128-130 Country Towns Dr

Irmo, SC 29212

$255,000C+

4 bd · 2.0 ba · 2,066 sqft · Built 1986 · MultiFamily · Active · 22 DOM

Cashflow @ list (25.0% down · 7.5%)

• Estimated rent: $3,005/mo
• Mortgage (P&I): −$1,337
• Tax + insurance: −$425
• HOA: −$0
• Vac / Maint / Mgmt: −$631
• Net cashflow: $612/mo
• Annual: $7,340/yr
• Cap rate: 9.17%
• Cash-on-cash: 10.28%
• DSCR: 1.46
• 1% rule: 1.18%
• Cash to close: $71,400

Investor read

• This is a 2 × 2-bed/1.0-bath units multifamily listed at $255k. Condition is rated good.
• At list price, monthly cash flow is $612 ($7k/yr) — positive. Per door: $306/mo.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($3k rent vs $255k).
• It's been on market 22 days — a 2% lower offer ($251k) is reasonable based on typical stale-listing flexibility.
• Recommended offer: $251k (1.5% below list) — sets the bar for market timing.
• Local home prices are declining (-3.0%/yr); year-one equity from $2k of loan paydown is wiped out by about $8k of value loss. Plan a longer hold.
• Location reads 73/100 on livability (#38 in SC) — a middle-class / working-renter tenant base. Strengths: cost of living A+, housing A+, employment B; Watch: amenities F, commute F.
• Lexington 05 (suburban): math 47% / reading 55% proficiency, ranked #5 of 80 in SC (top 6%) — acceptable for families but not a draw, mixed tenant base, ~2y average lease.
• Zoned schools: Harbison West Elementary (math 45% / reading 43%, grade F, #239 of 597 statewide, top 41%, 550 students, 100% FRL); Irmo High (math 27% / reading 82%, grade C-, #130 of 196 statewide, top 69%, 1,307 students, 100% FRL) — zoned schools average 100% FRL vs 27% district-wide (73 pts higher); higher-poverty schools than district average — tighter screening recommended.
• Market conditions: Rents soft (-0.2%/yr); 206 active listings in the ZIP; 2 comparable units currently listed for rent nearby; 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.
• 3 sale attempts since 4y 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.
• Climate carrying-cost: major wind risk, 66% chance of damaging wind over 30y; extreme-heat days projected 7→16/yr by 2055 (HVAC capex compounding) — expect insurance premiums to compound above CPI over the hold.
• At $3,005/mo this rent would consume 47% of the median local household income ($77k/yr) (locally 863% 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?
• Is there a deadline driving the sale (1031 exchange, divorce, estate, relocation)? That informs how much negotiation room exists.
• Schools are B-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?
• 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 apartment / multifamily construction is in the pipeline within 1–3 miles? Heavy new supply (>2% of stock underway) typically softens rents 12–24 months out; light construction supports rent growth.