10 Unit 4 Melissa Ct · Spartanburg, SC 29303

$104,900

2 bd · 2.0 ba · 1,427 sqft · Townhouse · 99 Days on market

Built 1984 Fair condition $74/sqft · 48% below area Est $201k · 48% under ↓ 8% since listing

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Why this score? — see what drove the B grade

The composite is a weighted blend of 9 inputs, each scored 0–100. Each bar is that input's sub-score; the figure is the points it added to the 100-point composite (weight × sub-score).

• Cash flow +26.6/30.0
• ARV discount +15.0/15.0
• DSCR +9.1/10.0
• 1% rule +7.1/10.0
• Schools +5.7/10.0
• Livability +3.8/5.0
• Rent growth +3.4/5.0
• Condition / age +2.2/5.0
• Appreciation +0.0/10.0

Listing remarks

Charming 2BR/1.5BA townhome in a convenient Spartanburg location near shopping, dining, schools, and major highways. Features a spacious living area, functional kitchen, private patio, and assigned parking. Low-maintenance living with HOA-managed exterior care. Seller selling units 1-4, they can be rented or sold individually. Great investment opportunity.

Key facts

• Functional kitchen
• Spacious living area
• Private patio

Tags

• SPACIOUS LIVING AREA
• FUNCTIONAL KITCHEN
• PRIVATE PATIO
• ASSIGNED PARKING
• HOA-MANAGED EXTERIOR CARE
• INVESTMENT OPPORTUNITY

What this means for you Summary

Snapshot

• This is a 2-bed/2.0-bath townhouse listed at $105k. Condition is rated fair.

Deal economics

• At list price, monthly cash flow is $281 ($3k/yr) — positive.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($1k rent vs $105k).
• Recommended offer: $95k (9.0% below list) — sets the bar for market timing.
• Cap rate 9.5% vs local median 4.3% in Spartanburg — 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.

Location & tenants

• Location reads 76/100 on livability (#24 in SC, #3,679 nationally) — a middle-class / working-renter tenant base. Strengths: amenities A+, commute A+, cost of living A+; Watch: crime F, employment F.
• Spartanburg 02 (suburban): math 49% / reading 56% proficiency, ranked #6 of 80 in SC (top 8%) — acceptable for families but not a draw, mixed tenant base, ~2y average lease.
• Zoned schools: James H. Hendrix Elementary (math 55% / reading 45%, grade D+, #163 of 597 statewide, top 28%, 694 students, 89% FRL); Boiling Springs Middle (math 39% / reading 50%, grade D, #52 of 229 statewide, top 23%, 1,068 students, 70% FRL); Boiling Springs High (math 62% / reading 88%, grade A-, #37 of 196 statewide, top 18%, 2,671 students, 60% FRL) — zoned schools average 73% FRL vs 44% district-wide (28 pts higher); higher-poverty schools than district average — tighter screening recommended.
• Market conditions: Rents rising (+3.7%/yr); 615 active listings in the ZIP; 9 comparable units currently listed for rent nearby; rentals leasing fast (median 6d on market — plan ~1-2 weeks tenant-placement turnaround); 3,129 units permitted in Spartanburg County in 2024 (40 in 5+ unit buildings).
• This rent runs 32% of the median local income ($48k/yr) — at the standard rent-burdened threshold; future hikes will face affordability resistance.

Forward outlook

• Local home prices are declining (-3.0%/yr); year-one equity from $725 of loan paydown is wiped out by about $3k of value loss. Plan a longer hold.
• Spartanburg County population projected at +18% by 2050 — long-run rental-demand tailwind backs the buy-and-hold thesis.
• At projected returns (-3.0% appreciation + 3.7% rent growth), your $29k cash investment doubles in ~9 years — after that, you're playing with house money.

Negotiation context

• It's been on market 99 days — a 9% lower offer ($95k) is reasonable based on typical stale-listing flexibility.

Recommended offer $95,459 (9.0% below list)

Questions for the listing agent

1. It's been on market 99 days. Have you received any prior offers? Is the seller open to a 9% concession, seller financing, or rate buy-down credit?
2. Have any recent inspections been done? Can we get a copy of the seller's disclosures and any deferred-maintenance estimates?
3. Why hasn't it sold? Are there any deal-killer items the seller is aware of (foundation, flood, title, zoning, code violations)?
4. Is there a deadline driving the sale (1031 exchange, divorce, estate, relocation)? That informs how much negotiation room exists.
5. 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?
6. 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?
7. 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.
8. 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.
9. 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.

Investment metrics

• 1% rule: 1.21% ✓
• Cap rate: 9.50%
• Cash-on-cash: 11.46%
• DSCR: 1.51
• GRM: 6.9

CMA / ARV

• ARV (median comp): $201,440
• List price: $104,900
• Delta: -47.93%
• Verdict: UNDERPRICED
• Comps: 9 within 1.0 mi

Show comp detail 12 sales within ~0.75 mi

Address	Dist	Beds/Ba	Sqft	Sold	Price	$/sf	Match
3998 Dale Ct Ct	0.68mi	3/2.0 (+1)	1,454 (+2%)	0mo	$248,000	$171	60
215 Bondale Dr	1.38mi	3/2.0 (+1)	1,448 (+2%)	0mo	$275,000	$190	57
639 Cotton Branch Dr	1.01mi	3/2.0 (+1)	1,360 (-5%)	1mo	$245,000	$180	51
109 Parwin Rd	1.35mi	3/2.0 (+1)	1,343 (-6%)	1mo	$214,888	$160	49
122 Parwin Rd	1.34mi	3/2.0 (+1)	1,343 (-6%)	1mo	$219,888	$164	49
126 Parwin Rd	1.32mi	3/2.0 (+1)	1,343 (-6%)	1mo	$213,888	$159	49
2016 Evergreen Dr	0.48mi	3/2.0 (+1)	1,676 (+17%)	2mo	$215,000	$128	46
638 Branch View Dr	1.11mi	3/2.0 (+1)	1,575 (+10%)	1mo	$249,000	$158	42
288 Autumn Gold Dr	1.28mi	3/2.0 (+1)	1,272 (-11%)	0mo	$267,500	$210	42
1303 Springfield Rd	0.75mi	3/2.0 (+1)	1,600 (+12%)	1mo	$259,000	$162	39
635 Shadow Dance Ln	0.85mi	3/2.0 (+1)	1,203 (-16%)	1mo	$249,999	$208	34
36 Annandale Dr	1.31mi	3/2.0 (+1)	1,767 (+24%)	1mo	$258,763	$146	34

Match score weights: distance 35% · size 25% · config 20% · recency 20%. Top-matched comps best support the ARV.

Projected returns pro-forma

-3.0% appreciation · 3.69% rent growth · sell at horizon

5-year hold

• IRR: 1.6%
• Equity multiple: 1.06×
• Total profit: $1,782
• Equity at exit: $15,641

10-year hold

• IRR: 11.9%
• Equity multiple: 1.97×
• Total profit: $28,344
• Equity at exit: $9,070

Cash invested: $29,372 (down + closing). Projections, not guarantees.

Landlord ↔ Tenant lean methodology

• Overall (STATE): 90 Strongly Landlord-Friendly
• State South Carolina: 90 Strongly Landlord-Friendly · R+6
• County: — inherits STATE
• City: — inherits STATE

5-day notice; preempted; landlord-favorable.

Methodology + full state rankings →

Active competition Active MLS

• For sale now: 6 active · 1 under contract
• Median asking: $149,900 ($99/sqft)
• Median days on market: 99 d
• This list price: lowest-priced of the active set
• ARV vs active asking: +43.2% above current asking $/sqft

Closed sales set the value; these active listings set current market conditions and a practical price ceiling.

ZIP-level market 29303

• Home prices YoY: -14.1%
• Rents YoY: 3.7%
• Active inventory: 615
• Price-to-rent: 6.9×

Monthly cashflow live

• Estimated rent: $1,273 high
• Mortgage (P&I): −$550
• Tax est. 1.5%: −$131 /mo · $1,574/yr
• Insurance: −$44
• HOA: −$0
• Vacancy / Maint / Mgmt: −$267
• Net cashflow: $281

Break-even live

Break-even rent $918

Max offer price $104,900

Occupancy floor 73%

Sensitivity live

Price	-10% $353	-5% $317	+0% $281	+5% $244	+10% $208
Rent	-10% $180	-5% $230	+0% $281	+5% $331	+10% $381
Rate	-1.0pp $333	-0.5pp $307	base $281	+0.5pp $253	+1.0pp $226

UW: 25.0% down · 7.5% · 30yr · 1.5% tax · 5.0% vac · 8.0% maint · 8.0% mgmt

Financing live

Cash to close

• Down payment: $26,225
• Closing costs: $3,147
• Club membership (one-time): —
• Reserves months: —
• Total cash needed: —

Rent comps 9 comps

Address	Beds	Baths	Sqft	Rent	$/sqft	DOM	Units	Dist
112 State Road S-42-7449 Unit S-42-7449 Spartanburg, SC	2.0	1.5	971	$1,115	$1.15	6d	1	0.05mi
24 Rachel Ct Unit C Spartanburg, SC	1.0	1.0	918	$895	$0.97	5d	1	0.07mi
404 Monks Grove Church Rd Spartanburg, SC	2.0	1.0	950	$1,100	$1.16	116d	1	0.44mi
846 W Emerald Springs Dr Boiling Springs, SC	3.0	2.0	1288	$1,625	$1.26	6d	1	0.54mi
117 Hendrix Dr Boiling Springs, SC	3.0	2.0	1624	$1,595	$0.98	6d	1	0.55mi
120 Perry Dr Boiling Springs, SC	2.0	2.5	1025	$1,499	$1.46	116d	1	0.79mi
113 Moss Ln Boiling Springs, SC	3.0	2.0	1560	$2,100	$1.35	6d	1	1.30mi
14 Wedgefield Dr Boiling Springs, SC	2.0	1.0	891	$1,390	$1.56	116d	1	1.33mi
161 Davis Dr Spartanburg, SC	3.0	2.5	1595	$1,895	$1.19	5d	1	1.44mi

Property features AI

Exterior

• Parking: Assigned parkingDriveway
• Utilities: Public waterPublic sewer
• Home design: Residential condominiumTwo levelsEntry level: 1
• Construction: Vinyl sidingComposition roofSlab foundationBuilt above grade finished area: 1,427
• Exterior features: Level lot

Interior

• Flooring: See remarks for flooring
• Bathrooms: 2 full bathrooms
• Heating & cooling: Central airHeating details: see remarks
• Interior features: See remarks for interior details
• Laundry & utility: Electric dryer hookupGas dryer hookupWasher hookup

Listing history 50 events

1. 2026-09-24
   days on market $104,900 Active 99 DOM
2. 2026-09-22
   days on market $104,900 Active 98 DOM
3. 2026-09-21
   days on market $104,900 Active 97 DOM
4. 2026-09-20
   days on market $104,900 Active 96 DOM
5. 2026-09-18
   days on market $104,900 Active 94 DOM
6. 2026-09-17
   days on market $104,900 Active 93 DOM
7. 2026-09-16
   days on market $104,900 Active 92 DOM
8. 2026-09-15
   days on market $104,900 Active 91 DOM
9. 2026-09-14
   days on market $104,900 Active 90 DOM
10. 2026-09-13
    days on market $104,900 Active 89 DOM
11. 2026-09-12
    days on market $104,900 Active 88 DOM
12. 2026-09-11
    days on market $104,900 Active 87 DOM
13. 2026-09-05
    days on market $104,900 Active 81 DOM
14. 2026-09-04
    days on market $104,900 Active 80 DOM
15. 2026-09-03
    days on market $104,900 Active 79 DOM
16. 2026-08-31
    days on market $104,900 Active 76 DOM
17. 2026-08-30
    days on market $104,900 Active 75 DOM
18. 2026-08-29
    days on market $104,900 Active 74 DOM
19. 2026-08-28
    days on market $104,900 Active 73 DOM
20. 2026-08-27
    days on market $104,900 Active 72 DOM
21. 2026-08-25
    days on market $104,900 Active 70 DOM
22. 2026-08-24
    days on market $104,900 Active 69 DOM
23. 2026-08-23
    days on market $104,900 Active 68 DOM
24. 2026-08-22
    days on market $104,900 Active 67 DOM
25. 2026-08-21
    days on market $104,900 Active 66 DOM
26. 2026-08-20
    days on market $104,900 Active 65 DOM
27. 2026-08-19
    days on market $104,900 Active 64 DOM
28. 2026-08-18
    days on market $104,900 Active 63 DOM
29. 2026-08-17
    days on market $104,900 Active 62 DOM
30. 2026-08-16
    days on market $104,900 Active 61 DOM
31. 2026-08-15
    days on market $104,900 Active 60 DOM
32. 2026-08-15
    pricedays on market $104,900 Active 59 DOM
33. 2026-08-13
    days on market $114,900 Active 58 DOM
34. 2026-08-12
    days on market $114,900 Active 57 DOM
35. 2026-08-11
    days on market $114,900 Active 56 DOM
36. 2026-08-10
    days on market $114,900 Active 55 DOM
37. 2026-08-09
    days on market $114,900 Active 54 DOM
38. 2026-08-08
    days on market $114,900 Active 53 DOM
39. 2026-08-07
    days on market $114,900 Active 52 DOM
40. 2026-08-06
    days on market $114,900 Active 51 DOM
41. 2026-08-05
    days on market $114,900 Active 50 DOM
42. 2026-08-04
    days on market $114,900 Active 49 DOM
43. 2026-08-03
    days on market $114,900 Active 48 DOM
44. 2026-07-31
    pricedays on market $114,900 Active 45 DOM
45. 2026-07-29
    days on market $119,900 Active 43 DOM
46. 2026-07-27
    days on market $119,900 Active 41 DOM
47. 2026-07-25
    days on market $119,900 Active 39 DOM
48. 2026-07-23
    days on market $119,900 Active 37 DOM
49. 2026-07-22
    days on market $119,900 Active 36 DOM
50. 2026-07-21
    days on market $119,900 Active 35 DOM

ⓘ Source: listings_history table (triggers on properties + properties_extension) + one-shot backfill from property_details.listing_events for pre-trigger history.

Taxation est. · year 1

• Rental income: $15,274
• − Mortgage interest: −$5,876
• − Property taxes: −$1,574
• − Insurance: −$524
• − Repairs & maintenance: −$1,222
• − Management: −$1,222
• − Depreciation: −$3,052
• Taxable income: $1,804
• Est. tax owed @ 24.0%: −$433
• After-tax cash flow: $2,934/yr

For passive investors: Depreciation is non-cash, so a rental often shows a tax loss while cash-flowing — sheltering income. Rental losses are passive: they offset passive income freely, and up to $25,000/yr can offset ordinary (W-2) income if you actively participate and your MAGI is under $100k (phasing out to $0 by $150k); unused losses carry forward. On sale, claimed depreciation is recaptured at up to 25%, and gains may owe capital-gains tax (a 1031 exchange can defer both). Figures are a year-1 estimate at your 24.0% rate — not tax advice; consult a CPA.

Condition & rehab AI · 12 photos

Fair 45/100 Moderate rehab Est. rehab $35,675–$64,215 screening

This townhouse requires significant repairs and maintenance to improve its condition and increase its value. Painting, landscaping, and replacing worn-out flooring and siding are the highest-ROI updates that would raise its resale or rental value.

Repairs flagged

• Major siding — Severe weathering and damage
• Major flooring — Worn-out carpet
• Major interior walls/paint — Painted walls with visible wear
• Major landscaping — Overgrown lawn and debris

Value-add opportunities

• Both painting — Fresh paint can improve the home's curb appeal and interior aesthetics ↑
• Both landscaping — A well-maintained lawn and landscaping can enhance the home's curb appeal and attract potential buyers ↑
• Both flooring — Replacing worn-out carpet with a durable and attractive flooring option can improve the home's overall appearance and increase its value ↑
• Both exterior repairs — Repairing the weathered siding and other exterior elements can improve the home's curb appeal and increase its value ↑

ⓘ Rehab cost is a screening estimate — Moderate scope × the home's square footage at US $/sqft rules of thumb (the same model as the Flip Finder). Get contractor quotes + a written scope before underwriting.

D Composite school gradezoned avg 56/100

Zoned Schools

Elementary James H. Hendrix Elementary D+ SC #163/597 Nat'l #12,529/41,679 Middle Boiling Springs Middle D SC #52/229 Nat'l #4,747/14,009 High Boiling Springs High A- SC #37/196 Nat'l #1,551/17,239

Schools (NCES district)

• District: Spartanburg 02
• NCES district ID: 4503510
• Math proficiency: 49% ▼ -7.00%
• Reading proficiency: 56% ▲ 2.00%
• Median HH income: $49,591
• Composite: 44.79/100
• National rank: #2742
• State rank: #6 of 80 in SC

B Composite livability gradescore 76/100

Livability — Spartanburg

• Score: 76/100
• State rank: #24
• US rank: #3679

Category grades

Amenities A+ Commute A+ Cost of living A+ Crime F Employment F Housing A+ Health & safety A+ User ratings F

Schools grade is shown separately in the Schools card above.

Census & demographics

• County: Spartanburg County · 325,495 people
• City population: 120,406
• Metro: Spartanburg, SC
• Population (ZIP): 28,381
• Household income: $48,295
• Rent vs Own: 52.7% rent · 47.3% own
• Severe rent burden: 6% of renters

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Population outlook (Spartanburg County) Hauer SSP2

• Today (2025): 325,495 people
• By 2030: 338,800 · +4.1%
• By 2040: 363,471 · +11.7%
• By 2050: 384,156 · +18.0%
• By 2075: 430,137 · +32.1%
• By 2100: 442,733 · +36.0%

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Race, ethnicity, and origin ACS 2023

• Neighborhood character: Diverse neighborhood (Simpson 0.67)
• Race & ethnicity: White 42% Black 36% Hispanic / Latino 16% Two or more races 11% Asian 2%
• Hispanic origin (detail): Mexican 10% Puerto Rican 2%
• Common ancestry: Slovak 2% Italian 1% Subsaharan African 1%
• Foreign-born: 11% · Canada
• Languages at home: 81% English-only · Spanish 15% Russian/Polish/Slavic 2% Other Asian/Pacific 1%

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Political lean MEDSL · Spartanburg

• 2024 margin: Solid R (+33.6) · D 32.6% · R 66.2% · Other 1.2%
• 2008→2024 swing: -12.0pp toward R · 2008: -21.6pp · 2024: -33.6pp
• All cycles: 2024: R+33.6 2020: R+27.3 2016: R+30.0 2012: R+23.1 2008: R+21.6

Not yet ingested

• Civics: —

Market trends

• HPI YoY: ▼ -45.19%
• Current HPI: 274.443
• Rent YoY: ▲ 3.69%
• Metro: Spartanburg, SC
• State GDP YoY: ▲ 4.51%
• F500 in state: 2

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Industry mix (Fortune 500 HQ in SC)

Industry	F500 HQs	Revenue
▸Packaging	1	$7B

Property features AI

Exterior

• Parking: Assigned parkingDriveway
• Utilities: Public waterPublic sewer
• Home design: Residential condominiumTwo levelsEntry level: 1
• Construction: Vinyl sidingComposition roofSlab foundationBuilt above grade finished area: 1,427
• Exterior features: Level lot

Interior

• Flooring: See remarks for flooring
• Bathrooms: 2 full bathrooms
• Heating & cooling: Central airHeating details: see remarks
• Interior features: See remarks for interior details
• Laundry & utility: Electric dryer hookupGas dryer hookupWasher hookup

Price history

-7.7% since first listed

3 events — show timeline

• 2026-07-16 Price Changed $119,900 SPMLS
• 2026-07-06 Price Changed $124,900 SPMLS
• 2026-06-16 Listed $129,900 SPMLS