Grand (Blue Spruce) Plan

Milton, WV 25541

$102,995D

4 bd · 2.0 ba · 1,813 sqft · Built — · Manufactured · Active · 322 DOM

Cashflow @ list (25.0% down · 7.5%)

• Estimated rent: $1,321/mo
• Mortgage (P&I): −$540
• Tax + insurance: −$172
• HOA: −$345
• Vac / Maint / Mgmt: −$277
• Net cashflow: $-13/mo
• Annual: $-162/yr
• Cap rate: 6.14%
• Cash-on-cash: -0.56%
• DSCR: 0.98
• 1% rule: 1.28%
• Cash to close: $28,839

Investor read

• This is a 4-bed/2.0-bath manufactured listed at $103k.
• At list price, monthly cash flow is $-13 ($-162/yr) — negative.
• To cash-flow at today's rent, offer at most $101k (1.9% below list).
• Meets the 1% rule at list price ($1k rent vs $103k).
• It's been on market 322 days — a 12% lower offer ($91k) is reasonable based on typical stale-listing flexibility.
• Recommended offer: $91k (12.0% below list) — sets the bar for market timing.
• Local home prices are declining (-3.0%/yr); year-one equity from $712 of loan paydown is wiped out by about $3k of value loss. Plan a longer hold.
• Location reads 61/100 on livability (#197 in WV) — a middle-class / working-renter tenant base. Strengths: crime A+, cost of living A+; Watch: amenities F, commute F, employment F.
• Cabell County Schools (urban): math 31% / reading 42% proficiency, ranked #13 of 55 in WV (top 24%) — families likely to look elsewhere, expect single-tenant / working-renter base with shorter leases.
• Zoned schools: Ona Elementary School (math 42% / reading 47%, grade F, #71 of 377 statewide, top 22%, 266 students, 0% FRL); Milton Middle School (math 34% / reading 45%, grade F, #20 of 109 statewide, top 18%, 570 students, 0% FRL); Cabell Midland High School (math 25% / reading 56%, grade F, #19 of 110 statewide, top 17%, 1,757 students, 0% FRL) — zoned schools average 0% FRL vs 47% district-wide (47 pts lower); this property's tenant base skews higher-income than the district average.
• Watch-outs: HOA is 26% of rent.
• Market conditions: 65 active listings in the ZIP; 61 units permitted in Cabell County in 2024 (5 in 5+ unit buildings).
• Cap rate 6.1% vs local median 3.9% in Milton — 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.

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 322 days. Have you received any prior offers? Is the seller open to a 12% concession, seller financing, or rate buy-down credit?
• What does the HOA fee cover, when was the last increase, and are there any pending special assessments or reserve-fund shortfalls?
• 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 D-rated, which usually means shorter tenancies and higher turnover. Who's the typical renter profile here, and what's been the actual vacancy rate?
• The area grade is low — what's the realistic commute time and amenity access for the typical tenant pool here? Any planned neighborhood developments (good or bad) we should know about?
• 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.