324 Fancy Filly Cir · Falling Waters, WV 25403

$79,000

3 bd · 2.0 ba · 1,000 sqft · SingleFamily · 42 Days on market

Built 1997 Fair condition Est $77k · at est.

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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 +6.3/15.0
• Livability +3.3/5.0
• Schools +2.6/10.0
• Rent growth +2.5/5.0
• Condition / age +2.2/5.0
• Appreciation +0.0/10.0

Listing remarks

Welcome home to Rocky Glen Mobile Home Community! Conveniently located near I-81 with easy access to shopping, dining, and commuter routes into Maryland and Virginia. Enjoy the peace of mind of a private, gated community while embracing low-maintenance living. This spacious 3-bedroom home features vaulted ceilings in the living room, creating an open and airy feel, along with abundant natural light throughout the home. A perfect blend of comfort, convenience, and affordability! Community Approval Needed. Home sold "as is". HVAC does not work.

Key facts

• Community pool
• Built 1997
• Listed 42 days

Tags

• PRIVATE GATED COMMUNITY
• LOW MAINTENANCE LIVING
• ABUNDANT NATURAL LIGHT

Property features AI

Finance

• HOA & community: Monthly land lease payment of $540

Exterior

• Parking: Driveway parking
• Utilities: Water from community and well; Community septic tank
• Home design: Manufactured home; Vinyl siding exterior; Land lease property
• Construction: Estimated year built; Above-grade structures
• Exterior features: Community pool; No tidal water

Interior

• Bedrooms: Three bedrooms on the main level
• Bathrooms: Two full bathrooms (both on the main level)
• Heating & cooling: Heat pump heating; Central air conditioning; Electric heating and cooling; Electric hot water
• Interior features: No basement; Estimated living area

What this means for you Summary

Snapshot

• This is a 3-bed/2.0-bath single-family listed at $79k. Condition is rated fair.

Deal economics

• At list price, monthly cash flow is $1k ($13k/yr) — positive.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($2k rent vs $79k).
• Recommended offer: $77k (3.0% below list) — sets the bar for market timing.
• Cap rate 23.8% vs local median 4.0% in Falling Waters — 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.

Location & tenants

• Location reads 66/100 on livability (#116 in WV) — a middle-class / working-renter tenant base. Strengths: crime A+, employment A+, cost of living A+; Watch: schools F, amenities F, commute F.
• Berkeley County Schools (other): math 21% / reading 38% proficiency, ranked #24 of 55 in WV (top 44%) — low school quality limits family demand, transient renter base, plan for 1-2y turnover.
• Market conditions: 255 active listings in the ZIP; 2 comparable units currently listed for rent nearby; solid renter incomes; 1,460 units permitted in Berkeley County in 2024 (16 in 5+ unit buildings).

Forward outlook

• Local home prices are declining (-3.0%/yr); year-one equity from $546 of loan paydown is wiped out by about $2k of value loss. Plan a longer hold.
• Berkeley County population projected at +25% by 2050 — long-run rental-demand tailwind backs the buy-and-hold thesis.
• At projected returns (-3.0% appreciation + 3.0% rent growth), your $22k cash investment doubles in ~2 years — after that, you're playing with house money.

Negotiation context

• It's been on market 42 days — a 3% lower offer ($77k) is reasonable based on typical stale-listing flexibility.

Risks & watch-outs

• Watch-outs: flood insurance adds $56/mo.
• Climate carrying-cost: severe flood risk; extreme-heat days projected 7→16/yr by 2055 (HVAC capex compounding) — expect insurance premiums to compound above CPI over the hold.

Recommended offer $76,630 (3.0% below list)

Questions for the listing agent

1. It's been on market 42 days. Have you received any prior offers? Is the seller open to a 3% concession, seller financing, or rate buy-down credit?
2. Have any recent inspections been done? Can we get a copy of the seller's disclosures and any deferred-maintenance estimates?
3. What's the actual annual flood-insurance premium (NFIP or private), and is the property in a SFHA with mandatory coverage?
4. Is there a deadline driving the sale (1031 exchange, divorce, estate, relocation)? That informs how much negotiation room exists.
5. 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?
6. 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.
7. 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.
8. 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: 2.73% ✓
• Cap rate: 23.84%
• Cash-on-cash: 62.68%
• DSCR: 3.79
• GRM: 3.1

CMA / ARV

• ARV (on-the-fly): $77,000
• Comps found: 3

Show comp detail 3 sales within ~0.75 mi

Address	Dist	Beds/Ba	Sqft	Sold	Price	$/sf	Match
527 Fancy Filly Cir	0.05mi	3/2.0	1,000 (0%)	20mo	$106,000	$106	81
606 Fancy Filly Cir	0.10mi	2/2.0 (-1)	975 (-2%)	10mo	$75,000	$77	78
164 Appomattox Dr	0.13mi	3/2.0	858 (-14%)	16mo	$48,000	$56	57

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: 58.4%
• Equity multiple: 3.59×
• Total profit: $57,314
• Equity at exit: $11,779

10-year hold

• IRR: 63.2%
• Equity multiple: 7.35×
• Total profit: $140,378
• Equity at exit: $6,830

Cash invested: $22,120 (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 25403

• Home prices YoY: -15.2%
• Active inventory: 255
• Price-to-rent: 3.1×

Monthly cashflow live

• Estimated rent: $2,154 medium
• Mortgage (P&I): −$414
• Tax est. 1.5%: −$99 /mo · $1,185/yr
• Insurance: −$33
• Flood insurance flood zone: −$56 /mo · $666/yr
• HOA: −$0
• Vacancy / Maint / Mgmt: −$452
• Net cashflow: $1,100

Break-even live

Break-even rent $761

Max offer price $79,000

Occupancy floor 44%

Sensitivity live

Price	-10% $1,154	-5% $1,127	+0% $1,100	+5% $1,073	+10% $1,045
Rent	-10% $930	-5% $1,015	+0% $1,100	+5% $1,185	+10% $1,270
Rate	-1.0pp $1,140	-0.5pp $1,120	base $1,100	+0.5pp $1,079	+1.0pp $1,059

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: $19,750
• Closing costs: $2,370
• Reserves months: —
• Total cash needed: —

Rent comps 2 comps

Address	Beds	Baths	Sqft	Rent	$/sqft	DOM	Units	Dist
148 Olga Dr Martinsburg, WV	3.0	2.5	1440	$1,995	$1.39	22d	1	0.86mi
87 Changing Season Way Cherry Run, WV	3.0	2.5	1440	$2,330	$1.62	22d	1	1.11mi

Listing history 15 events

1. 2026-06-18
   days on market $79,000 Active 42 DOM
2. 2026-06-17
   days on market $79,000 Active 41 DOM
3. 2026-06-16
   days on market $79,000 Active 40 DOM
4. 2026-06-15
   days on market $79,000 Active 39 DOM
5. 2026-06-14
   days on market $79,000 Active 37 DOM
6. 2026-06-13
   days on market $79,000 Active 36 DOM
7. 2026-06-10
   days on market $79,000 Active 34 DOM
8. 2026-06-09
   days on market $79,000 Active 33 DOM
9. 2026-06-08
   days on market $79,000 Active 32 DOM
10. 2026-06-07
    days on market $79,000 Active 31 DOM
11. 2026-06-02
    days on market $79,000 Active 26 DOM
12. 2026-06-01
    days on market $79,000 Active 25 DOM
13. 2026-05-31
    days on market $79,000 Active 24 DOM
14. 2026-05-30
    days on market $79,000 Active 23 DOM
15. 2026-05-07
    listed $79,000 Active

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

Climate risk First Street

• 🌊 Flood 9/10 Extreme FEMA zone X (unshaded) · 99% chance over 30 yrs
• 🔥 Wildfire 3/10 Moderate
• 🌡 Heat 5/10 Major 7 d/yr ≥102°F today · 16 d/yr by 30 yrs out
• 💨 Wind 2/10 Low 2% chance of damaging wind over 30 yrs
• 🫁 Air quality 1/10 Low 0 unhealthy d/yr today · 0 by 30 yrs out

Taxation est. · year 1

• Rental income: $25,843
• − Mortgage interest: −$4,425
• − Property taxes: −$1,185
• − Insurance: −$1,062
• − Repairs & maintenance: −$2,067
• − Management: −$2,067
• − Depreciation: −$2,298
• Taxable income: $12,738
• Est. tax owed @ 24.0%: −$3,057
• After-tax cash flow: $10,141/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.

Condition & rehab AI · 12 photos

Fair 45/100 Moderate rehab

This home requires moderate renovations, including HVAC replacement, painting, and landscaping improvements. Upgrading the kitchen and exterior paint will significantly increase its value.

Repairs flagged

• Major HVAC system — The HVAC does not work and needs to be replaced.
• Minor paint — Paint appears faded in some areas and could be refreshed.
• Minor landscaping — The landscaping is basic and could be improved with some landscaping work.

Value-add opportunities

• Both Painting the exterior and interior walls — Refreshing the paint will improve the home's curb appeal and interior aesthetics.
• Both Upgrading the kitchen cabinets and countertops — Updating the kitchen will enhance the home's functionality and appeal to potential buyers.
• Both Landscaping improvements — A well-maintained and landscaped yard will improve the home's curb appeal and attract more potential buyers or renters.

Renovation cost estimate screening

Repair item	Severity	Est. cost
HVAC system · The HVAC does not work and needs to be replaced.	Major	$15,000–50,000
paint · Paint appears faded in some areas and could be refreshed.	Minor	$500–3,000
landscaping · The landscaping is basic and could be improved with some landscaping work.	Minor	$500–3,000
Total estimated repair cost · 3 items		$16,000–56,000

Value-add ROI direction

• Both Painting the exterior and interior walls — Refreshing the paint will improve the home's curb appeal and interior aesthetics. ↑
• Both Upgrading the kitchen cabinets and countertops — Updating the kitchen will enhance the home's functionality and appeal to potential buyers. ↑
• Both Landscaping improvements — A well-maintained and landscaped yard will improve the home's curb appeal and attract more potential buyers or renters. ↑

ⓘ Cost ranges are severity-bucket heuristics (US national rule-of-thumb). Get contractor quotes + a written scope before underwriting a rehab budget.

Schools (NCES district)

• District: Berkeley County Schools
• NCES district ID: 5400060
• Math proficiency: 21% ▼ -12.00%
• Reading proficiency: 38% ▼ -6.00%
• Median HH income: $54,599
• Composite: 26.16/100
• National rank: #7273
• State rank: #24 of 55 in WV

Livability — Falling Waters

• Score: 66/100
• State rank: #116
• US rank: #12314

Category grades

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

Schools grade is shown separately in the Schools card above.

Census & demographics

• County: Berkeley County · 85,235 people
• City population: 13,201
• Metro: Hagerstown-Martinsburg, MD-WV
• Population (ZIP): 16,470
• Household income: $87,512
• Rent vs Own: 18.6% rent · 81.4% own
• Severe rent burden: 120.0

Population outlook (Berkeley County) Hauer SSP2

• Today (2025): 127,359 people
• By 2030: 134,684 · +5.8%
• By 2040: 148,219 · +16.4%
• By 2050: 159,300 · +25.1%
• By 2075: 179,920 · +41.3%
• By 2100: 183,896 · +44.4%

Race, ethnicity, and origin ACS 2023

• Neighborhood character: Predominantly White (74%)
• Race & ethnicity: White 74% Hispanic / Latino 10% Black 8% Two or more races 8% Asian 1%
• Hispanic origin (detail): Mexican 3%
• Common ancestry: Italian 2% Romanian 2% Slovak 1%
• Foreign-born: 6% · Canada, Guatemala, Vietnam
• Languages at home: 90% English-only · Spanish 6% Vietnamese 1%

Political lean MEDSL · Berkeley

• 2024 margin: Solid R (+35.8) · D 31.2% · R 67.0% · Other 1.8%
• 2008→2024 swing: -22.8pp toward R · 2008: -13.0pp · 2024: -35.8pp
• All cycles: 2024: R+35.8 2020: R+31.2 2016: R+37.2 2012: R+21.3 2008: R+13.0

Not yet ingested

• Civics: —

Market trends

• HPI YoY: ▼ -34.15%
• Current HPI: 190.9235
• Rent YoY: —
• Metro: Hagerstown-Martinsburg, MD-WV
• State GDP YoY: —
• F500 in state: 0

Price history

1 event — show timeline

• 2026-05-07 Listed $79,000 BRIGHT MLS