4054 Francis Spring Way

Boiling Springs, SC 29349

$295,995F

4 bd · 3.0 ba · 2,025 sqft · Built — · Land · Active · 113 DOM

Cashflow @ list (25.0% down · 7.5%)

• Estimated rent: $1,976/mo
• Mortgage (P&I): −$1,552
• Tax + insurance: −$493
• HOA: −$38
• Vac / Maint / Mgmt: −$415
• Net cashflow: $-522/mo
• Annual: $-6,268/yr
• Cap rate: 4.18%
• Cash-on-cash: -7.56%
• DSCR: 0.66
• 1% rule: 0.67%
• Cash to close: $82,879

Investor read

• This is a 4-bed/3.0-bath land listed at $296k.
• At list price, monthly cash flow is $-522 ($-6k/yr) — negative.
• To cash-flow at today's rent, offer at most $220k (25.5% below list).
• To meet the 1% rule (rent ≥ 1% of price), the offer needs to be $198k (33.2% below list).
• It's been on market 113 days — a 9% lower offer ($269k) is reasonable based on typical stale-listing flexibility.
• Recommended offer: $198k (33.2% below list) — sets the bar for 1% rule.
• Local home prices are declining (-3.0%/yr); year-one equity from $2k of loan paydown is wiped out by about $9k of value loss. Plan a longer hold.
• Location reads 78/100 on livability (#17 in SC, #2,429 nationally) — a middle-class / working-renter tenant base. Strengths: cost of living A+, housing A+, health & safety A+; Watch: commute 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: Oakland Elementary (math 64% / reading 57%, grade B-, #84 of 597 statewide, top 14%, 784 students, 63% FRL) — zoned schools average 63% FRL vs 44% district-wide (19 pts higher); higher-poverty schools than district average — tighter screening recommended.
• Market conditions: Rents rising (+1.8%/yr); 693 active listings in the ZIP; 1 comparable units currently listed for rent nearby; solid renter incomes; 3,129 units permitted in Spartanburg County in 2024 (40 in 5+ unit buildings).
• Spartanburg County population projected at +18% by 2050 — long-run rental-demand tailwind backs the buy-and-hold thesis.
• 3 sale attempts; this cycle's ask has dropped $33k (10%) from the opening price — seller is motivated, your offer sets the floor, not the list.
• This rent runs 31% of the median local income ($76k/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 113 days. Have you received any prior offers? Is the seller open to a 33% 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?
• 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.
• Schools are B-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?
• 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.