2428 Spring Garden St · Charleston, SC 29414

$250,000

3 bd · 2.0 ba · 1,504 sqft · SingleFamily public records · 4 Days on market

Built 1966 0.27 ac lot

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Why this score? — see what drove the D+ 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 +18.8/30.0
• ARV discount +7.5/15.0
• DSCR +5.9/10.0
• Schools +4.3/10.0
• Livability +3.8/5.0
• 1% rule +3.7/10.0
• Rent growth +3.3/5.0
• Condition / age +2.5/5.0
• Appreciation +0.0/10.0

Listing remarks

Restoration or Redevelopment Opportunity located in sought-after West Ashley community. Located in Melrose, a well-established subdivision, this property features a generous . 27-acre corner lot just off a quiet cul-de-sac with a classic brick ranch offering 3 bedrooms, 2 bathrooms, and approximately 1,500 square feet. Only minutes from downtown Charleston, this location embodies the charm of the Lowcountry while offering the convenience and character buyers seek in a West Ashley community. Property is being sold strictly As-Is, Where-Is. Significant repairs and/or redevelopment likely needed. Use caution when entering property. Entry at own risk.

Key facts

• Lowcountry charm
• Quiet cul-de-sac
• Classic brick ranch

Tags

• CORNER LOT
• QUIET CUL-DE-SAC
• CLASSIC BRICK RANCH
• WELL-ESTABLISHED SUBDIVISION
• LOWCOUNTRY CHARM
• WEST ASHLEY COMMUNITY

Property features AI

Exterior

• Parking: 1-car garage
• Home design: Single-family detached home; Residential property
• Construction: One-story
• Exterior features: Lot size between 0 and 0.5 acre; No additional structures on the property; Located in the Melrose subdivision

Interior

• Bedrooms: 3 bedrooms
• Bathrooms: 2 bathrooms
• Interior features: One-level living

What this means for you Summary

Snapshot

• This is a 3-bed/2.0-bath single-family listed at $250k.

Deal economics

• At list price, monthly cash flow is $252 ($3k/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 $219k (12.6% below list).
• Recommended offer: $219k (12.6% below list) — sets the bar for 1% rule.
• Cap rate 7.5% vs local median 2.4% in Charleston — 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 (#22 in SC, #3,336 nationally) — a middle-class / working-renter tenant base. Strengths: amenities A+, housing A+, health & safety A+; Watch: crime D+, commute F, cost of living D-.
• Charleston 01 (urban): math 48% / reading 53% proficiency, ranked #7 of 80 in SC (top 9%) — acceptable for families but not a draw, mixed tenant base, ~2y average lease.
• Zoned schools: Oakland Elementary (math 46% / reading 47%, grade D-, #215 of 597 statewide, top 36%, 530 students, 100% FRL); West Ashley High (math 52% / reading 84%, grade B, #70 of 196 statewide, top 36%, 1,935 students, 100% FRL) — zoned schools average 100% FRL vs 44% district-wide (56 pts higher); higher-poverty schools than district average — tighter screening recommended.
• Market conditions: Rents rising (+3.2%/yr); 275 active listings in the ZIP; 7 comparable units currently listed for rent nearby; rentals at typical pace (median 24d on market — plan ~3-4 weeks tenant-placement turnaround); solid renter incomes; 4,156 units permitted in Charleston County in 2024 (857 in 5+ unit buildings).

Forward outlook

• 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.
• Charleston County population projected at +44% by 2050 — long-run rental-demand tailwind backs the buy-and-hold thesis.

Negotiation context

• Only 4 days on market — expect competitive offers; lowballing is unlikely to land.
• Current owner paid $63k; list at $250k implies a 295% gain — meaningful room to come down on a strong offer.

Risks & watch-outs

• Climate carrying-cost: severe wind risk, 99% chance of damaging wind over 30y; extreme-heat days projected 7→18/yr by 2055 (HVAC capex compounding) — expect insurance premiums to compound above CPI over the hold.

Recommended offer $218,507 (12.6% below list)

Questions for the listing agent

1. Built in 1966 — when were the roof, HVAC, electrical panel, plumbing, and water heater last replaced?
2. Is there a deadline driving the sale (1031 exchange, divorce, estate, relocation)? That informs how much negotiation room exists.
3. 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?
4. 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?
5. 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?
6. 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.
7. 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.
8. 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: 0.87% ✗
• Cap rate: 7.50%
• Cash-on-cash: 4.32%
• DSCR: 1.19
• GRM: 9.5

CMA / ARV

• ARV (on-the-fly): $500,832
• Comps found: 12

Show comp detail 12 sales within ~0.75 mi

Address	Dist	Beds/Ba	Sqft	Sold	Price	$/sf	Match
887 Melrose Dr	0.07mi	3/2.5	1,518 (+1%)	3mo	$362,000	$238	91
899 Melrose Dr	0.09mi	3/2.0	1,462 (-3%)	5mo	$485,000	$332	87
2404 Terrell St	0.22mi	3/2.0	1,546 (+3%)	6mo	$515,000	$333	80
2411 Terrell St	0.24mi	3/2.0	1,460 (-3%)	9mo	$538,000	$368	77
2416 Terrell St	0.21mi	4/2.0 (+1)	1,430 (-5%)	8mo	$530,000	$371	70
828 Williamsburg Ln	0.20mi	3/2.5	1,605 (+7%)	12mo	$455,000	$283	67
2432 Terrell St	0.20mi	4/3.0 (+1)	1,680 (+12%)	6mo	$549,000	$327	57
730 Melrose Dr	0.33mi	3/3.0	1,728 (+15%)	1mo	$629,900	$365	55
2456 Lantern St	0.66mi	3/2.0	1,431 (-5%)	9mo	$528,000	$369	54
2420 Cherokee Hall Ln	0.61mi	3/2.0	1,604 (+7%)	11mo	$389,500	$243	52
2438 Two Oaks Dr	0.73mi	4/2.0 (+1)	1,609 (+7%)	7mo	$562,500	$350	43
525 Parkdale Dr	0.73mi	3/3.0	1,300 (-14%)	11mo	$331,700	$255	30

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 · 3.22% rent growth · sell at horizon

5-year hold

• IRR: -9.4%
• Equity multiple: 0.66×
• Total profit: $-24,081
• Equity at exit: $37,276

10-year hold

• IRR: 0.2%
• Equity multiple: 1.02×
• Total profit: $1,218
• Equity at exit: $21,615

Cash invested: $70,000 (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 →

ZIP-level market 29414

• Rents YoY: 3.2%
• Active inventory: 275
• Price-to-rent: 9.5×

Monthly cashflow live

• Estimated rent: $2,185 high
• Mortgage (P&I): −$1,311
• Tax from tax record: −$59 /mo · $705/yr
• Insurance: −$104
• HOA: −$0
• Vacancy / Maint / Mgmt: −$459
• Net cashflow: $252

Break-even live

Break-even rent $1,866

Max offer price $250,000

Occupancy floor 83%

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: $62,500
• Closing costs: $7,500
• Reserves months: —
• Total cash needed: —

Rent comps 7 comps

Address	Beds	Baths	Sqft	Rent	$/sqft	DOM	Units	Dist
900 E Estates Blvd Unit 930B Charleston, SC	2.0	1.5	1100	$1,635	$1.49	23d	1	0.21mi
834 Savage Rd Charleston, SC	3.0	2.0	1171	$2,800	$2.39	23d	1	0.37mi
3100 Ashley Town Center Dr Charleston, SC	2.0	3.0	1295	$2,227	$1.72	19d	1	0.58mi
3301 Glenn McConnell Pkwy Charleston, SC	1.0–3.0	1.0–2.0	1113	$2,152	$1.93	2d	14	1.11mi
1916 Sam Rittenberg Blvd Charleston, SC	1.0–2.0	1.0–2.0	975	$2,038	$2.09	3d	17	1.27mi
2322 Egret Crest Ln Charleston, SC	2.0	2.0	1253	$1,850	$1.48	23d	1	1.32mi
1865 Jaywood Cir Charleston, SC	3.0	2.0	2078	$2,781	$1.34	23d	1	1.34mi

Listing history 2 events

1. 2026-05-25
   listed $250,000 Active
2. 1984-04-27
   soldstatus $63,258

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

Tax reassessment forecast SC · Resets to sale price

• Current annual tax: $705 · $59/mo
• Projected year-2 tax: $1,425 · $119/mo
• Expected delta: +$720/yr (+$60/mo · 102.2%)

ⓘ Screening estimate from a state-policy table — verify with the county assessor before closing.

Climate risk First Street

• 🌊 Flood 1/10 Low FEMA zone X (unshaded) · 0% chance over 30 yrs
• 🔥 Wildfire 2/10 Low
• 🌡 Heat 10/10 Extreme 7 d/yr ≥106°F today · 18 d/yr by 30 yrs out
• 💨 Wind 9/10 Extreme 99% chance of damaging wind over 30 yrs
• 🫁 Air quality 3/10 Moderate 3 unhealthy d/yr today · 3 by 30 yrs out

Taxation est. · year 1

• Rental income: $26,221
• − Mortgage interest: −$14,004
• − Property taxes: −$705
• − Insurance: −$1,250
• − Repairs & maintenance: −$2,098
• − Management: −$2,098
• − Depreciation: −$7,273
• Taxable loss: −$1,206
• Est. tax savings @ 24.0%: +$289
• After-tax cash flow: $3,317/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.

Schools (NCES district)

• District: Charleston 01
• NCES district ID: 4501440
• Math proficiency: 48% ▼ -2.00%
• Reading proficiency: 53% ▬ 0.00%
• Median HH income: $52,376
• Composite: 43.41/100
• National rank: #3018
• State rank: #7 of 80 in SC

Livability — Charleston

• Score: 76/100
• State rank: #22
• US rank: #3336

Category grades

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

Schools grade is shown separately in the Schools card above.

Census & demographics

• Census place: Charleston, SC
• County: Charleston County · 366,793 people
• City population: 200,573
• Metro: Charleston-North Charleston, SC
• Population (ZIP): 44,727
• Household income: $99,529
• Rent vs Own: 37.9% rent · 62.1% own
• Severe rent burden: 1212.0

Population outlook (Charleston County) Hauer SSP2

• Today (2025): 480,562 people
• By 2030: 525,921 · +9.4%
• By 2040: 612,189 · +27.4%
• By 2050: 691,627 · +43.9%
• By 2075: 847,979 · +76.5%
• By 2100: 926,482 · +92.8%

Race, ethnicity, and origin ACS 2023

• Neighborhood character: Predominantly White (73%)
• Race & ethnicity: White 73% Black 15% Two or more races 6% Hispanic / Latino 5% Asian 3%
• Hispanic origin (detail): Mexican 3%
• Common ancestry: Lithuanian 3% Romanian 3% Italian 2%
• Foreign-born: 6% · Canada, China
• Languages at home: 93% English-only · Spanish 3% Other Indo-European 1% Chinese 1%

Political lean MEDSL · Charleston

• 2024 margin: Lean D (+5.7) · D 51.9% · R 46.3% · Other 1.8%
• 2008→2024 swing: -2.7pp toward R · 2008: 8.3pp · 2024: 5.7pp
• All cycles: 2024: D+5.7 2020: D+12.9 2016: D+7.9 2012: D+2.4 2008: D+8.3

Not yet ingested

• Civics: —

Market trends

• HPI YoY: ▼ -299.87%
• Current HPI: 320.1968
• Rent YoY: ▲ 3.22%
• Metro: Charleston-North Charleston, SC
• State GDP YoY: ▲ 4.51%
• F500 in state: 2

Industry mix (Fortune 500 HQ in SC)

Industry	F500 HQs	Revenue
▸Packaging	1	$7B

Price history

+295.2% since first listed

2 events — show timeline

• 2026-05-25 Listed $250,000 Charleston Trident MLS
• 1984-04-27 Sold (Public Records) $63,258 Public Records

Property tax history

-3.1%/yr

Latest (2022): $705 · -4.2% YoY. Source: county tax records.