1910 Tropicana Rd Unit 9-E

North Charleston, SC 29406

$161,500D-

2 bd · 2.5 ba · 1,066 sqft · Built 1985 · Condo · Active · 258 DOM

Cashflow @ list (25.0% down · 7.5%)

• Estimated rent: $1,581/mo
• Mortgage (P&I): −$847
• Tax + insurance: −$242
• HOA: −$220
• Vac / Maint / Mgmt: −$332
• Net cashflow: $-60/mo
• Annual: $-722/yr
• Cap rate: 5.85%
• Cash-on-cash: -1.60%
• DSCR: 0.93
• 1% rule: 0.98%
• Cash to close: $45,220

Investor read

• This is a 2-bed/2.5-bath condo listed at $162k.
• At list price, monthly cash flow is $-60 ($-722/yr) — negative.
• To cash-flow at today's rent, offer at most $151k (6.6% below list).
• To meet the 1% rule (rent ≥ 1% of price), the offer needs to be $158k (2.1% below list).
• It's been on market 258 days — a 12% lower offer ($142k) is reasonable based on typical stale-listing flexibility.
• Recommended offer: $142k (12.0% below list) — sets the bar for market timing.
• 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 66/100 on livability (#122 in SC) — a middle-class / working-renter tenant base. Strengths: housing A+, health & safety A+, cost of living A; Watch: employment C-, crime F, amenities F.
• 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: Pinehurst Elementary (math 18% / reading 13%, grade F, #539 of 597 statewide, top 91%, 656 students, 100% FRL); Morningside Middle (math 4% / reading 12%, grade F, #226 of 229 statewide, top 99%, 567 students, 100% FRL); Rb Stall High (math 49% / reading 63%, grade C, #126 of 196 statewide, top 65%, 1,952 students, 100% FRL) — zoned schools average 100% FRL vs 44% district-wide (56 pts higher); higher-poverty schools than district average — tighter screening recommended.
• Zoned-school proficiency averages 26% at this address vs 50% district-wide (-24 pts) — the specific schools serving this property underperform the Charleston 01 average; the district grade overstates school quality for this exact location.
• Market conditions: Rents rising (+1.4%/yr); 174 active listings in the ZIP; 19 comparable units currently listed for rent nearby; rentals at typical pace (median 16d on market — plan ~3-4 weeks tenant-placement turnaround); 4,156 units permitted in Charleston County in 2024 (857 in 5+ unit buildings).
• Charleston County population projected at +44% by 2050 — long-run rental-demand tailwind backs the buy-and-hold thesis.
• 3 sale attempts; this cycle's ask has dropped $14k (8%) from the opening price — seller is motivated, your offer sets the floor, not the list.
• Current owner paid $116k; 39% above their basis — modest negotiation headroom, anchor on the comps not their cost.
• Climate carrying-cost: severe wind risk, 99% chance of damaging wind over 30y; extreme-heat days projected 7→19/yr by 2055 (HVAC capex compounding) — expect insurance premiums to compound above CPI over the hold.
• Cap rate 5.8% vs local median 4.0% in North 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.
• This rent runs 38% of the median local income ($50k/yr) — at the standard rent-burdened threshold; future hikes will face affordability resistance.

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?
• It's been on market 258 days. Have you received any prior offers? Is the seller open to a 12% concession, seller financing, or rate buy-down credit?
• What does the HOA fee cover, when was the last increase, and are there any pending special assessments or reserve-fund shortfalls?
• Any open or pending special assessments — roof, HVAC, plumbing, elevator, façade? What's the per-unit balance and payoff schedule, and is the seller paying it off at close or rolling it to the buyer?
• 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 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?