481 Meridan St

Morgantown, WV 26505

$219,000F

2 bd · 1.0 ba · 953 sqft · Built 1950 · SingleFamily · Active · 336 DOM

Cashflow @ list (25.0% down · 7.5%)

• Estimated rent: $1,144/mo
• Mortgage (P&I): −$1,148
• Tax + insurance: −$171
• HOA: −$0
• Vac / Maint / Mgmt: −$240
• Net cashflow: $-416/mo
• Annual: $-4,992/yr
• Cap rate: 4.01%
• Cash-on-cash: -8.14%
• DSCR: 0.64
• 1% rule: 0.52%
• Cash to close: $61,320

Investor read

• This is a 2-bed/1.0-bath single-family listed at $219k.
• At list price, monthly cash flow is $-416 ($-5k/yr) — negative.
• To cash-flow at today's rent, offer at most $146k (33.6% below list).
• To meet the 1% rule (rent ≥ 1% of price), the offer needs to be $114k (47.8% below list).
• It's been on market 336 days — a 12% lower offer ($193k) is reasonable based on typical stale-listing flexibility.
• Recommended offer: $114k (47.8% below list) — sets the bar for 1% rule.
• Local home prices are declining (-3.0%/yr); year-one equity from $2k of loan paydown is wiped out by about $7k of value loss. Plan a longer hold.
• Location reads 84/100 on livability (#5 in WV, #674 nationally) — a professional / high-income tenant draw. Strengths: amenities A+, commute A+, cost of living A+; Watch: employment D-.
• Monongalia County Schools (urban): math 45% / reading 53% proficiency, ranked #1 of 55 in WV (top 2%) — families likely to look elsewhere, expect single-tenant / working-renter base with shorter leases.
• Zoned schools: Suncrest Elementary School (math 55% / reading 54%, grade C, #29 of 377 statewide, top 10%, 567 students, 0% FRL); Suncrest Middle School (math 46% / reading 57%, grade C, #4 of 109 statewide, top 3%, 501 students, 0% FRL); Morgantown High School (math 49% / reading 73%, grade C+, #2 of 110 statewide, top 1%, 1,859 students, 0% FRL) — zoned schools average 0% FRL vs 32% district-wide (32 pts lower); this property's tenant base skews higher-income than the district average.
• Watch-outs: built in 1950 — expect roof / HVAC / electrical / plumbing capex.
• Market conditions: Rents rising fast (+5.5%/yr); 123 active listings in the ZIP; 3 comparable units currently listed for rent nearby; rentals lingering (median 46d on market — plan ~5-8 weeks vacancy on turnover, expect pricing pressure); 100% of comp listings sitting > 30 days — soft ceiling on asking rent; 23 units permitted in Monongalia County in 2024 (15 in 5+ unit buildings).
• Monongalia County population projected at +38% by 2050 — long-run rental-demand tailwind backs the buy-and-hold thesis.
• 2 sale attempts; this cycle's ask has dropped $31k (12%) from the opening price — seller is motivated, your offer sets the floor, not the list.
• Cap rate 4.0% vs local median 3.0% in Morgantown — 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 30% of the median local income ($46k/yr) — at the standard rent-burdened threshold; future hikes will face affordability resistance.

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 336 days. Have you received any prior offers? Is the seller open to a 48% concession, seller financing, or rate buy-down credit?
• Built in 1950 — 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?
• 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?
• 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.