81 Wiggins Ave

Kilmarnock, VA 22482

$59,950B+

3 bd · 1.5 ba · 1,104 sqft · Built 1974 · SingleFamily · Active · 15 DOM

Cashflow @ list (25.0% down · 7.5%)

• Estimated rent: $1,980/mo
• Mortgage (P&I): −$314
• Tax + insurance: −$76
• HOA: −$0
• Vac / Maint / Mgmt: −$416
• Net cashflow: $1,174/mo
• Annual: $14,087/yr
• Cap rate: 29.79%
• Cash-on-cash: 83.92%
• DSCR: 4.73
• 1% rule: 3.30%
• Cash to close: $16,786

Investor read

• This is a 3-bed/1.5-bath single-family listed at $60k.
• At list price, monthly cash flow is $1k ($14k/yr) — positive.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($2k rent vs $60k).
• It's been on market 15 days — a 2% lower offer ($59k) is reasonable based on typical stale-listing flexibility.
• Recommended offer: $59k (1.5% below list) — sets the bar for market timing.
• In year one you build about $2k of equity ($414 loan paydown + $2k appreciation (3.3% local appreciation)).
• Location reads 62/100 on livability (#407 in VA) — a middle-class / working-renter tenant base. Strengths: cost of living A+; Watch: crime D+, employment D, amenities F.
• Lancaster County Public School District (rural): math 27% / reading 49% proficiency, ranked #125 of 131 in VA (top 95%) — families likely to look elsewhere, expect single-tenant / working-renter base with shorter leases; 64% free/reduced lunch — lower-income household profile, screen leases tightly.
• Market conditions: 95 active listings in the ZIP; 127 units permitted in Lancaster County in 2024 (0 in 5+ unit buildings).
• Lancaster County population projected at -34% by 2050 — secular population decline; favor cash flow + early exit over multi-decade hold.
• At projected returns (3.3% appreciation + 3.0% rent growth), your $17k cash investment doubles in ~2 years — after that, you're playing with house money.
• Climate carrying-cost: severe wind risk, 80% chance of damaging wind over 30y; extreme-heat days projected 7→18/yr by 2055 (HVAC capex compounding) — expect insurance premiums to compound above CPI over the hold.
• Cap rate 29.8% vs local median 2.8% in Kilmarnock — 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.

Questions for listing agent

• Built in 1974 — 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.
• Crime grade is D 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.
• 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.
• 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.