108 Awendaw Way

Mauldin, SC 29607

$238,000D+

3 bd · 2.5 ba · 1,544 sqft · Built 2015 · SingleFamily · Active · 343 DOM

Cashflow @ list (25.0% down · 7.5%)

• Estimated rent: $1,891/mo
• Mortgage (P&I): −$1,248
• Tax + insurance: −$191
• HOA: −$140
• Vac / Maint / Mgmt: −$397
• Net cashflow: $-85/mo
• Annual: $-1,018/yr
• Cap rate: 5.87%
• Cash-on-cash: -1.53%
• DSCR: 0.93
• 1% rule: 0.79%
• Cash to close: $66,640

Investor read

• This is a 3-bed/2.5-bath single-family listed at $238k.
• At list price, monthly cash flow is $-85 ($-1k/yr) — negative.
• To cash-flow at today's rent, offer at most $223k (6.3% below list).
• To meet the 1% rule (rent ≥ 1% of price), the offer needs to be $189k (20.5% below list).
• It's been on market 343 days — a 12% lower offer ($209k) is reasonable based on typical stale-listing flexibility.
• Recommended offer: $189k (20.5% below list) — sets the bar for 1% rule.
• Local home prices are declining (-3.0%/yr); year-one equity from $2k of loan paydown is wiped out by about $7k of value loss. Plan a longer hold.
• Location reads 87/100 on livability (#2 in SC, #321 nationally) — a professional / high-income tenant draw. Strengths: commute A+, cost of living A+, housing A+.
• Greenville 01 (suburban): math 44% / reading 54% proficiency, ranked #10 of 80 in SC (top 12%) — families likely to look elsewhere, expect single-tenant / working-renter base with shorter leases.
• Zoned schools: Mauldin Elementary (math 50% / reading 52%, grade C-, #158 of 597 statewide, top 27%, 990 students, 78% FRL) — zoned schools average 78% FRL vs 42% district-wide (35 pts higher); higher-poverty schools than district average — tighter screening recommended.
• Market conditions: Rents soft (-0.1%/yr); 410 active listings in the ZIP; 31 comparable units currently listed for rent nearby; rentals leasing fast (median 13d on market — plan ~1-2 weeks tenant-placement turnaround); 5,595 units permitted in Greenville County in 2024 (566 in 5+ unit buildings).
• Greenville County population projected at +34% by 2050 — long-run rental-demand tailwind backs the buy-and-hold thesis.
• 2 sale attempts since 13y ago; this cycle's ask has dropped $37k (13%) from the opening price — seller is motivated, your offer sets the floor, not the list.
• Current owner paid $159k; 49% above their basis — modest negotiation headroom, anchor on the comps not their cost.
• Climate carrying-cost: extreme-heat days projected 7→17/yr by 2055 (HVAC capex compounding) — expect insurance premiums to compound above CPI over the hold.
• Cap rate 5.9% vs local median 3.8% in Mauldin — 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.
• This rent runs 30% of the median local income ($75k/yr) — at the standard rent-burdened threshold; future hikes will face affordability resistance.

Questions for listing agent

• 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?
• It's been on market 343 days. Have you received any prior offers? Is the seller open to a 21% concession, seller financing, or rate buy-down credit?
• What does the HOA fee cover, when was the last increase, and are there any pending special assessments or reserve-fund shortfalls?
• Why hasn't it sold? Are there any deal-killer items the seller is aware of (foundation, flood, title, zoning, code violations)?
• Is there a deadline driving the sale (1031 exchange, divorce, estate, relocation)? That informs how much negotiation room exists.
• Schools are A-rated — typically a magnet for longer-tenancy family renters. What's the average tenant stay here, and is there a school-zone premium baked into asking?
• 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?
• 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.