301 Johnson Dr · Pennington Gap, VA 24277

$99,000

3 bd · 2.0 ba · 1,064 sqft · SingleFamily · 284 Days on market

Built 1950 Fair condition 4,356 sqft lot $93/sqft · 16% above area Est $86k · 16% over

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Why this score? — see what drove the C- 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 +20.6/30.0
• Appreciation +7.8/10.0
• DSCR +6.5/10.0
• 1% rule +5.4/10.0
• Schools +5.0/10.0
• Livability +3.1/5.0
• Rent growth +2.5/5.0
• Condition / age +2.2/5.0
• ARV discount +0.5/15.0

Listing remarks MLS

Beautiful Cootage style home sitting in the heart of beautiful Pennington Gap. This 1950s home is full of charm and character and recently has been remodeled. To begin with is the addition of a 2nd Bathroom, along with a kitchen with many features such as a pot filler a cup washing built in the sink, and a restaurant grade backsplash, additions of pantry space tops it off. New paint and modern features have been added throughout the home. The home has been topped off with a new metal roof and on the front porch built in seating has been added. Out back a block flower bed or vegetable garden area has been constructed. A must-see home!!! Buyers and Buyers agents to verify all information in this listing. Subject to Errors and Omissions.

Key facts

• 2nd bathroom
• Pot filler
• Pantry space

Tags

• COTTAGE STYLE HOME
• 2ND BATHROOM
• POT FILLER
• CUP WASHING BUILT IN SINK
• RESTAURANT GRADE BACKSPLASH
• PANTRY SPACE

What this means for you Summary

Snapshot

• This is a 3-bed/2.0-bath single-family listed at $99k. Condition is rated fair.

Deal economics

• At list price, monthly cash flow is $132 ($2k/yr) — positive.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($1k rent vs $99k).
• Recommended offer: $87k (12.0% below list) — sets the bar for market timing.

Location & tenants

• Location reads 62/100 on livability (#410 in VA) — a middle-class / working-renter tenant base. Strengths: crime A+, cost of living A+, housing B; Watch: amenities F, commute F, employment F.
• Lee County Public School District (rural): math 53% / reading 69% proficiency, ranked #62 of 131 in VA (top 47%) — acceptable for families but not a draw, mixed tenant base, ~2y average lease.
• Market conditions: 30 active listings in the ZIP; 18 units permitted in Lee County in 2024 (0 in 5+ unit buildings).

Forward outlook

• In year one you build about $6k of equity ($684 loan paydown + $6k appreciation (5.6% local appreciation)).
• Lee County population projected at -27% by 2050 — secular population decline; favor cash flow + early exit over multi-decade hold.
• At projected returns (5.6% appreciation + 3.0% rent growth), your $28k cash investment doubles in ~4 years — after that, you're playing with house money.
• By year 6, paydown + projected appreciation supports a ~$34k cash-out refi (75% LTV) — recoverable capital for the next deal without selling this one.

Negotiation context

• It's been on market 284 days — a 12% lower offer ($87k) is reasonable based on typical stale-listing flexibility.
• 3 sale attempts since 5y ago with the ask held roughly flat each time — persistent listings suggest the price (not the market) is what's stuck; bring a comps-based counter.
• Current owner paid $45k; list at $99k implies a 120% gain — meaningful room to come down on a strong offer.

Risks & watch-outs

• Watch-outs: built in 1950 — expect roof / HVAC / electrical / plumbing capex.

Recommended offer $87,120 (12.0% below list)

Questions for the listing agent

1. It's been on market 284 days. Have you received any prior offers? Is the seller open to a 12% concession, seller financing, or rate buy-down credit?
2. Have any recent inspections been done? Can we get a copy of the seller's disclosures and any deferred-maintenance estimates?
3. Built in 1950 — when were the roof, HVAC, electrical panel, plumbing, and water heater last replaced?
4. Why hasn't it sold? Are there any deal-killer items the seller is aware of (foundation, flood, title, zoning, code violations)?
5. Is there a deadline driving the sale (1031 exchange, divorce, estate, relocation)? That informs how much negotiation room exists.
6. 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.
7. 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.
8. 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: 1.04% ✓
• Cap rate: 7.89%
• Cash-on-cash: 5.70%
• DSCR: 1.25
• GRM: 8.0

CMA / ARV

• ARV (median comp): $85,676
• List price: $99,000
• Delta: 15.55%
• Verdict: OVERPRICED
• Comps: 14 within 1.0 mi

Show comp detail 4 sales within ~0.75 mi

Address	Dist	Beds/Ba	Sqft	Sold	Price	$/sf	Match
141 Pearl St	0.42mi	3/2.0	1,080 (+2%)	15mo	$120,000	$111	66
250 Media St	0.45mi	3/1.0	960 (-10%)	7mo	$55,000	$57	53
488 N Johnson Dr	0.52mi	2/1.0 (-1)	1,060 (-0%)	18mo	$82,500	$78	51
791 Kentucky St	0.69mi	2/1.0 (-1)	1,196 (+12%)	2mo	$155,000	$130	37

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

Projected returns pro-forma

5.59% appreciation · 3.0% rent growth · sell at horizon

5-year hold

• IRR: 19.1%
• Equity multiple: 2.25×
• Total profit: $34,603
• Equity at exit: $59,704

10-year hold

• IRR: 18.8%
• Equity multiple: 4.46×
• Total profit: $95,937
• Equity at exit: $106,150

Cash invested: $27,720 (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 24277

• Home prices YoY: 3.5%
• Active inventory: 30
• Price-to-rent: 8.0×

Monthly cashflow live

• Estimated rent: $1,033 medium
• Mortgage (P&I): −$519
• Tax est. 1.5%: −$124 /mo · $1,485/yr
• Insurance: −$41
• HOA: −$0
• Vacancy / Maint / Mgmt: −$217
• Net cashflow: $132

Break-even live

Break-even rent $866

Max offer price $99,000

Occupancy floor 82%

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: $24,750
• Closing costs: $2,970
• Reserves months: —
• Total cash needed: —

Listing history 19 events

1. 2026-06-18
   days on market $99,000 Active 284 DOM
2. 2026-06-17
   days on market $99,000 Active 283 DOM
3. 2026-06-16
   days on market $99,000 Active 282 DOM
4. 2026-06-15
   days on market $99,000 Active 281 DOM
5. 2026-06-15
   days on market $99,000 Active 280 DOM
6. 2026-06-13
   days on market $99,000 Active 279 DOM
7. 2026-06-12
   days on market $99,000 Active 278 DOM
8. 2026-06-09
   days on market $99,000 Active 275 DOM
9. 2026-06-08
   days on market $99,000 Active 274 DOM
10. 2026-06-08
    days on market $99,000 Active 273 DOM
11. 2026-06-07
    days on market $99,000 Active 272 DOM
12. 2026-06-03
    days on market $99,000 Active 269 DOM
13. 2026-06-02
    days on market $99,000 Active 268 DOM
14. 2026-06-01
    days on market $99,000 Active 267 DOM
15. 2026-05-31
    days on market $99,000 Active 266 DOM
16. 2025-09-08
    listed $99,000 Active 745-char remark

    Show marketing remark (745 chars)

    Beautiful Cootage style home sitting in the heart of beautiful Pennington Gap. This 1950s home is full of charm and character and recently has been remodeled. To begin with is the addition of a 2nd Bathroom, along with a kitchen with many features such as a pot filler a cup washing built in the sink, and a restaurant grade backsplash, additions of pantry space tops it off. New paint and modern features have been added throughout the home. The home has been topped off with a new metal roof and on the front porch built in seating has been added. Out back a block flower bed or vegetable garden area has been constructed. A must-see home!!! Buyers and Buyers agents to verify all information in this listing. Subject to Errors and Omissions.

17. 2022-08-03
    soldstatus $45,000 345-char remark

    Show marketing remark (345 chars)

    YOU'RE GONNA LOVE THIS HOME!! Sitting in the heart of beautiful Pennington Gap this 1950s home is full of character and charm! Call today to schedule your tour before it's gone! (Info provided from tax records and deemed to be reliable but not guaranteed, buyer to verify all facts) * Agents: use ShowingTime App to schedule tours of this home *

18. 2022-03-29
    listed $45,000 345-char remark

    Show marketing remark (345 chars)

    YOU'RE GONNA LOVE THIS HOME!! Sitting in the heart of beautiful Pennington Gap this 1950s home is full of character and charm! Call today to schedule your tour before it's gone! (Info provided from tax records and deemed to be reliable but not guaranteed, buyer to verify all facts) * Agents: use ShowingTime App to schedule tours of this home *

19. 2021-08-12
    listed $50,000

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

Taxation est. · year 1

• Rental income: $12,392
• − Mortgage interest: −$5,546
• − Property taxes: −$1,485
• − Insurance: −$495
• − Repairs & maintenance: −$991
• − Management: −$991
• − Depreciation: −$2,880
• Taxable income: $4
• Est. tax owed @ 24.0%: −$1
• After-tax cash flow: $1,579/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.

Condition & rehab AI · 12 photos

Fair 45/100 Moderate rehab

This 1950s home in Pennington Gap, VA, requires moderate renovations to improve its condition and increase its resale and rental value.

Repairs flagged

• Major Kitchen flooring — The flooring looks worn and may need replacement.
• Major Bathroom updates — The bathrooms appear outdated and may need updates.
• Major Exterior siding repainting — The exterior siding is peeling and may need repainting or replacement.
• Major Living area flooring — The flooring in the living areas appears worn and may need replacement.
• Major Interior wall and paint updates — The interior walls and paint appear outdated and may need updating.
• Major Landscaping trimming and planting — The landscaping appears overgrown and may need trimming and planting to improve curb appeal.

Value-add opportunities

• Resale Paint the exterior siding — Painting the exterior siding can improve the home's curb appeal and increase its resale value.
• Resale Replace the flooring in the living areas — Replacing the flooring in the living areas can improve the home's appearance and increase its resale value.
• Resale Update the interior walls and paint — Updating the interior walls and paint can improve the home's appearance and increase its resale value.
• Resale Trim and plant the landscaping — Trimming and planting the landscaping can improve the home's curb appeal and increase its resale value.
• Rental Update the bathrooms — Updating the bathrooms can improve the home's rental appeal and increase its rental value.
• Resale Replace the kitchen flooring — Replacing the kitchen flooring can improve the home's appearance and increase its resale value.

Renovation cost estimate screening

Repair item	Severity	Est. cost
Kitchen flooring · The flooring looks worn and may need replacement.	Major	$15,000–50,000
Bathroom updates · The bathrooms appear outdated and may need updates.	Major	$15,000–50,000
Exterior siding repainting · The exterior siding is peeling and may need repainting or replacement.	Major	$15,000–50,000
Living area flooring · The flooring in the living areas appears worn and may need replacement.	Major	$15,000–50,000
Interior wall and paint updates · The interior walls and paint appear outdated and may need updating.	Major	$15,000–50,000
Landscaping trimming and planting · The landscaping appears overgrown and may need trimming and planting to improve curb appeal.	Major	$15,000–50,000
Total estimated repair cost · 6 items		$90,000–300,000

Value-add ROI direction

• Resale Paint the exterior siding — Painting the exterior siding can improve the home's curb appeal and increase its resale value. ↑
• Resale Replace the flooring in the living areas — Replacing the flooring in the living areas can improve the home's appearance and increase its resale value. ↑
• Resale Update the interior walls and paint — Updating the interior walls and paint can improve the home's appearance and increase its resale value. ↑
• Resale Trim and plant the landscaping — Trimming and planting the landscaping can improve the home's curb appeal and increase its resale value. ↑
• Rental Update the bathrooms — Updating the bathrooms can improve the home's rental appeal and increase its rental value. ↑
• Resale Replace the kitchen flooring — Replacing the kitchen flooring can improve the home's appearance and increase its resale value. ↑

ⓘ Cost ranges are severity-bucket heuristics (US national rule-of-thumb). Get contractor quotes + a written scope before underwriting a rehab budget.

Schools (NCES district)

• District: Lee County Public School District
• NCES district ID: 5102190
• Math proficiency: 53% ▼ -31.00%
• Reading proficiency: 69% ▼ -9.00%
• Median HH income: $31,356
• Composite: 50.06/100
• National rank: #1913
• State rank: #62 of 131 in VA

Livability — Pennington Gap

• Score: 62/100
• State rank: #410
• US rank: #17149

Category grades

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

Schools grade is shown separately in the Schools card above.

Census & demographics

• Census place: Pennington Gap, VA
• Population (ZIP): 6,379

Population outlook (Lee County) Hauer SSP2

• Today (2025): 22,861 people
• By 2030: 21,701 · -5.1%
• By 2040: 19,188 · -16.1%
• By 2050: 16,619 · -27.3%
• By 2075: 11,795 · -48.4%
• By 2100: 8,290 · -63.7%

Race, ethnicity, and origin ACS 2023

• Neighborhood character: Predominantly White (79%)
• Race & ethnicity: White 79% Black 14% Hispanic / Latino 5% Two or more races 2%
• Common ancestry: Serbian 1% Slovak 1% Romanian 1%
• Foreign-born: 4% · Canada
• Languages at home: 95% English-only · Spanish 4%

Political lean MEDSL · Lee

• 2024 margin: Solid R (+72.0) · D 13.8% · R 85.8%
• 2008→2024 swing: -43.8pp toward R · 2008: -28.2pp · 2024: -72.0pp
• All cycles: 2024: R+72.0 2020: R+69.1 2016: R+63.2 2012: R+44.4 2008: R+28.2

Not yet ingested

• Civics: —

Market trends

• HPI YoY: ▲ 5.59%
• Current HPI: 165.997
• 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

+98.0% since first listed

4 events — show timeline

• 2025-09-08 Listed $99,000 TVRMLS
• 2022-08-03 Sold (MLS) $45,000 Knoxville MLS
• 2022-03-29 Listed $45,000 Knoxville MLS
• 2021-08-12 Listed $50,000 Knoxville MLS