8431 N Lee Hwy

Greenville, VA 24472

$279,000D+

3 bd · 1.0 ba · 2,469 sqft · Built 1830 · SingleFamily · Active · 603 DOM

Cashflow @ list (25.0% down · 7.5%)

• Estimated rent: $1,623/mo
• Mortgage (P&I): −$1,463
• Tax + insurance: −$253
• HOA: −$0
• Vac / Maint / Mgmt: −$341
• Net cashflow: $-434/mo
• Annual: $-5,210/yr
• Cap rate: 4.71%
• Cash-on-cash: -5.65%
• DSCR: 0.75
• 1% rule: 0.58%
• Cash to close: $78,120

Investor read

• This is a 3-bed/1.0-bath single-family listed at $279k.
• At list price, monthly cash flow is $-434 ($-5k/yr) — negative.
• To cash-flow at today's rent, offer at most $202k (27.5% below list).
• To meet the 1% rule (rent ≥ 1% of price), the offer needs to be $162k (41.8% below list).
• It's been on market 603 days — a 12% lower offer ($246k) is reasonable based on typical stale-listing flexibility.
• Recommended offer: $162k (41.8% below list) — sets the bar for 1% rule.
• In year one you build about $15k of equity ($2k loan paydown + $13k appreciation (4.8% local appreciation)).
• Location reads 68/100 on livability (#272 in VA) — a middle-class / working-renter tenant base. Strengths: crime A+, cost of living A+, housing A+; Watch: amenities F, commute F, health & safety D-.
• Rockbridge County Public School District (town): math 43% / reading 67% proficiency, ranked #80 of 131 in VA (top 61%) — acceptable for families but not a draw, mixed tenant base, ~2y average lease.
• Zoned schools: Fairfield Elementary (math 47% / reading 52%, grade D, #742 of 1,108 statewide, top 70%, 235 students, 75% FRL); Maury River Middle (math 38% / reading 63%, grade C, #226 of 342 statewide, top 67%, 502 students, 70% FRL); Rockbridge County High (math 52% / reading 82%, grade B, #185 of 319 statewide, top 61%, 994 students, 66% FRL) — zoned schools average 71% FRL vs 37% district-wide (33 pts higher); higher-poverty schools than district average — tighter screening recommended.
• Watch-outs: flood insurance adds $66/mo; built in 1830 — expect roof / HVAC / electrical / plumbing capex.
• Market conditions: 28 active listings in the ZIP; 85 units permitted in Rockbridge County in 2024 (0 in 5+ unit buildings).
• Rockbridge County population projected at -11% by 2050 — secular population decline; favor cash flow + early exit over multi-decade hold.
• 3 sale attempts since 2y ago with the ask held roughly flat each time — persistent listings suggest the price (not the market) is what's stuck; bring a comps-based counter.
• By year 3, paydown + projected appreciation supports a ~$38k cash-out refi (75% LTV) — recoverable capital for the next deal without selling this one.
• Climate carrying-cost: severe flood risk — expect insurance premiums to compound above CPI over the hold.

Questions for listing agent

• What do current leases actually rent for vs. the listed asking? Can we see a recent rent roll and the last 12 months of T-12 income?
• It's been on market 603 days. Have you received any prior offers? Is the seller open to a 42% concession, seller financing, or rate buy-down credit?
• Built in 1830 — when were the roof, HVAC, electrical panel, plumbing, and water heater last replaced?
• What's the actual annual flood-insurance premium (NFIP or private), and is the property in a SFHA with mandatory coverage?
• 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?
• The area grade is low — what's the realistic commute time and amenity access for the typical tenant pool here? Any planned neighborhood developments (good or bad) we should know about?