! This fixer upper is situated on . 6 acres located in the Town of Wise. Located only minutes to UVA-Wise, this property is an excellent investment opportunity!! Renovate the current house or tear it down and utilize the existing infrastructure to create multi-tenant housing!! This has the potential to be an excellent income producing property!! Buyers and Buyers agents to verify all information in this listing. Subject to Errors and Omissions.

17. 2025-06-20
    listed $59,900 Active 482-char remark

    Show marketing remark (482 chars)

    Location!! Location!! Location!! This fixer upper is situated on . 6 acres located in the Town of Wise. Located only minutes to UVA-Wise, this property is an excellent investment opportunity!! Renovate the current house or tear it down and utilize the existing infrastructure to create multi-tenant housing!! This has the potential to be an excellent income producing property!! Buyers and Buyers agents to verify all information in this listing. Subject to Errors and Omissions.

18. 2025-01-02
    soldstatus $287,000
19. 1994-03-17
    soldstatus $53,000

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

Tax reassessment forecast VA · Resets to sale price

• Current annual tax: $548 · $46/mo
• Projected year-2 tax: $548 · $46/mo
• Expected delta: $0/yr ($0/mo · 0.0%)

ⓘ Screening estimate from a state-policy table — verify with the county assessor before closing.

Climate risk First Street

• 🌊 Flood 1/10 Low FEMA zone X (unshaded) · 0% chance over 30 yrs
• 🔥 Wildfire 5/10 Major
• 🌡 Heat 2/10 Low 7 d/yr ≥92°F today · 19 d/yr by 30 yrs out
• 💨 Wind 2/10 Low 0% chance of damaging wind over 30 yrs
• 🫁 Air quality 1/10 Low 0 unhealthy d/yr today · 0 by 30 yrs out

Taxation est. · year 1

• Rental income: $12,945
• − Mortgage interest: −$2,235
• − Property taxes: −$548
• − Insurance: −$200
• − Repairs & maintenance: −$1,036
• − Management: −$1,036
• − Depreciation: −$1,161
• Taxable income: $6,730
• Est. tax owed @ 24.0%: −$1,615
• After-tax cash flow: $5,353/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: Wise County Public School District
• NCES district ID: 5104080
• Math proficiency: 74% ▼ -20.00%
• Reading proficiency: 79% ▼ -7.00%
• Median HH income: $35,624
• Composite: 63.37/100
• National rank: #625
• State rank: #11 of 131 in VA

Livability — Wise

• Score: 77/100
• State rank: #99
• US rank: #3153

Category grades

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

Schools grade is shown separately in the Schools card above.

Census & demographics

• Census place: Wise, VA
• Population (ZIP): 9,622

Population outlook (Wise County) Hauer SSP2

• Today (2025): 35,714 people
• By 2030: 33,742 · -5.5%
• By 2040: 29,870 · -16.4%
• By 2050: 26,233 · -26.5%
• By 2075: 18,296 · -48.8%
• By 2100: 12,147 · -66.0%

Race, ethnicity, and origin ACS 2023

• Neighborhood character: Predominantly White (96%)
• Race & ethnicity: White 96% Two or more races 3% Hispanic / Latino 1%
• Common ancestry: Serbian 4% Slovak 4% Lithuanian 2%
• Foreign-born: 1% · Canada, South Korea

Political lean MEDSL · Wise

• 2024 margin: Solid R (+63.3) · D 18.1% · R 81.4%
• 2008→2024 swing: -35.6pp toward R · 2008: -27.7pp · 2024: -63.3pp
• All cycles: 2024: R+63.3 2020: R+61.7 2016: R+62.0 2012: R+48.8 2008: R+27.7

Not yet ingested

• Civics: —

Market trends

• HPI YoY: ▼ -9.49%
• Current HPI: 153.7377
• 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

-24.7% since first listed

4 events — show timeline

• 2026-03-03 Price Changed $39,900 TVRMLS
• 2025-06-20 Listed $59,900 TVRMLS
• 2025-01-02 Sold (Public Records) $287,000 Public Records
• 1994-03-17 Sold (Public Records) $53,000 Public Records

Property tax history

+1.9%/yr

Latest (2025): $548 · +0.0% YoY. Source: county tax records.