59 E 4th St

Wheeling, WV 26003

$124,000B

2 bd · 2.0 ba · 1,576 sqft · Built 1911 · MultiFamily · Pending · 32 DOM

Cashflow @ list (25.0% down · 7.5%)

• Estimated rent: $1,877/mo
• Mortgage (P&I): −$650
• Tax + insurance: −$85
• HOA: −$0
• Vac / Maint / Mgmt: −$394
• Net cashflow: $748/mo
• Annual: $8,972/yr
• Cap rate: 13.53%
• Cash-on-cash: 25.84%
• DSCR: 2.15
• 1% rule: 1.51%
• Cash to close: $34,720

Investor read

• This is a 2 × 2-bed/1-bath units multifamily listed at $124k.
• At list price, monthly cash flow is $748 ($9k/yr) — positive. Per door: $374/mo.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($2k rent vs $124k).
• It's been on market 32 days — a 3% lower offer ($120k) is reasonable based on typical stale-listing flexibility.
• Recommended offer: $120k (3.0% below list) — sets the bar for market timing.
• Local home prices are declining (-3.0%/yr); year-one equity from $857 of loan paydown is wiped out by about $4k of value loss. Plan a longer hold.
• Location reads 69/100 on livability (#74 in WV) — a middle-class / working-renter tenant base. Strengths: cost of living A+, housing A+, health & safety A-; Watch: crime F, amenities F, commute F.
• Ohio County Schools (urban): math 34% / reading 49% proficiency, ranked #5 of 55 in WV (top 9%) — families likely to look elsewhere, expect single-tenant / working-renter base with shorter leases.
• Watch-outs: built in 1911 — expect roof / HVAC / electrical / plumbing capex.
• Market conditions: Rents rising (+3.0%/yr); 228 active listings in the ZIP; 2 units permitted in Ohio County in 2024 (0 in 5+ unit buildings).
• Ohio County population projected at -17% by 2050 — secular population decline; favor cash flow + early exit over multi-decade hold.
• 3 sale attempts; this cycle's ask has dropped $10k (7%) from the opening price — seller is motivated, your offer sets the floor, not the list.
• Current owner paid $28k; list at $124k implies a 335% gain — meaningful room to come down on a strong offer.
• At projected returns (-3.0% appreciation + 3.0% rent growth), your $35k cash investment doubles in ~5 years — after that, you're playing with house money.
• Cap rate 13.5% vs local median 4.3% in Wheeling — 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.
• This rent runs 39% of the median local income ($58k/yr) — at the standard rent-burdened threshold; future hikes will face affordability resistance.

Questions for listing agent

• It's been on market 32 days. Have you received any prior offers? Is the seller open to a 3% 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?
• Built in 1911 — 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?
• Crime grade is F in this area — have there been break-ins, vandalism, or insurance claims at this property in the last 3 years? What carrier currently insures it and at what premium?
• 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.