3311 Berry Ln

Homeland Park, SC 29624

$69,900B

4 bd · 2.0 ba · — sqft · Built 1960 · MultiFamily · Pending · 13 DOM

Cashflow @ list (25.0% down · 7.5%)

• Estimated rent: $2,488/mo
• Mortgage (P&I): −$367
• Tax + insurance: −$183
• HOA: −$0
• Vac / Maint / Mgmt: −$522
• Net cashflow: $1,416/mo
• Annual: $16,992/yr
• Cap rate: 31.74%
• Cash-on-cash: 90.89%
• DSCR: 5.04
• 1% rule: 3.56%
• Cash to close: $19,572

Investor read

• This is a 2 × 2-bed/1.0-bath units multifamily listed at $70k. Condition is rated poor.
• At list price, monthly cash flow is $1k ($17k/yr) — positive. Per door: $708/mo.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($2k rent vs $70k).
• Only 13 days on market — expect competitive offers; lowballing is unlikely to land.
• Local home prices are declining (-2.1%/yr); year-one equity from $483 of loan paydown is wiped out by about $1k of value loss. Plan a longer hold.
• Location reads 56/100 on livability (#299 in SC) — a working-class tenant base; expect higher turnover. Strengths: cost of living A+, housing A-; Watch: health & safety C-, crime F, amenities F.
• Anderson 05 (suburban): math 44% / reading 49% proficiency, ranked #20 of 80 in SC (top 25%) — families likely to look elsewhere, expect single-tenant / working-renter base with shorter leases.
• Zoned schools: Varennes Elementary (math 18% / reading 18%, grade F, #508 of 597 statewide, top 86%, 370 students, 100% FRL) — zoned schools average 100% FRL vs 52% district-wide (48 pts higher); higher-poverty schools than district average — tighter screening recommended.
• Zoned-school proficiency averages 18% at this address vs 46% district-wide (-28 pts) — the specific schools serving this property underperform the Anderson 05 average; the district grade overstates school quality for this exact location.
• Watch-outs: flood insurance adds $66/mo.
• Market conditions: 114 active listings in the ZIP; 1 comparable units currently listed for rent nearby; lower-income renter base — watch delinquency; 1,255 units permitted in Anderson County in 2024 (0 in 5+ unit buildings).
• Anderson County population projected at +14% by 2050 — modest demand growth; plan on rents tracking national, not racing it.
• 2 sale attempts since 2y ago with the ask held roughly flat each time — persistent listings suggest the price (not the market) is what's stuck; bring a comps-based counter.
• At projected returns (-2.1% appreciation + 3.0% rent growth), your $20k cash investment doubles in ~2 years — after that, you're playing with house money.
• Climate carrying-cost: major flood risk; extreme-heat days projected 7→17/yr by 2055 (HVAC capex compounding) — expect insurance premiums to compound above CPI over the hold.
• Cap rate 31.7% vs local median 4.5% in Homeland Park — 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.
• At $2,488/mo this rent would consume 98% of the median local household income ($31k/yr) (locally 843% of renters already pay >50% of income on rent) — very limited rent-growth headroom before tenants either downsize or default.

Questions for listing agent

• Can we see the unit-by-unit rent roll, current vacancy, and any below-market leases? What's the average tenancy length?
• What capital expenditures (roof, boiler, parking lot, exteriors) have been made in the last 5 years, and what's planned in the next 2?
• Have any recent inspections been done? Can we get a copy of the seller's disclosures and any deferred-maintenance estimates?
• Built in 1960 — when were the roof, HVAC, electrical panel, plumbing, and water heater last replaced?
• What's the actual annual flood-insurance premium (NFIP or private), and is the property in a SFHA with mandatory coverage?
• Is there a deadline driving the sale (1031 exchange, divorce, estate, relocation)? That informs how much negotiation room exists.
• 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?
• Crime grade is F in this area — have there been break-ins, vandalism, or insurance claims at this property in the last 3 years? What carrier currently insures it and at what premium?

Repairs flagged (vision-AI assessment)

• Major: Boarded up windows — Structural damage
• Major: Exposed roof structure — Structural damage
• Major: Exposed subflooring — Structural damage
• Major: Exposed interior walls — Structural damage
• Major: Exposed HVAC and electrical systems — Structural damage