209 2nd St · Spencer, WV 25276

$10,000

1 bd · 1.0 ba · 845 sqft · SingleFamily public records · 113 Days on market

Built 1965 5,227 sqft lot

---

Why this score? — see what drove the D+ 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 +15.0/30.0
• ARV discount +7.5/15.0
• Appreciation +5.7/10.0
• 1% rule +5.0/10.0
• DSCR +5.0/10.0
• Livability +3.5/5.0
• Rent growth +2.5/5.0
• Condition / age +2.5/5.0
• Schools +2.1/10.0

Listing remarks

Home with potential in Spencer, WV! This property is ready for a new owner to bring their vision and updates to make it their own. Offering a solid opportunity for a buyer or investor looking for a project, this home needs work or tore down to make room for your own vision. Convenient in-town location close to local amenities.

Key facts

• 5,227 sq ft lot
• Built 1965
• Listed 113 days

Property features AI

Exterior

• Parking: Off-street parking
• Utilities: Public water; Public sewer
• Home design: Single-story home; Aluminum siding; Aluminum roof
• Construction: Built per public records; Aluminum siding construction
• Exterior features: 0.12-acre lot

Interior

• Bedrooms: One main-level bedroom
• Bathrooms: One full bathroom; Two main-level bathrooms
• Heating & cooling: Gas heating
• Interior features: Basement apartment

What this means for you Summary

Snapshot

• This is a 1-bed/1.0-bath single-family listed at $10k.

Deal economics

• At list price, monthly cash flow is $153 ($2k/yr) — positive.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($842 rent vs $10k).
• Recommended offer: $9k (9.0% below list) — sets the bar for market timing.

Location & tenants

• Location reads 69/100 on livability (#69 in WV) — a middle-class / working-renter tenant base. Strengths: crime A+, cost of living A+, health & safety A+; Watch: schools F, amenities F, commute F.
• Roane County Schools (rural): math 18% / reading 34% proficiency, ranked #47 of 55 in WV (top 86%) — low school quality limits family demand, transient renter base, plan for 1-2y turnover.
• Market conditions: 25 active listings in the ZIP; 21 units permitted in Roane County in 2024 (0 in 5+ unit buildings).

Forward outlook

• In year one you build about $202 of equity ($69 loan paydown + $133 appreciation (1.3% local appreciation)).
• Roane County population projected at -26% by 2050 — secular population decline; favor cash flow + early exit over multi-decade hold.
• At projected returns (1.3% appreciation + 3.0% rent growth), your $3k cash investment doubles in ~2 years — after that, you're playing with house money.

Negotiation context

• It's been on market 113 days — a 9% lower offer ($9k) is reasonable based on typical stale-listing flexibility.

Risks & watch-outs

• Watch-outs: property tax is 3.4% of price; flood insurance adds $427/mo.
• Climate carrying-cost: in FEMA flood zone AE (mandatory federal flood insurance); extreme-heat days projected 7→19/yr by 2055 (HVAC capex compounding) — expect insurance premiums to compound above CPI over the hold.

Recommended offer $9,100 (9.0% below list)

Questions for the listing agent

1. It's been on market 113 days. Have you received any prior offers? Is the seller open to a 9% concession, seller financing, or rate buy-down credit?
2. Built in 1965 — when were the roof, HVAC, electrical panel, plumbing, and water heater last replaced?
3. Property tax is high relative to price — has the assessment been appealed recently, and will the sale trigger a re-assessment?
4. What's the actual annual flood-insurance premium (NFIP or private), and is the property in a SFHA with mandatory coverage?
5. Why hasn't it sold? Are there any deal-killer items the seller is aware of (foundation, flood, title, zoning, code violations)?
6. Is there a deadline driving the sale (1031 exchange, divorce, estate, relocation)? That informs how much negotiation room exists.
7. 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?
8. 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?
9. 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.
10. 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.
11. 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: 8.42% ✓
• Cap rate: 75.90%
• Cash-on-cash: 248.58%
• DSCR: 12.06
• GRM: 1.0

CMA / ARV

No comps found within radius.

Projected returns pro-forma

1.33% appreciation · 3.0% rent growth · sell at horizon

5-year hold

• IRR: 70.0%
• Equity multiple: 4.72×
• Total profit: $10,408
• Equity at exit: $3,585

10-year hold

• IRR: 71.1%
• Equity multiple: 9.89×
• Total profit: $24,886
• Equity at exit: $4,900

Cash invested: $2,800 (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 25276

• Home prices YoY: 0.9%
• Active inventory: 25
• Price-to-rent: 1.0×

Monthly cashflow live

• Estimated rent: $842 medium
• Mortgage (P&I): −$52
• Tax from tax record: −$28 /mo · $339/yr
• Insurance: −$4
• Flood insurance flood zone: −$427 /mo · $5,118/yr
• HOA: −$0
• Vacancy / Maint / Mgmt: −$177
• Net cashflow: $153

Break-even live

Break-even rent $647

Max offer price $10,000

Occupancy floor 77%

Sensitivity live

Price	-10% $159	-5% $156	+0% $153	+5% $151	+10% $148
Rent	-10% $87	-5% $120	+0% $153	+5% $187	+10% $220
Rate	-1.0pp $159	-0.5pp $156	base $153	+0.5pp $151	+1.0pp $148

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: $2,500
• Closing costs: $300
• Reserves months: —
• Total cash needed: —

Listing history 19 events

1. 2026-06-21
   days on market $10,000 Active 113 DOM
2. 2026-06-21
   days on market $10,000 Active 112 DOM
3. 2026-06-18
   days on market $10,000 Active 110 DOM
4. 2026-06-17
   days on market $10,000 Active 109 DOM
5. 2026-06-16
   days on market $10,000 Active 108 DOM
6. 2026-06-15
   days on market $10,000 Active 107 DOM
7. 2026-06-15
   days on market $10,000 Active 106 DOM
8. 2026-06-13
   days on market $10,000 Active 105 DOM
9. 2026-06-12
   days on market $10,000 Active 104 DOM
10. 2026-06-09
    days on market $10,000 Active 101 DOM
11. 2026-06-08
    days on market $10,000 Active 100 DOM
12. 2026-06-08
    days on market $10,000 Active 99 DOM
13. 2026-06-07
    days on market $10,000 Active 98 DOM
14. 2026-06-04
    days on market $10,000 Active 96 DOM
15. 2026-06-03
    days on market $10,000 Active 95 DOM
16. 2026-06-02
    days on market $10,000 Active 94 DOM
17. 2026-06-01
    days on market $10,000 Active 93 DOM
18. 2026-05-31
    days on market $10,000 Active 92 DOM
19. 2026-02-26
    listed $10,000 Active

ⓘ 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: $339 · $28/mo
• Projected year-2 tax: $339 · $28/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 10/10 Extreme FEMA zone AE · 99% chance over 30 yrs
• 🔥 Wildfire 4/10 Moderate
• 🌡 Heat 5/10 Major 7 d/yr ≥100°F today · 19 d/yr by 30 yrs out
• 💨 Wind 2/10 Low 100% 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: $10,099
• − Mortgage interest: −$560
• − Property taxes: −$339
• − Insurance: −$5,168
• − Repairs & maintenance: −$808
• − Management: −$808
• − Depreciation: −$291
• Taxable income: $2,125
• Est. tax owed @ 24.0%: −$510
• After-tax cash flow: $1,332/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: Roane County Schools
• NCES district ID: 5401320
• Math proficiency: 18% ▼ -7.00%
• Reading proficiency: 34% ▼ -4.00%
• Median HH income: $30,703
• Composite: 20.98/100
• National rank: #8468
• State rank: #47 of 55 in WV

Livability — Spencer

• Score: 69/100
• State rank: #69
• US rank: #8422

Category grades

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

Schools grade is shown separately in the Schools card above.

Census & demographics

• Census place: Spencer, WV
• Population (ZIP): 7,355

Population outlook (Roane County) Hauer SSP2

• Today (2025): 13,290 people
• By 2030: 12,565 · -5.5%
• By 2040: 11,119 · -16.3%
• By 2050: 9,894 · -25.6%
• By 2075: 7,698 · -42.1%
• By 2100: 6,110 · -54.0%

Race, ethnicity, and origin ACS 2023

• Neighborhood character: Predominantly White (95%)
• Race & ethnicity: White 95% Two or more races 3% Hispanic / Latino 2%
• Common ancestry: Serbian 1% Iranian 1% Lithuanian 1%
• Foreign-born: 0%
• Languages at home: 99% English-only · German/W. Germanic 1%

Political lean MEDSL · Roane

• 2024 margin: Solid R (+53.8) · D 22.1% · R 75.9% · Other 2.1%
• 2008→2024 swing: -46.1pp toward R · 2008: -7.8pp · 2024: -53.8pp
• All cycles: 2024: R+53.8 2020: R+47.9 2016: R+48.8 2012: R+20.8 2008: R+7.8

Not yet ingested

• Civics: —

Market trends

• HPI YoY: ▲ 1.33%
• Current HPI: 155.2136
• Rent YoY: —
• Metro: —
• State GDP YoY: —
• F500 in state: 0

Price history

1 event — show timeline

• 2026-02-26 Listed $10,000 MLSNOW

Property tax history

+0.9%/yr

Latest (2025): $339 · +6.1% YoY. Source: county tax records.