Running the numbers on a Winfield rental can feel tricky. Between West Virginia’s 60 percent assessment rule, split utility providers, and flood considerations along the Kanawha River, small misses can snowball. You want a clear, local way to estimate taxes, utilities, and insurance so your pro forma reflects real life. This guide gives you practical steps, local sources, and simple math you can trust. Let’s dive in.
Quick Winfield market snapshot
Local listing platforms show average rents near $900 in Winfield, with many 2 bedroom asking rents in the high 900s to low 1,000s. Small sample sizes can make averages jump around, so confirm with multiple sources and current listings in Winfield and nearby towns. Use these figures only as placeholders until you pull fresh comps.
Property taxes in Winfield
WV assesses at 60 percent of market
West Virginia assessors set assessed value at 60 percent of market value. When you underwrite, translate your market value estimate to assessed value by multiplying by 0.60. Review the statutory framework in the West Virginia Code to understand how values are set and updated. See the tax code reference.
Find Putnam County assessed values
For parcel level data, exemptions, and filing dates, go to the Putnam County Assessor. You can confirm assessed values, ask about homestead or farm use exemptions, and use the parcel viewer. Visit the assessor’s office page.
Calculate the bill the right way
County reports show the county levy at about 13.75 cents per 100 dollars of assessed value. That is only the county portion. You must add municipal, school, fire or PSD, and any special levies from the actual tax bill to reach the total. Review local levy context.
Example
- Market value estimate: 300,000 dollars
- Assessed value: 60 percent of 300,000 equals 180,000 dollars
- County portion only: 180,000 divided by 100 times 0.1375 equals 247.50 dollars per year
- Add school, municipal, and special levies from the tax bill to get your total annual property tax
Tip: Do not assume senior or disability homestead exemptions if you are underwriting a rental. Only include them if the property and owner will qualify and file with the county.
Utilities to underwrite in Winfield
Confirm providers by address
Winfield and greater Putnam County use different providers by location. Common providers include Appalachian Power for electric, Mountaineer Gas for natural gas, West Virginia American Water for drinking water in many areas, and Town of Winfield for sewer service within town limits. Putnam Public Service District maintains a directory that helps you identify the correct provider for a specific address. Check the Putnam PSD utilities directory.
Who pays in typical leases
- Single family rentals: Tenants commonly pay electric and gas. Landlords often include water, sewer, and trash in rent or bill them back. Confirm local practice and set expectations in your lease.
- Small multifamily: Meter setup drives the split. If water or other utilities are master metered, owners usually pay and should include those costs in operating expenses. If utilities are separately metered and billed to tenants, model only common area usage under owner expenses.
Cost placeholders for early modeling
Community level benchmarks for the Winfield area provide rough monthly averages many owners use as placeholders: electricity about 164 dollars, gas about 76 dollars, water about 122 dollars, sewer about 131 dollars, internet and cable 70 to 100 dollars. These are illustrative only. Replace them with actual bills or provider rate schedules during diligence.
Utility due diligence steps
- Get 12 months of bills for electric, gas, water, sewer, and trash.
- Verify meter configuration for each utility and who pays under the current leases.
- If you will pay any utilities, include them as separate operating expense lines in your pro forma.
- If tenants pay all in unit utilities, model only common area usage if applicable.
Insurance and flood risk
Landlord and liability coverage
Landlord dwelling policies cover the structure, landlord liability, and can include loss of rent coverage. Lenders require hazard insurance on financed properties. Consider an umbrella policy if you have higher liability exposure, especially in small multifamily.
Flood risk on the Kanawha River corridor
Flood exposure varies block by block in Winfield. Use FEMA’s Flood Map Service Center and the West Virginia Flood Tool to check a property’s flood zone and determine whether it is in a Special Flood Hazard Area. If it is inside Zones A or AE, most lenders will require flood insurance. Start with FEMA mapping tools and the WV Flood Tool.
Insurance cost expectations
Consumer benchmarks show West Virginia homeowner premiums in a lower mid range nationally, often around the mid‑thousands per year, and landlord policies typically run higher due to different risks and coverages. Use quotes keyed to the property’s replacement cost, claims history, and address. Review WV insurance benchmarks. Flood insurance premiums vary widely by zone and elevation, so get an NFIP or private flood quote if mapping shows risk.
Insurance diligence checklist
- Request the current insurance declarations page from the seller to baseline year one costs.
- If near the river or in low elevation, pull FEMA maps and request an NFIP quote.
- Requote before closing and after any major renovations, since coverage and costs can change.
Pro forma basics for Winfield
Core formulas
- Gross Scheduled Rent equals market rent times units times 12.
- Effective Gross Income equals GSR minus vacancy and collection loss plus other income.
- Net Operating Income equals EGI minus operating expenses like taxes, insurance, owner paid utilities, maintenance, management, and reserves.
- Cash Flow before Tax equals NOI minus debt service.
Starting assumptions to test
- Vacancy and collection loss: 5 to 10 percent of gross rent in small town and suburban settings.
- Management fee: 8 to 10 percent of collected rent if using third party management.
- Maintenance and repairs: 5 to 8 percent of collected rent or a fixed per unit allowance.
- Reserves and CapEx: 250 to 500 dollars per unit per year or more for older assets.
- Property taxes: 60 percent of market value times the combined levy for the parcel. Replace with the actual tax bill during diligence.
These are common industry benchmarks used for early modeling. Replace them with property specific data, including rent comps, seller bills, and quotes as you proceed. For a deeper framework on building underwriting assumptions, review this investor guide on modeling steps and ranges. See an underwriting roadmap.
Local tools you should use
- Putnam County Assessor for assessed values, exemptions, and parcel viewer. Check the assessor
- Putnam PSD utilities directory to identify water, sewer, electric, gas, internet, and trash providers by area. Open the directory
- FEMA Flood Map Service Center to review flood zones and order a FIRMette. Use FEMA tools
- West Virginia Flood Tool for an easy map view with FEMA layers. Launch WV Flood Tool
- WV state income tax reference for rental income treatment and recent rate changes. Review state code
Ready to run the numbers
Solid underwriting keeps your Winfield deal on track. Use the 60 percent assessment rule for taxes, confirm the full combined levy, verify utility meter setups and who pays, and check flood status before you finalize your pro forma. Replace placeholders with real bills and quotes as soon as you can, and you will move forward with confidence.
If you want local eyes on your underwriting or need fresh rent comps in Winfield and nearby communities, reach out. Our family team is here to serve you with clear guidance and neighborly care. Connect with Crystal Reeves-Paynter to get started.
FAQs
How do property taxes work for a Winfield rental?
- West Virginia assesses at 60 percent of market value, then Putnam County applies combined levies that include county, school, municipal, and any special districts, so estimate from the 60 percent assessed value and confirm the total using the actual tax bill or the Putnam County Assessor.
Who usually pays utilities in Winfield single family rentals?
- Tenants typically pay electric and gas while landlords often include water, sewer, and trash in rent or bill them back, but confirm meter setup and lease terms for the property you are underwriting using the Putnam PSD utilities directory.
Do I need flood insurance near the Kanawha River in Winfield?
- If the building lies inside a FEMA Special Flood Hazard Area, lenders usually require flood insurance, so check the address with the FEMA Flood Map Service Center and the WV Flood Tool and get an NFIP quote during diligence.
What vacancy rate should I use when modeling a Putnam County rental?
- A conservative starting range is 5 to 10 percent of gross rent for small town and suburban assets, then refine with local rent comps, time on market, and the property’s leasing history.
Where can I confirm the correct utility provider for a Winfield address?
- Start with the Putnam PSD utilities directory to identify the likely water, sewer, power, gas, internet, and trash providers for the area, then call providers to verify service and current rates.
