12 Poplar St

Honaker, VA 24260

$99,000C+

3 bd · 1.5 ba · 1,196 sqft · Built 1970 · SingleFamily · Active · 20 DOM

Cashflow @ list (25.0% down · 7.5%)

• Estimated rent: $1,025/mo
• Mortgage (P&I): −$519
• Tax + insurance: −$72
• HOA: −$0
• Vac / Maint / Mgmt: −$215
• Net cashflow: $218/mo
• Annual: $2,619/yr
• Cap rate: 8.94%
• Cash-on-cash: 9.45%
• DSCR: 1.42
• 1% rule: 1.04%
• Cash to close: $27,720

Investor read

• This is a 3-bed/1.5-bath single-family listed at $99k.
• At list price, monthly cash flow is $218 ($3k/yr) — positive.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($1k rent vs $99k).
• It's been on market 20 days — a 2% lower offer ($98k) is reasonable based on typical stale-listing flexibility.
• Recommended offer: $98k (1.5% below list) — sets the bar for market timing.
• In year one you build about $357 of equity ($684 loan paydown + $-327 appreciation (-0.3% local appreciation)).
• Location reads 60/100 on livability (#436 in VA) — a middle-class / working-renter tenant base. Strengths: crime A+, cost of living A+; Watch: amenities F, commute F, employment F.
• Russell County Public School District (rural): math 58% / reading 73% proficiency, ranked #44 of 131 in VA (top 34%) — acceptable for families but not a draw, mixed tenant base, ~2y average lease.
• Zoned schools: Honaker Elementary (math 76% / reading 79%, grade A, #170 of 1,108 statewide, top 15%, 579 students, 90% FRL); Honaker High (math 47% / reading 77%, grade B-, #231 of 319 statewide, top 75%, 435 students, 90% FRL) — zoned schools average 90% FRL vs 49% district-wide (40 pts higher); higher-poverty schools than district average — tighter screening recommended.
• Market conditions: 19 active listings in the ZIP; 35 units permitted in Russell County in 2024 (0 in 5+ unit buildings).
• Russell County population projected at -26% by 2050 — secular population decline; favor cash flow + early exit over multi-decade hold.
• Current owner paid $84k; 18% above their basis — modest negotiation headroom, anchor on the comps not their cost.
• At projected returns (-0.3% appreciation + 3.0% rent growth), your $28k cash investment doubles in ~7 years — after that, you're playing with house money.
• Climate carrying-cost: major wildfire risk — expect insurance premiums to compound above CPI over the hold.

Questions for listing agent

• Built in 1970 — 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.
• Schools are B-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.