823 S Spring St · Harrisville, WV 26362

$60,000

4 bd · 1.5 ba · 2,017 sqft · SingleFamily public records · 19 Days on market

Built 1920 10,454 sqft lot

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Why this score? — see what drove the B grade

The composite is a weighted blend of 9 inputs, each scored 0–100. Each bar is that input's sub-score; the figure is the points it added to the 100-point composite (weight × sub-score).

• Cash flow +30.0/30.0
• 1% rule +10.0/10.0
• DSCR +10.0/10.0
• ARV discount +7.5/15.0
• Appreciation +5.0/10.0
• Livability +3.3/5.0
• Schools +3.0/10.0
• Rent growth +2.5/5.0
• Condition / age +2.5/5.0

Listing remarks

Investment opportunity in a quiet small-town setting! This 1920 two-story home offers plenty of potential with a first-floor primary bedroom and 2 full bathrooms. Hardwood floors are believed to be beneath portions of the existing flooring, offering an opportunity to restore the home's charm. One bathroom requires updates to become fully functional, making this an ideal project for investors, renovators, or buyers looking to add value. Recent improvements include an updated electrical panel and upgraded 200-amp service. The property also features a spacious backyard, off-street parking, and a convenient layout. all measurements are approximate

Key facts

• Spacious backyard
• Off-street parking
• 0.24 acre lot

Tags

• FIRST-FLOOR PRIMARY BEDROOM
• UPDATED ELECTRICAL PANEL
• UPGRADED 200-AMP SERVICE
• SPACIOUS BACKYARD
• OFF-STREET PARKING

Property features AI

Exterior

• Parking: Detached gravel garage with 1 garage space
• Utilities: Public water; Public sewer
• Home design: Single family residence (Traditional); 2 stories
• Construction: Vinyl siding; Metal roof
• Exterior features: Level lot

Interior

• Kitchen: Range
• Bedrooms: Total rooms: 10
• Flooring: Hardwood
• Bathrooms: 2 full bathrooms
• Heating & cooling: Natural gas heating; Space heater
• Interior features: Hardwood floors; Gas water heater

What this means for you Summary

Snapshot

• This is a 4-bed/1.5-bath single-family listed at $60k.

Deal economics

• At list price, monthly cash flow is $530 ($6k/yr) — positive.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($1k rent vs $60k).
• Recommended offer: $59k (1.5% below list) — sets the bar for market timing.

Location & tenants

• Location reads 66/100 on livability (#102 in WV) — a middle-class / working-renter tenant base. Strengths: crime A+, cost of living A+, housing A+; Watch: schools F, amenities F, commute F.
• Ritchie County Schools (rural): math 31% / reading 40% proficiency, ranked #16 of 55 in WV (top 29%) — families likely to look elsewhere, expect single-tenant / working-renter base with shorter leases.
• Market conditions: 7 active listings in the ZIP; 25 units permitted in Ritchie County in 2024 (0 in 5+ unit buildings).

Forward outlook

• In year one you build about $2k of equity ($415 loan paydown + $2k appreciation (3.0% local appreciation)).
• Ritchie County population projected at -27% 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 $17k cash investment doubles in ~2 years — after that, you're playing with house money.

Negotiation context

• It's been on market 19 days — a 2% lower offer ($59k) is reasonable based on typical stale-listing flexibility.

Risks & watch-outs

• Watch-outs: built in 1920 — expect roof / HVAC / electrical / plumbing capex.

Recommended offer $59,100 (1.5% below list)

Questions for the listing agent

1. Built in 1920 — when were the roof, HVAC, electrical panel, plumbing, and water heater last replaced?
2. Is there a deadline driving the sale (1031 exchange, divorce, estate, relocation)? That informs how much negotiation room exists.
3. 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?
4. 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.
5. 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.
6. 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.

Investment metrics

• 1% rule: 1.95% ✓
• Cap rate: 16.88%
• Cash-on-cash: 37.82%
• DSCR: 2.68
• GRM: 4.3

CMA / ARV

• ARV (on-the-fly): $260,193
• Comps found: 4

Show comp detail 4 sales within ~0.75 mi

Address	Dist	Beds/Ba	Sqft	Sold	Price	$/sf	Match
510 Harrison St	0.24mi	4/1.0	1,991 (-1%)	12mo	$178,500	$90	74
593 Wigner Ave	0.10mi	3/2.5 (-1)	1,830 (-9%)	6mo	$299,900	$164	66
669 Baker St	0.21mi	3/2.0 (-1)	1,736 (-14%)	5mo	$30,000	$17	56
600 E South St	0.40mi	3/2.0 (-1)	1,770 (-12%)	2mo	$229,000	$129	52

Match score weights: distance 35% · size 25% · config 20% · recency 20%. Top-matched comps best support the ARV.

Projected returns pro-forma

3.0% appreciation · 3.0% rent growth · sell at horizon

5-year hold

• IRR: 43.4%
• Equity multiple: 3.44×
• Total profit: $40,958
• Equity at exit: $26,979

10-year hold

• IRR: 43.2%
• Equity multiple: 6.87×
• Total profit: $98,561
• Equity at exit: $41,577

Cash invested: $16,800 (down + closing). Projections, not guarantees.

Landlord ↔ Tenant lean methodology

• Overall (STATE): 83 Strongly Landlord-Friendly
• State West Virginia: 83 Strongly Landlord-Friendly · R+22
• County: — inherits STATE
• City: — inherits STATE

Landlord-favorable; preempted; minimal protections.

Methodology + full state rankings →

ZIP-level market 26362

• Active inventory: 7
• Price-to-rent: 4.3×

Monthly cashflow live

• Estimated rent: $1,171 medium
• Mortgage (P&I): −$315
• Tax from tax record: −$56 /mo · $671/yr
• Insurance: −$25
• HOA: −$0
• Vacancy / Maint / Mgmt: −$246
• Net cashflow: $530

Break-even live

Break-even rent $501

Max offer price $60,000

Occupancy floor 50%

Sensitivity live

Price	-10% $563	-5% $546	+0% $530	+5% $513	+10% $496
Rent	-10% $437	-5% $483	+0% $530	+5% $576	+10% $622
Rate	-1.0pp $560	-0.5pp $545	base $530	+0.5pp $514	+1.0pp $498

UW: 25.0% down · 7.5% · 30yr · 1.5% tax · 5.0% vac · 8.0% maint · 8.0% mgmt

Financing live

Cash to close

• Down payment: $15,000
• Closing costs: $1,800
• Reserves months: —
• Total cash needed: —

Listing history 16 events

1. 2026-06-21
   days on market $60,000 Active 19 DOM
2. 2026-06-18
   days on market $60,000 Active 17 DOM
3. 2026-06-17
   days on market $60,000 Active 16 DOM
4. 2026-06-16
   days on market $60,000 Active 15 DOM
5. 2026-06-15
   days on market $60,000 Active 14 DOM
6. 2026-06-15
   days on market $60,000 Active 13 DOM
7. 2026-06-13
   days on market $60,000 Active 12 DOM
8. 2026-06-12
   days on market $60,000 Active 11 DOM
9. 2026-06-09
   days on market $60,000 Active 8 DOM
10. 2026-06-08
    days on market $60,000 Active 7 DOM
11. 2026-06-08
    days on market $60,000 Active 6 DOM
12. 2026-06-05
    days on market $60,000 Active 4 DOM
13. 2026-06-04
    days on market $60,000 Active 3 DOM
14. 2026-06-03
    days on market $60,000 Active 2 DOM
15. 2026-06-02
    remarks 651-char remark
16. 2026-06-02
    listed $60,000 Active 1 DOM

ⓘ Source: listings_history table (triggers on properties + properties_extension) + one-shot backfill from property_details.listing_events for pre-trigger history.

Tax reassessment forecast WV · Resets to sale price

• Current annual tax: $671 · $56/mo
• Projected year-2 tax: $671 · $56/mo
• Expected delta: $0/yr ($0/mo · 0.0%)

ⓘ Screening estimate from a state-policy table — verify with the county assessor before closing.

Climate risk First Street

• 🌊 Flood 1/10 Low FEMA zone X (unshaded) · 0% chance over 30 yrs
• 🔥 Wildfire 4/10 Moderate
• 🌡 Heat 4/10 Moderate 7 d/yr ≥99°F today · 19 d/yr by 30 yrs out
• 💨 Wind 2/10 Low 100% chance of damaging wind over 30 yrs
• 🫁 Air quality 2/10 Low 0 unhealthy d/yr today · 1 by 30 yrs out

Taxation est. · year 1

• Rental income: $14,052
• − Mortgage interest: −$3,361
• − Property taxes: −$671
• − Insurance: −$300
• − Repairs & maintenance: −$1,124
• − Management: −$1,124
• − Depreciation: −$1,745
• Taxable income: $5,726
• Est. tax owed @ 24.0%: −$1,374
• After-tax cash flow: $4,980/yr

For passive investors: Depreciation is non-cash, so a rental often shows a tax loss while cash-flowing — sheltering income. Rental losses are passive: they offset passive income freely, and up to $25,000/yr can offset ordinary (W-2) income if you actively participate and your MAGI is under $100k (phasing out to $0 by $150k); unused losses carry forward. On sale, claimed depreciation is recaptured at up to 25%, and gains may owe capital-gains tax (a 1031 exchange can defer both). Figures are a year-1 estimate at your 24.0% rate — not tax advice; consult a CPA.

Schools (NCES district)

• District: Ritchie County Schools
• NCES district ID: 5401290
• Math proficiency: 31% ▼ -11.00%
• Reading proficiency: 40% ▼ -6.00%
• Median HH income: $37,608
• Composite: 29.55/100
• National rank: #6491
• State rank: #16 of 55 in WV

Livability — Harrisville

• Score: 66/100
• State rank: #102
• US rank: #11394

Category grades

Amenities F Commute F Cost of living A+ Crime A+ Employment D- Housing A+ Health & safety A+ User ratings F

Schools grade is shown separately in the Schools card above.

Census & demographics

• Census place: Harrisville, WV
• Population (ZIP): 2,904

Population outlook (Ritchie County) Hauer SSP2

• Today (2025): 9,132 people
• By 2030: 8,617 · -5.6%
• By 2040: 7,585 · -16.9%
• By 2050: 6,671 · -26.9%
• By 2075: 5,072 · -44.5%
• By 2100: 3,845 · -57.9%

Race, ethnicity, and origin ACS 2023

• Neighborhood character: Predominantly White (96%)
• Race & ethnicity: White 96% Asian 2% Two or more races 1%
• Common ancestry: Lithuanian 5% Iranian 2% Romanian 2%
• Foreign-born: 2% · China
• Languages at home: 98% English-only · Chinese 2%

Political lean MEDSL · Ritchie

• 2024 margin: Solid R (+73.0) · D 12.8% · R 85.8% · Other 1.5%
• 2008→2024 swing: -26.6pp toward R · 2008: -46.4pp · 2024: -73.0pp
• All cycles: 2024: R+73.0 2020: R+71.5 2016: R+71.4 2012: R+56.7 2008: R+46.4

Not yet ingested

• Civics: —

Market trends

• HPI YoY: —
• Current HPI: —
• Rent YoY: —
• Metro: —
• State GDP YoY: —
• F500 in state: 0

Price history

1 event — show timeline

• 2026-06-01 Listed $60,000 WBOR

Property tax history

+3.5%/yr

Latest (2025): $671 · +3.0% YoY. Source: county tax records.