134 Wilma Ann Dr

Red Bank, SC 29073

$129,999B-

3 bd · 2.0 ba · 1,056 sqft · Built 2003 · Manufactured · Pending · 5 DOM

Cashflow @ list (25.0% down · 7.5%)

• Estimated rent: $1,652/mo
• Mortgage (P&I): −$682
• Tax + insurance: −$217
• HOA: −$0
• Vac / Maint / Mgmt: −$347
• Net cashflow: $406/mo
• Annual: $4,877/yr
• Cap rate: 10.04%
• Cash-on-cash: 13.40%
• DSCR: 1.60
• 1% rule: 1.27%
• Cash to close: $36,400

Investor read

• This is a 3-bed/2.0-bath manufactured listed at $130k.
• At list price, monthly cash flow is $406 ($5k/yr) — positive.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($2k rent vs $130k).
• Only 5 days on market — expect competitive offers; lowballing is unlikely to land.
• Local home prices are declining (-3.0%/yr); year-one equity from $899 of loan paydown is wiped out by about $4k of value loss. Plan a longer hold.
• Location reads 66/100 on livability (#121 in SC) — a middle-class / working-renter tenant base. Strengths: cost of living A+, housing A+, health & safety B; Watch: employment C-, crime D+, amenities F.
• Lexington 01 (suburban): math 42% / reading 53% proficiency, ranked #11 of 80 in SC (top 14%) — families likely to look elsewhere, expect single-tenant / working-renter base with shorter leases.
• Zoned schools: Saxe Gotha Elementary (math 35% / reading 40%, grade F, #311 of 597 statewide, top 53%, 686 students, 100% FRL); White Knoll High (math 47% / reading 85%, grade B, #81 of 196 statewide, top 42%, 2,204 students, 45% FRL) — zoned schools average 73% FRL vs 30% district-wide (42 pts higher); higher-poverty schools than district average — tighter screening recommended.
• Market conditions: Rents rising (+3.2%/yr); 563 active listings in the ZIP; 3 comparable units currently listed for rent nearby; rentals leasing fast (median 4d on market — plan ~1-2 weeks tenant-placement turnaround); solid renter incomes; 1,712 units permitted in Lexington County in 2024 (0 in 5+ unit buildings).
• Lexington County population projected at +26% by 2050 — long-run rental-demand tailwind backs the buy-and-hold thesis.
• At projected returns (-3.0% appreciation + 3.2% rent growth), your $36k cash investment doubles in ~9 years — after that, you're playing with house money.
• Climate carrying-cost: major wind risk, 68% chance of damaging wind over 30y; moderate wildfire risk; extreme-heat days projected 7→16/yr by 2055 (HVAC capex compounding) — expect insurance premiums to compound above CPI over the hold.

Questions for listing agent

• 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 D 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?
• 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.
• 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.
• 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.