693 Blackberry Ln

Appomattox, VA 24522

$177,500D-

2 bd · 2.0 ba · 1,747 sqft · Built 1995 · SingleFamily · Pending · 23 DOM

Cashflow @ list (25.0% down · 7.5%)

• Estimated rent: $1,079/mo
• Mortgage (P&I): −$931
• Tax + insurance: −$133
• HOA: −$0
• Vac / Maint / Mgmt: −$226
• Net cashflow: $-212/mo
• Annual: $-2,544/yr
• Cap rate: 4.86%
• Cash-on-cash: -5.12%
• DSCR: 0.77
• 1% rule: 0.61%
• Cash to close: $49,700

Investor read

• This is a 2-bed/2.0-bath single-family listed at $178k.
• At list price, monthly cash flow is $-212 ($-3k/yr) — negative.
• To cash-flow at today's rent, offer at most $140k (21.1% below list).
• To meet the 1% rule (rent ≥ 1% of price), the offer needs to be $108k (39.2% below list).
• It's been on market 23 days — a 2% lower offer ($175k) is reasonable based on typical stale-listing flexibility.
• Recommended offer: $108k (39.2% below list) — sets the bar for 1% rule.
• In year one you build about $13k of equity ($1k loan paydown + $12k appreciation (6.6% local appreciation)).
• Location reads 77/100 on livability (#98 in VA, #3,144 nationally) — a middle-class / working-renter tenant base. Strengths: crime A+, cost of living A+, health & safety A+; Watch: amenities F, commute F, employment F.
• Appomattox County Public School District (rural): math 53% / reading 69% proficiency, ranked #56 of 131 in VA (top 43%) — acceptable for families but not a draw, mixed tenant base, ~2y average lease.
• Market conditions: 100 active listings in the ZIP; 95 units permitted in Appomattox County in 2024 (0 in 5+ unit buildings).
• Appomattox County population projected at +7% by 2050 — modest demand growth; plan on rents tracking national, not racing it.
• By year 3, paydown + projected appreciation supports a ~$32k cash-out refi (75% LTV) — recoverable capital for the next deal without selling this one.
• Climate carrying-cost: moderate wildfire risk; extreme-heat days projected 7→17/yr by 2055 (HVAC capex compounding) — expect insurance premiums to compound above CPI over the hold.
• Cap rate 4.9% vs local median 2.6% in Appomattox — 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?
• Is there a deadline driving the sale (1031 exchange, divorce, estate, relocation)? That informs how much negotiation room exists.
• 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?
• 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.
• 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.
• 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.