220 Elm St Unit 523

Clemson, SC 29361

$185,000F

2 bd · 2.0 ba · 800 sqft · Built 1991 · Condo · Active · 5 DOM

Cashflow @ list (25.0% down · 7.5%)

• Estimated rent: $1,326/mo
• Mortgage (P&I): −$970
• Tax + insurance: −$205
• HOA: −$350
• Vac / Maint / Mgmt: −$278
• Net cashflow: $-478/mo
• Annual: $-5,732/yr
• Cap rate: 3.19%
• Cash-on-cash: -11.06%
• DSCR: 0.51
• 1% rule: 0.72%
• Cash to close: $51,800

Investor read

• This is a 2-bed/2.0-bath condo listed at $185k.
• At list price, monthly cash flow is $-478 ($-6k/yr) — negative.
• To cash-flow at today's rent, offer at most $101k (45.6% below list).
• To meet the 1% rule (rent ≥ 1% of price), the offer needs to be $133k (28.3% below list).
• Only 5 days on market — expect competitive offers; lowballing is unlikely to land.
• Recommended offer: $101k (45.6% below list) — sets the bar for cash-flow.
• In year one you build about $7k of equity ($1k loan paydown + $6k appreciation (3.0% local appreciation)).
• Location reads 83/100 on livability (#3 in SC, #1,044 nationally) — a professional / high-income tenant draw. Strengths: commute A+, health & safety A+, crime B.
• Pickens 01 (rural): math 42% / reading 50% proficiency, ranked #21 of 80 in SC (top 26%) — families likely to look elsewhere, expect single-tenant / working-renter base with shorter leases.
• Zoned schools: Clemson Elementary (math 76% / reading 75%, grade A, #14 of 597 statewide, top 2%, 794 students, 40% FRL) — zoned schools at 40% FRL track the district average.
• Zoned-school proficiency averages 76% at this address vs 46% district-wide (+30 pts) — the actual schools serving this property are materially stronger than the Pickens 01 average implies; a family-tenant draw the district grade alone would hide.
• Watch-outs: HOA is 26% of rent.
• Market conditions: 2 active listings in the ZIP; 3 comparable units currently listed for rent nearby; rentals leasing fast (median 3d on market — plan ~1-2 weeks tenant-placement turnaround); 1,440 units permitted in Pickens County in 2024 (245 in 5+ unit buildings).
• Pickens County population projected at +6% by 2050 — modest demand growth; plan on rents tracking national, not racing it.
• 2 sale attempts since 8y 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.
• Current owner paid $80k; list at $185k implies a 131% gain — meaningful room to come down on a strong offer.
• By year 6, paydown + projected appreciation supports a ~$36k cash-out refi (75% LTV) — recoverable capital for the next deal without selling this one.
• Climate carrying-cost: extreme-heat days projected 8→19/yr by 2055 (HVAC capex compounding) — expect insurance premiums to compound above CPI over the hold.

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?
• What does the HOA fee cover, when was the last increase, and are there any pending special assessments or reserve-fund shortfalls?
• Any open or pending special assessments — roof, HVAC, plumbing, elevator, façade? What's the per-unit balance and payoff schedule, and is the seller paying it off at close or rolling it to the buyer?
• 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.
• 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.