105 Rhode Island Ln

West Point, VA 23181

$219,000C-

3 bd · 2.0 ba · 1,632 sqft · Built 1986 · SingleFamily · Active · 27 DOM

Cashflow @ list (25.0% down · 7.5%)

• Estimated rent: $2,182/mo
• Mortgage (P&I): −$1,148
• Tax + insurance: −$199
• HOA: −$0
• Vac / Maint / Mgmt: −$458
• Net cashflow: $376/mo
• Annual: $4,517/yr
• Cap rate: 8.36%
• Cash-on-cash: 7.37%
• DSCR: 1.33
• 1% rule: 1.00%
• Cash to close: $61,320

Investor read

• This is a 3-bed/2.0-bath single-family listed at $219k.
• At list price, monthly cash flow is $376 ($5k/yr) — positive.
• The deal already cash-flows at list — no discount required.
• To meet the 1% rule (rent ≥ 1% of price), the offer needs to be $218k (0.4% below list).
• It's been on market 27 days — a 2% lower offer ($216k) is reasonable based on typical stale-listing flexibility.
• Recommended offer: $216k (1.5% below list) — sets the bar for market timing.
• Local home prices are declining (-3.0%/yr); year-one equity from $2k of loan paydown is wiped out by about $7k of value loss. Plan a longer hold.
• Location reads 76/100 on livability (#111 in VA, #3,458 nationally) — a middle-class / working-renter tenant base. Strengths: schools A+, crime A+, employment A+; Watch: amenities F, commute F.
• King William County Public School District (rural): math 49% / reading 67% proficiency, ranked #60 of 131 in VA (top 46%) — acceptable for families but not a draw, mixed tenant base, ~2y average lease.
• Market conditions: 63 active listings in the ZIP; 129 units permitted in King William County in 2024 (0 in 5+ unit buildings).
• Climate carrying-cost: major wind risk, 52% chance of damaging wind over 30y; extreme-heat days projected 7→16/yr by 2055 (HVAC capex compounding) — expect insurance premiums to compound above CPI over the hold.
• Cap rate 8.4% vs local median 3.4% in West Point — 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

• 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?
• 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.