606 Bird St

Parkersburg, WV 26101

$149,900B-

4 bd · 2.0 ba · — sqft · Built 1952 · MultiFamily · Active · 87 DOM

Cashflow @ list (25.0% down · 7.5%)

• Estimated rent: $2,285/mo
• Mortgage (P&I): −$786
• Tax + insurance: −$250
• HOA: −$0
• Vac / Maint / Mgmt: −$480
• Net cashflow: $769/mo
• Annual: $9,231/yr
• Cap rate: 12.45%
• Cash-on-cash: 21.99%
• DSCR: 1.98
• 1% rule: 1.52%
• Cash to close: $41,972

Investor read

• This is a 2 × 2-bed/1.0-bath units multifamily listed at $150k. Condition is rated fair.
• At list price, monthly cash flow is $769 ($9k/yr) — positive. Per door: $385/mo.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($2k rent vs $150k).
• It's been on market 87 days — a 6% lower offer ($141k) is reasonable based on typical stale-listing flexibility.
• Recommended offer: $141k (6.0% below list) — sets the bar for market timing.
• Local home prices are declining (-3.0%/yr); year-one equity from $1k of loan paydown is wiped out by about $4k of value loss. Plan a longer hold.
• Location reads 72/100 on livability (#46 in WV) — a middle-class / working-renter tenant base. Strengths: cost of living A+, housing A+, health & safety A+; Watch: crime D+, schools F, commute F.
• Wood County Schools (urban): math 38% / reading 48% proficiency, ranked #3 of 55 in WV (top 6%) — families likely to look elsewhere, expect single-tenant / working-renter base with shorter leases.
• Watch-outs: built in 1952 — expect roof / HVAC / electrical / plumbing capex.
• Market conditions: 148 active listings in the ZIP; 124 units permitted in Wood County in 2024 (33 in 5+ unit buildings).
• Wood County population projected at -13% 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 $42k cash investment doubles in ~6 years — after that, you're playing with house money.
• Climate carrying-cost: moderate flood risk; extreme-heat days projected 7→19/yr by 2055 (HVAC capex compounding) — expect insurance premiums to compound above CPI over the hold.
• Cap rate 12.5% vs local median 5.5% in Parkersburg — 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.
• At $2,285/mo this rent would consume 56% of the median local household income ($49k/yr) (locally 723% of renters already pay >50% of income on rent) — very limited rent-growth headroom before tenants either downsize or default.

Questions for listing agent

• It's been on market 87 days. Have you received any prior offers? Is the seller open to a 6% concession, seller financing, or rate buy-down credit?
• Can we see the unit-by-unit rent roll, current vacancy, and any below-market leases? What's the average tenancy length?
• What capital expenditures (roof, boiler, parking lot, exteriors) have been made in the last 5 years, and what's planned in the next 2?
• Have any recent inspections been done? Can we get a copy of the seller's disclosures and any deferred-maintenance estimates?
• Built in 1952 — 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 F-rated, which usually means shorter tenancies and higher turnover. Who's the typical renter profile here, and what's been the actual vacancy rate?

Repairs flagged (vision-AI assessment)

• Major: Paint — Painted exterior shows significant wear
• Moderate: Siding — Siding appears weathered