RentalCalcs · West Virginia apartment research · October 18, 2026

Reject mixed-commercial averages as apartment evidence

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1. Match the cap and income basis

Thin transaction evidence makes the income convention, repair scope and exit buyer more important, not less. Tight surveyed rental occupancy can coexist with an aging property that needs cash, limited comparable sales and a long sale process.

2. Complete the local decision checks

Charleston–Huntington region: housing need does not guarantee financeable rent

Document who can afford the proposed rent, compare actual available units in the relevant commute area, and price code-compliant repairs. Ask whether the buyer can carry vacant work units without relying on a future job announcement.

Putnam County: one lease-up can dominate a small market’s vacancy

Identify whether the subject directly competes with the new project, match unit mix and full effective rents, and budget concessions through the subject’s renewal dates. Do not apply either the regional occupancy or Putnam’s aggregate vacancy mechanically to every building.

Huntington: inspect what the historical double-digit cap leaves out

Request the source NOI, leases, collections, tax classification, utility bills and inspection scope. Recompute cap before debt, cash after debt/reserves, and yield on price plus work. Keep this 2025 observation out of a claimed 2026 average.

Morgantown: do not use a therapy-office sale to price apartment leases

Classify the income stream by unit or bed and lease duration, inspect signed lease and guaranty terms, and build a monthly cash calendar. Obtain local lender sizing for that exact property use rather than assuming conventional apartment terms.

Eastern Panhandle and rural acquisitions: price the actual local exit

Get two local sale-income reconciliations, an address-specific flood/coverage review, a repair scope and realistic marketing carry. Do not convert a county rent-to-home-value index into a lender-ready apartment cap.

3. Reconcile income and buyer costs

West Virginia law generally assesses property at 60% of true and actual value; 60% is not the tax rate. The Tax Division distinguishes owner-occupied Class II from other property outside municipalities (Class III) and inside them (Class IV). Confirm the investor’s classification, district levies and current value with the assessor; do not copy owner-occupied benefits.

For older buildings, obtain repair bids, legal-use confirmation, utilities and replacement-cost coverage. FEMA’s NFIP guidance says most ordinary business policies do not cover flood and its flood policies exclude business interruption. Confirm commercial apartment policy form, limits, exclusions and lost-rent protection separately; a building claim need not replace the income lost during restoration.

4. Price, debt, reserves and cash

5. Test the state-specific thesis

1. Reject mixed-commercial averages as apartment evidence
2. Reconcile collected rent and legally usable units after repairs
3. Fund turnover, uncovered restoration and a slower local exit

Original RentalCalcs worksheet. Sources, scope and refresh triggers. No cap is assigned to an uncovered market.