128 Goodjoin Rd

Campobello, SC 29356

$179,900D

3 bd · 1.0 ba · 960 sqft · Built 1992 · SingleFamily · Active · 251 DOM

Cashflow @ list (25.0% down · 7.5%)

• Estimated rent: $1,538/mo
• Mortgage (P&I): −$943
• Tax + insurance: −$199
• HOA: −$0
• Vac / Maint / Mgmt: −$323
• Net cashflow: $73/mo
• Annual: $874/yr
• Cap rate: 6.78%
• Cash-on-cash: 1.73%
• DSCR: 1.08
• 1% rule: 0.85%
• Cash to close: $50,372

Investor read

• This is a 3-bed/1.0-bath single-family listed at $180k.
• At list price, monthly cash flow is $73 ($874/yr) — positive.
• The deal already cash-flows at list — no discount required.
• To meet the 1% rule (rent ≥ 1% of price), the offer needs to be $154k (14.5% below list).
• It's been on market 251 days — a 12% lower offer ($158k) is reasonable based on typical stale-listing flexibility.
• Recommended offer: $154k (14.5% below list) — sets the bar for 1% rule.
• Local home prices are declining (-3.0%/yr); year-one equity from $1k of loan paydown is wiped out by about $5k of value loss. Plan a longer hold.
• Location reads 62/100 on livability (#191 in SC) — a middle-class / working-renter tenant base. Strengths: cost of living A+, housing A+, employment B+; Watch: crime D, amenities F, commute F.
• Spartanburg 01 (rural): math 44% / reading 53% proficiency, ranked #14 of 80 in SC (top 18%) — families likely to look elsewhere, expect single-tenant / working-renter base with shorter leases.
• Zoned schools: Campobello-Gramling School (math 55% / reading 53%, grade C, #132 of 597 statewide, top 23%, 814 students, 61% FRL); Landrum High (math 47% / reading 87%, grade B, #73 of 196 statewide, top 41%, 557 students, 49% FRL).
• Zoned-school proficiency averages 60% at this address vs 48% district-wide (+12 pts) — the actual schools serving this property are materially stronger than the Spartanburg 01 average implies; a family-tenant draw the district grade alone would hide.
• Market conditions: 264 active listings in the ZIP; 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.
• Current owner paid $150k; 20% above their basis — modest negotiation headroom, anchor on the comps not their cost.
• Climate carrying-cost: moderate wildfire risk; extreme-heat days projected 7→17/yr by 2055 (HVAC capex compounding) — expect insurance premiums to compound above CPI over the hold.
• Cap rate 6.8% vs local median 3.0% in Campobello — top-decile yield for the area; either an underpriced asset or a hidden risk that comps aren't pricing in. Stress-test before assuming the spread holds.

Questions for listing agent

• It's been on market 251 days. Have you received any prior offers? Is the seller open to a 15% 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.
• 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?
• 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.
• 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.