840 Tess St

Burnettown, SC 29829

$281,900C+

4 bd · 2.5 ba · 2,110 sqft · Built 2026 · SingleFamily · Pending · 15 DOM

Cashflow @ list (25.0% down · 7.5%)

• Estimated rent: $2,921/mo
• Mortgage (P&I): −$1,478
• Tax + insurance: −$470
• HOA: −$33
• Vac / Maint / Mgmt: −$613
• Net cashflow: $327/mo
• Annual: $3,919/yr
• Cap rate: 7.68%
• Cash-on-cash: 4.97%
• DSCR: 1.22
• 1% rule: 1.04%
• Cash to close: $78,932

Investor read

• This is a 4-bed/2.5-bath single-family listed at $282k. Condition is rated excellent.
• At list price, monthly cash flow is $327 ($4k/yr) — positive.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($3k rent vs $282k).
• It's been on market 15 days — a 2% lower offer ($278k) is reasonable based on typical stale-listing flexibility.
• Recommended offer: $278k (1.5% below list) — sets the bar for market timing.
• In year one you build about $26k of equity ($2k loan paydown + $24k appreciation (8.4% local appreciation)).
• Location reads 64/100 on livability (#159 in SC) — a middle-class / working-renter tenant base. Strengths: crime A+, cost of living A+, housing A+; Watch: amenities F, commute F, employment D-.
• Aiken 01 (suburban): math 31% / reading 44% proficiency, ranked #36 of 80 in SC (top 45%) — families likely to look elsewhere, expect single-tenant / working-renter base with shorter leases.
• Zoned schools: Jefferson Elementary (math 34% / reading 34%, grade F, #359 of 597 statewide, top 60%, 557 students, 100% FRL); Midland Valley High (math 31% / reading 83%, grade C, #120 of 196 statewide, top 64%, 1,477 students, 62% FRL) — zoned schools average 81% FRL vs 54% district-wide (27 pts higher); higher-poverty schools than district average — tighter screening recommended.
• Market conditions: 299 active listings in the ZIP; 2 comparable units currently listed for rent nearby; solid renter incomes; 2,500 units permitted in Aiken County in 2024 (1,023 in 5+ unit buildings).
• Aiken County population projected at +9% by 2050 — modest demand growth; plan on rents tracking national, not racing it.
• 4 sale attempts; this cycle's ask has dropped $20k (6%) from the opening price — seller is motivated, your offer sets the floor, not the list.
• At projected returns (8.4% appreciation + 3.0% rent growth), your $79k cash investment doubles in ~3 years — after that, you're playing with house money.
• By year 2, paydown + projected appreciation supports a ~$41k cash-out refi (75% LTV) — recoverable capital for the next deal without selling this one.
• Cap rate 7.7% vs local median 5.5% in Burnettown — 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 42% of the median local income ($84k/yr) — at the standard rent-burdened threshold; future hikes will face affordability resistance.

Questions for listing agent

• 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?
• 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.
• 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.