17052 Hopeton Rd

Parksley, VA 23421

$89,900C+

3 bd · 1.0 ba · 768 sqft · Built 1965 · SingleFamily · Active · 9 DOM

Cashflow @ list (25.0% down · 7.5%)

• Estimated rent: $978/mo
• Mortgage (P&I): −$471
• Tax + insurance: −$64
• HOA: −$0
• Vac / Maint / Mgmt: −$205
• Net cashflow: $237/mo
• Annual: $2,842/yr
• Cap rate: 9.45%
• Cash-on-cash: 11.29%
• DSCR: 1.50
• 1% rule: 1.09%
• Cash to close: $25,172

Investor read

• This is a 3-bed/1.0-bath single-family listed at $90k.
• At list price, monthly cash flow is $237 ($3k/yr) — positive.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($978 rent vs $90k).
• Only 9 days on market — expect competitive offers; lowballing is unlikely to land.
• Local home prices are declining (-3.0%/yr); year-one equity from $622 of loan paydown is wiped out by about $3k of value loss. Plan a longer hold.
• Location reads 67/100 on livability (#302 in VA) — a middle-class / working-renter tenant base. Strengths: crime A+, cost of living A+, housing A-; Watch: amenities F, commute F, health & safety F.
• Accomack County Public School District (rural): math 44% / reading 59% proficiency, ranked #99 of 131 in VA (top 76%) — acceptable for families but not a draw, mixed tenant base, ~2y average lease; 63% free/reduced lunch — lower-income household profile, screen leases tightly.
• Zoned schools: Metompkin Elementary (math 30% / reading 46%, grade F, #928 of 1,108 statewide, top 84%, 535 students, 103% FRL); Arcadia Middle (math 35% / reading 54%, grade D, #278 of 342 statewide, top 82%, 482 students, 102% FRL); Arcadia High (math 57% / reading 72%, grade B-, #213 of 319 statewide, top 69%, 713 students, 117% FRL) — zoned schools average 107% FRL vs 63% district-wide (44 pts higher); higher-poverty schools than district average — tighter screening recommended.
• Market conditions: 75 active listings in the ZIP; 181 units permitted in Accomack County in 2024 (0 in 5+ unit buildings).
• Accomack County population projected at -14% 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 $25k cash investment doubles in ~10 years — after that, you're playing with house money.
• Climate carrying-cost: severe wind risk, 80% chance of damaging wind over 30y; extreme-heat days projected 7→18/yr by 2055 (HVAC capex compounding) — expect insurance premiums to compound above CPI over the hold.

Questions for listing agent

• Built in 1965 — when were the roof, HVAC, electrical panel, plumbing, and water heater last replaced?
• Is there a deadline driving the sale (1031 exchange, divorce, estate, relocation)? That informs how much negotiation room exists.
• 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.