905 Bream Cir

Santee, SC 29142

$293,120D-

3 bd · 2.5 ba · 1,518 sqft · Built 2024 · SingleFamily · Pending

Cashflow @ list (25.0% down · 7.5%)

• Estimated rent: $2,155/mo
• Mortgage (P&I): −$1,537
• Tax + insurance: −$489
• HOA: −$43
• Vac / Maint / Mgmt: −$453
• Net cashflow: $-366/mo
• Annual: $-4,393/yr
• Cap rate: 4.79%
• Cash-on-cash: -5.35%
• DSCR: 0.76
• 1% rule: 0.74%
• Cash to close: $82,074

Investor read

• This is a 3-bed/2.5-bath single-family listed at $293k.
• At list price, monthly cash flow is $-366 ($-4k/yr) — negative.
• To cash-flow at today's rent, offer at most $240k (18.1% below list).
• To meet the 1% rule (rent ≥ 1% of price), the offer needs to be $216k (26.5% below list).
• Only 0 days on market — expect competitive offers; lowballing is unlikely to land.
• Recommended offer: $216k (26.5% below list) — sets the bar for 1% rule.
• In year one you build about $12k of equity ($2k loan paydown + $10k appreciation (3.5% local appreciation)).
• Location reads 61/100 on livability (#202 in SC) — a middle-class / working-renter tenant base. Strengths: cost of living A+, health & safety A+; Watch: crime F, amenities F, commute F.
• Market conditions: 154 active listings in the ZIP; 3 comparable units currently listed for rent nearby; rentals at typical pace (median 25d on market — plan ~3-4 weeks tenant-placement turnaround); 87 units permitted in Orangeburg County in 2024 (0 in 5+ unit buildings).
• Orangeburg County population projected at -27% by 2050 — secular population decline; favor cash flow + early exit over multi-decade hold.
• By year 3, paydown + projected appreciation supports a ~$30k cash-out refi (75% LTV) — recoverable capital for the next deal without selling this one.

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?
• What does the HOA fee cover, when was the last increase, and are there any pending special assessments or reserve-fund shortfalls?
• Is there a deadline driving the sale (1031 exchange, divorce, estate, relocation)? That informs how much negotiation room exists.
• 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?
• 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?
• 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.