Frost Plan

Mauldin, SC 29605

$303,999F

5 bd · 3.0 ba · 2,577 sqft · Built — · SingleFamily · Active · 844 DOM

Cashflow @ list (25.0% down · 7.5%)

• Estimated rent: $2,628/mo
• Mortgage (P&I): −$1,838
• Tax + insurance: −$584
• HOA: −$0
• Vac / Maint / Mgmt: −$552
• Net cashflow: $-346/mo
• Annual: $-4,146/yr
• Cap rate: 5.11%
• Cash-on-cash: -4.23%
• DSCR: 0.81
• 1% rule: 0.75%
• Cash to close: $98,132

Investor read

• This is a 5-bed/3.0-bath single-family listed at $304k.
• At list price, monthly cash flow is $-346 ($-4k/yr) — negative.
• To cash-flow at today's rent, offer at most $300k (1.2% below list).
• To meet the 1% rule (rent ≥ 1% of price), the offer needs to be $263k (13.5% below list).
• It's been on market 844 days — a 12% lower offer ($268k) is reasonable based on typical stale-listing flexibility.
• Recommended offer: $263k (13.5% 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 $11k 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.
• Market conditions: Rents rising (+3.7%/yr); 410 active listings in the ZIP; 4 comparable units currently listed for rent nearby; rentals leasing fast (median 5d 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.
• Cap rate 5.1% vs local median 4.0% in Mauldin — meaningfully above typical; check what's discounted (condition, days-on-market, listing class) to confirm the premium yield is real.
• At $2,628/mo this rent would consume 48% of the median local household income ($66k/yr) (locally 978% of renters already pay >50% of income on rent) — very limited rent-growth headroom before tenants either downsize or default.

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 844 days. Have you received any prior offers? Is the seller open to a 14% 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 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.