28226 Hillman Hwy

Meadowview, VA 24361

$239,900D

12 bd · 3.0 ba · 3,944 sqft · Built 1988 · SingleFamily · Active · 348 DOM

Cashflow @ list (25.0% down · 7.5%)

• Estimated rent: $1,892/mo
• Mortgage (P&I): −$1,258
• Tax + insurance: −$400
• HOA: −$0
• Vac / Maint / Mgmt: −$397
• Net cashflow: $-163/mo
• Annual: $-1,959/yr
• Cap rate: 5.48%
• Cash-on-cash: -2.92%
• DSCR: 0.87
• 1% rule: 0.79%
• Cash to close: $67,172

Investor read

• This is a 12-bed/3.0-bath single-family listed at $240k.
• At list price, monthly cash flow is $-163 ($-2k/yr) — negative.
• To cash-flow at today's rent, offer at most $216k (9.8% below list).
• To meet the 1% rule (rent ≥ 1% of price), the offer needs to be $189k (21.1% below list).
• It's been on market 348 days — a 12% lower offer ($211k) is reasonable based on typical stale-listing flexibility.
• Recommended offer: $189k (21.1% below list) — sets the bar for 1% rule.
• In year one you build about $9k of equity ($2k loan paydown + $7k appreciation (3.1% local appreciation)).
• Location reads: area grade D — affects rentability + tenant quality, not the cash-flow math above.
• Washington County Public School District (rural): math 68% / reading 79% proficiency, ranked #15 of 131 in VA (top 12%) — strong family-tenant draw, lease renewals of 3-5y typical.
• Zoned schools: Meadowview Elementary (math 63% / reading 74%, grade B+, #357 of 1,108 statewide, top 33%, 551 students, 89% FRL); Glade Spring Middle (math 70% / reading 74%, grade A, #65 of 342 statewide, top 21%, 254 students, 80% FRL); Patrick Henry High (math 62% / reading 82%, grade B+, #134 of 319 statewide, top 45%, 366 students, 66% FRL) — zoned schools average 78% FRL vs 42% district-wide (36 pts higher); higher-poverty schools than district average — tighter screening recommended.
• Market conditions: 35 active listings in the ZIP; 99 units permitted in Washington County in 2024 (0 in 5+ unit buildings).
• Washington County population projected at -14% by 2050 — secular population decline; favor cash flow + early exit over multi-decade hold.
• 2 sale attempts 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.
• By year 4, paydown + projected appreciation supports a ~$30k cash-out refi (75% LTV) — recoverable capital for the next deal without selling this one.

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 348 days. Have you received any prior offers? Is the seller open to a 21% concession, seller financing, or rate buy-down credit?
• 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.
• 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.