183 Fern · Terra Alta, WV 26764

$299,000

2 bd · 2.0 ba · 1,374 sqft · SingleFamily public records · 86 Days on market

Built 2003 0.46 ac lot Est $301k · at est.

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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 +11.9/30.0
• ARV discount +7.8/15.0
• Appreciation +5.9/10.0
• DSCR +3.5/10.0
• Livability +3.1/5.0
• Rent growth +2.5/5.0
• Condition / age +2.5/5.0
• Schools +2.4/10.0
• 1% rule +2.2/10.0

Listing remarks MLS

Welcome to "Harewood Cottage", located at the end of a peaceful cul-de-sac inside the gates of ALPINE LAKE RESORT. Surrounded by the woods, rock formations, & babbling brooks, relaxing at this home will be effortless. LVP flooring in LL. Bonus loft with built-ins for a fabuous flex space. Just a quick walk to the 150 acre stocked lake. Resort amenities incl. 18 hole GOLF COURSE, mini golf, 24/7 SECURITY, tennis, BEACH, dog park, HIKING TRAILS, & lodge with RESTAURANT, bar, INDOOR POOL, & fitness center.

Key facts

• Central ac system
• Patio and deck
• Pristine lake

Tags

• WHOLE-HOUSE GENERATOR
• NEW ROOF
• CENTRAL AC SYSTEM
• OUTDOOR SPACES
• PATIO AND DECK
• PRISTINE LAKE

Property features AI

Finance

• HOA & community: Homeowners association with monthly fee; Community clubhouse, gated entry, golf, pool, and tennis courts

Exterior

• Parking: Detached garage with garage door opener (1 car)
• Security: Smoke detectors
• Utilities: Public water; Public sewer
• Home design: Single-family detached residence; 2 stories
• Construction: Frame construction with vinyl siding; Shingle roof; Crawl space foundation
• Exterior features: Deck; Patio; Wooded lot

Interior

• Kitchen: Dishwasher; Range; Refrigerator
• Bedrooms: Total rooms: 6
• Flooring: Vinyl
• Bathrooms: 2 full bathrooms
• Heating & cooling: Forced air heating (propane); Central air; Ceiling fans
• Interior features: Vaulted ceilings; Gas log fireplace
• Laundry & utility: Washer; Dryer

What this means for you Summary

Snapshot

• This is a 2-bed/2.0-bath single-family listed at $299k.

Deal economics

• At list price, monthly cash flow is $-79 ($-949/yr) — negative.
• To cash-flow at today's rent, offer at most $285k (4.7% below list).
• To meet the 1% rule (rent ≥ 1% of price), the offer needs to be $215k (28.2% below list).
• Recommended offer: $215k (28.2% below list) — sets the bar for 1% rule.

Location & tenants

• Location reads 61/100 on livability (#196 in WV) — a middle-class / working-renter tenant base. Strengths: crime A+, cost of living A+, housing A+; Watch: amenities F, commute F, employment F.
• Preston County Schools (rural): math 22% / reading 33% proficiency, ranked #39 of 55 in WV (top 71%) — low school quality limits family demand, transient renter base, plan for 1-2y turnover.
• Zoned schools: Terra Alta/East Preston School (math 20% / reading 29%, grade F, #287 of 377 statewide, top 85%, 310 students, 0% FRL); Central Preston Middle School (math 19% / reading 42%, grade F, #57 of 109 statewide, top 52%, 322 students, 0% FRL); Preston High School (math 10% / reading 32%, grade F, #100 of 110 statewide, top 91%, 1,178 students, 0% FRL) — zoned schools average 0% FRL vs 43% district-wide (43 pts lower); this property's tenant base skews higher-income than the district average.
• Market conditions: 97 active listings in the ZIP; 2 units permitted in Preston County in 2024 (0 in 5+ unit buildings).

Forward outlook

• In year one you build about $7k of equity ($2k loan paydown + $5k appreciation (1.7% local appreciation)).
• Preston County population projected to shrink 5% by 2050 — rents likely to lag national; underwrite the cash flow, not the appreciation.
• At projected returns (1.7% appreciation + 3.0% rent growth), your $84k cash investment doubles in ~9 years — after that, you're playing with house money.
• By year 5, paydown + projected appreciation supports a ~$32k cash-out refi (75% LTV) — recoverable capital for the next deal without selling this one.

Negotiation context

• It's been on market 86 days — a 6% lower offer ($281k) is reasonable based on typical stale-listing flexibility.
• 2 sale attempts since 4y ago; this cycle's ask has dropped $16k (5%) from the opening price — seller is motivated, your offer sets the floor, not the list.

Recommended offer $214,596 (28.2% below list)

Questions for the listing agent

1. 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?
2. It's been on market 86 days. Have you received any prior offers? Is the seller open to a 28% concession, seller financing, or rate buy-down credit?
3. Why hasn't it sold? Are there any deal-killer items the seller is aware of (foundation, flood, title, zoning, code violations)?
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. 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?
7. 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.
8. 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.
9. 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: 0.72% ✗
• Cap rate: 5.98%
• Cash-on-cash: -1.13%
• DSCR: 0.95
• GRM: 11.6

CMA / ARV

• ARV (on-the-fly): $300,906
• Comps found: 7

Show comp detail 7 sales within ~0.75 mi

Address	Dist	Beds/Ba	Sqft	Sold	Price	$/sf	Match
134 Azalea Ln	0.40mi	2/2.0	1,318 (-4%)	2mo	$299,000	$227	73
62 Wildrose Ln	0.60mi	3/2.0 (+1)	1,421 (+3%)	8mo	$311,225	$219	54
80 Beebalm	0.61mi	3/2.0 (+1)	1,464 (+7%)	3mo	$320,000	$219	53
89 Laurel Cir	0.43mi	2/2.0	1,485 (+8%)	18mo	$275,000	$185	51
451 Laurel Cir	0.35mi	2/2.0	1,220 (-11%)	23mo	$285,000	$234	46
16 Goldfinch Ln	0.32mi	1/1.5 (-1)	1,190 (-13%)	18mo	$285,000	$239	40
488 Laurel Cir	0.37mi	3/2.0 (+1)	1,580 (+15%)	16mo	$281,000	$178	39

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

Projected returns pro-forma

1.7% appreciation · 3.0% rent growth · sell at horizon

5-year hold

• IRR: 2.4%
• Equity multiple: 1.13×
• Total profit: $10,801
• Equity at exit: $113,129

10-year hold

• IRR: 6.5%
• Equity multiple: 1.86×
• Total profit: $71,651
• Equity at exit: $159,294

Cash invested: $83,720 (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 26764

• Home prices YoY: 0.6%
• Active inventory: 97
• Price-to-rent: 11.6×

Monthly cashflow live

• Estimated rent: $2,146 medium
• Mortgage (P&I): −$1,568
• Tax from tax record: −$82 /mo · $982/yr
• Insurance: −$125
• HOA: −$0
• Vacancy / Maint / Mgmt: −$451
• Net cashflow: $-79

Break-even live

Break-even rent $2,246

Max offer price $285,034

Occupancy floor 99%

Sensitivity live

Price	-10% $90	-5% $6	+0% $-79	+5% $-164	+10% $-248
Rent	-10% $-249	-5% $-164	+0% $-79	+5% $6	+10% $90
Rate	-1.0pp $72	-0.5pp $-3	base $-79	+0.5pp $-157	+1.0pp $-235

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: $74,750
• Closing costs: $8,970
• Reserves months: —
• Total cash needed: —

Listing history 22 events

1. 2026-06-22
   days on market $299,000 Active 86 DOM
2. 2026-06-19
   days on market $299,000 Active 84 DOM
3. 2026-06-18
   days on market $299,000 Active 83 DOM
4. 2026-06-17
   days on market $299,000 Active 82 DOM
5. 2026-06-16
   days on market $299,000 Active 81 DOM
6. 2026-06-15
   days on market $299,000 Active 80 DOM
7. 2026-06-14
   days on market $299,000 Active 78 DOM
8. 2026-06-13
   days on market $299,000 Active 77 DOM
9. 2026-06-10
   days on market $299,000 Active 75 DOM
10. 2026-06-09
    days on market $299,000 Active 74 DOM
11. 2026-06-08
    days on market $299,000 Active 73 DOM
12. 2026-06-07
    days on market $299,000 Active 72 DOM
13. 2026-06-03
    days on market $299,000 Active 68 DOM
14. 2026-06-02
    days on market $299,000 Active 67 DOM
15. 2026-06-01
    days on market $299,000 Active 66 DOM
16. 2026-05-31
    days on market $299,000 Active 65 DOM
17. 2026-05-30
    days on market $299,000 Active 64 DOM
18. 2026-05-15
    price $299,000
19. 2026-03-27
    listed $315,000 Active
20. 2022-06-24
    soldstatus $270,500 534-char remark

    Show marketing remark (534 chars)

    Welcome to "Harewood Cottage", located at the end of a peaceful cul-de-sac inside the gates of ALPINE LAKE RESORT. Surrounded by the woods, rock formations, & babbling brooks, relaxing at this home will be effortless. LVP flooring in LL. Bonus loft with built-ins for a fabuous flex space. Just a quick walk to the 150 acre stocked lake. Resort amenities incl. 18 hole GOLF COURSE, mini golf, 24/7 SECURITY, tennis, BEACH, dog park, HIKING TRAILS, & lodge with RESTAURANT, bar, INDOOR POOL, & fitness center.

21. 2022-05-19
    listed $255,000 534-char remark

    Show marketing remark (534 chars)

    Welcome to "Harewood Cottage", located at the end of a peaceful cul-de-sac inside the gates of ALPINE LAKE RESORT. Surrounded by the woods, rock formations, & babbling brooks, relaxing at this home will be effortless. LVP flooring in LL. Bonus loft with built-ins for a fabuous flex space. Just a quick walk to the 150 acre stocked lake. Resort amenities incl. 18 hole GOLF COURSE, mini golf, 24/7 SECURITY, tennis, BEACH, dog park, HIKING TRAILS, & lodge with RESTAURANT, bar, INDOOR POOL, & fitness center.

22. 2000-10-12
    soldstatus $10

ⓘ 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: $982 · $82/mo
• Projected year-2 tax: $1,764 · $147/mo
• Expected delta: +$782/yr (+$65/mo · 79.7%)

ⓘ 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 3/10 Moderate
• 🌡 Heat 1/10 Low 7 d/yr ≥89°F today · 18 d/yr by 30 yrs out
• 💨 Wind 2/10 Low
• 🫁 Air quality 2/10 Low 0 unhealthy d/yr today · 1 by 30 yrs out

Taxation est. · year 1

• Rental income: $25,752
• − Mortgage interest: −$16,749
• − Property taxes: −$982
• − Insurance: −$1,495
• − Repairs & maintenance: −$2,060
• − Management: −$2,060
• − Depreciation: −$8,698
• Taxable loss: −$6,292
• Est. tax savings @ 24.0%: +$1,510
• After-tax cash flow: $561/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: Preston County Schools
• NCES district ID: 5401170
• Math proficiency: 22% ▼ -8.00%
• Reading proficiency: 33% ▼ -6.00%
• Median HH income: $43,997
• Composite: 23.51/100
• National rank: #7869
• State rank: #39 of 55 in WV

Livability — Terra Alta

• Score: 61/100
• State rank: #196
• US rank: #17622

Category grades

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

Schools grade is shown separately in the Schools card above.

Census & demographics

• Population (ZIP): 4,349

Population outlook (Preston County) Hauer SSP2

• Today (2025): 33,786 people
• By 2030: 33,618 · -0.5%
• By 2040: 32,953 · -2.5%
• By 2050: 32,131 · -4.9%
• By 2075: 30,774 · -8.9%
• By 2100: 27,037 · -20.0%

Race, ethnicity, and origin ACS 2023

• Neighborhood character: Predominantly White (92%)
• Race & ethnicity: White 92% Two or more races 7%
• Common ancestry: Slovak 4% Italian 2% Lithuanian 2%
• Foreign-born: 0%

Political lean MEDSL · Preston

• 2024 margin: Solid R (+57.0) · D 20.5% · R 77.5% · Other 2.1%
• 2008→2024 swing: -30.5pp toward R · 2008: -26.5pp · 2024: -57.0pp
• All cycles: 2024: R+57.0 2020: R+55.1 2016: R+55.8 2012: R+44.4 2008: R+26.5

Not yet ingested

• Civics: —

Market trends

• HPI YoY: ▲ 1.70%
• Current HPI: 294.2344
• Rent YoY: —
• Metro: —
• State GDP YoY: —
• F500 in state: 0

Price history

+17.3% since first listed

5 events — show timeline

• 2026-05-15 Price Changed $299,000 NCWVREIN
• 2026-03-27 Listed $315,000 NCWVREIN
• 2022-06-24 Sold (MLS) $270,500 NCWVREIN
• 2022-05-19 Listed $255,000 NCWVREIN
• 2000-10-12 Sold (Public Records) $10 Public Records

Property tax history

+6.3%/yr

Latest (2025): $982 · -6.6% YoY. Source: county tax records.