408 Fairview St

Mullens, WV 25882

$59,500A-

3 bd · 1.5 ba · 1,325 sqft · Built 1942 · SingleFamily · Active · 431 DOM

Cashflow @ list (25.0% down · 7.5%)

• Estimated rent: $1,201/mo
• Mortgage (P&I): −$312
• Tax + insurance: −$115
• HOA: −$0
• Vac / Maint / Mgmt: −$252
• Net cashflow: $523/mo
• Annual: $6,270/yr
• Cap rate: 16.83%
• Cash-on-cash: 37.64%
• DSCR: 2.67
• 1% rule: 2.02%
• Cash to close: $16,660

Investor read

• This is a 3-bed/1.5-bath single-family listed at $60k.
• At list price, monthly cash flow is $523 ($6k/yr) — positive.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($1k rent vs $60k).
• It's been on market 431 days — a 12% lower offer ($52k) is reasonable based on typical stale-listing flexibility.
• Recommended offer: $52k (12.0% below list) — sets the bar for market timing.
• In year one you build about $4k of equity ($411 loan paydown + $3k appreciation (5.2% local appreciation)).
• Location reads 64/100 on livability (#151 in WV) — a middle-class / working-renter tenant base. Strengths: crime A+, cost of living A+, housing A+; Watch: employment C-, amenities F, commute F.
• Wyoming County Schools (rural): math 20% / reading 38% proficiency, ranked #37 of 55 in WV (top 67%) — low school quality limits family demand, transient renter base, plan for 1-2y turnover.
• Zoned schools: Mullens Elementary School (math 32% / reading 37%, grade F, #148 of 377 statewide, top 49%, 177 students, 0% FRL); Mullens Middle School (math 8% / reading 37%, grade F, #94 of 109 statewide, top 86%, 135 students, 0% FRL); Wyoming County East High School (math 17% / reading 37%, grade F, #79 of 110 statewide, top 78%, 473 students, 0% FRL) — zoned schools average 0% FRL vs 54% district-wide (54 pts lower); this property's tenant base skews higher-income than the district average.
• Watch-outs: built in 1942 — expect roof / HVAC / electrical / plumbing capex.
• Market conditions: 4 active listings in the ZIP.
• Wyoming County population projected at -34% by 2050 — secular population decline; favor cash flow + early exit over multi-decade hold.
• 2 sale attempts since 6y ago; this cycle's ask has dropped $14k (20%) from the opening price — seller is motivated, your offer sets the floor, not the list.
• Current owner paid $7k; list at $60k implies a 726% gain — meaningful room to come down on a strong offer.
• At projected returns (5.2% appreciation + 3.0% rent growth), your $17k cash investment doubles in ~2 years — after that, you're playing with house money.
• By year 9, paydown + projected appreciation supports a ~$31k cash-out refi (75% LTV) — recoverable capital for the next deal without selling this one.

Questions for listing agent

• It's been on market 431 days. Have you received any prior offers? Is the seller open to a 12% concession, seller financing, or rate buy-down credit?
• Built in 1942 — when were the roof, HVAC, electrical panel, plumbing, and water heater last replaced?
• 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.
• Schools are D-rated, which usually means shorter tenancies and higher turnover. Who's the typical renter profile here, and what's been the actual vacancy rate?
• 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.