2358 Southern Dr

Latta, SC 29565

$139,900D

3 bd · 2.0 ba · 1,008 sqft · Built 2026 · Manufactured · Active · 62 DOM

Cashflow @ list (25.0% down · 7.5%)

• Estimated rent: $1,053/mo
• Mortgage (P&I): −$734
• Tax + insurance: −$233
• HOA: −$0
• Vac / Maint / Mgmt: −$221
• Net cashflow: $-135/mo
• Annual: $-1,617/yr
• Cap rate: 5.14%
• Cash-on-cash: -4.13%
• DSCR: 0.82
• 1% rule: 0.75%
• Cash to close: $39,172

Investor read

• This is a 3-bed/2.0-bath manufactured listed at $140k.
• At list price, monthly cash flow is $-135 ($-2k/yr) — negative.
• To cash-flow at today's rent, offer at most $120k (13.9% below list).
• To meet the 1% rule (rent ≥ 1% of price), the offer needs to be $105k (24.7% below list).
• It's been on market 62 days — a 6% lower offer ($132k) is reasonable based on typical stale-listing flexibility.
• Recommended offer: $105k (24.7% below list) — sets the bar for 1% rule.
• In year one you build about $9k of equity ($967 loan paydown + $8k appreciation (5.8% local appreciation)).
• Location reads 61/100 on livability (#205 in SC) — a middle-class / working-renter tenant base. Strengths: cost of living A+, housing A+, health & safety A+; Watch: crime F, amenities F, commute F.
• Dillon 03 (rural): math 45% / reading 52% proficiency, ranked #18 of 80 in SC (top 22%) — families likely to look elsewhere, expect single-tenant / working-renter base with shorter leases; 60% free/reduced lunch — lower-income household profile, screen leases tightly.
• Zoned schools: Latta Elementary (math 52% / reading 47%, grade D, #168 of 597 statewide, top 31%, 621 students, 88% FRL); Latta Middle (math 41% / reading 45%, grade D-, #60 of 229 statewide, top 26%, 471 students, 83% FRL); Latta High (math 50% / reading 92%, grade B+, #54 of 196 statewide, top 28%, 414 students, 71% FRL) — zoned schools average 81% FRL vs 60% district-wide (20 pts higher); higher-poverty schools than district average — tighter screening recommended.
• Market conditions: 81 active listings in the ZIP; 41 units permitted in Dillon County in 2024 (0 in 5+ unit buildings).
• Dillon County population projected at -25% by 2050 — secular population decline; favor cash flow + early exit over multi-decade hold.
• By year 4, paydown + projected appreciation supports a ~$31k cash-out refi (75% LTV) — recoverable capital for the next deal without selling this one.

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 62 days. Have you received any prior offers? Is the seller open to a 25% concession, seller financing, or rate buy-down credit?
• 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 D-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?
• 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.