Ashgrove Plan

Woodruff, SC 29388

$209,990F

3 bd · 2.0 ba · 1,100 sqft · Built — · SingleFamily · Active · 202 DOM

Cashflow @ list (25.0% down · 7.5%)

• Estimated rent: $1,276/mo
• Mortgage (P&I): −$1,224
• Tax + insurance: −$389
• HOA: −$0
• Vac / Maint / Mgmt: −$268
• Net cashflow: $-605/mo
• Annual: $-7,260/yr
• Cap rate: 3.18%
• Cash-on-cash: -11.11%
• DSCR: 0.51
• 1% rule: 0.55%
• Cash to close: $65,365

Investor read

• This is a 3-bed/2.0-bath single-family listed at $210k. Condition is rated good.
• At list price, monthly cash flow is $-605 ($-7k/yr) — negative.
• To cash-flow at today's rent, offer at most $146k (30.5% below list).
• To meet the 1% rule (rent ≥ 1% of price), the offer needs to be $128k (39.2% below list).
• It's been on market 202 days — a 12% lower offer ($185k) is reasonable based on typical stale-listing flexibility.
• Recommended offer: $128k (39.2% 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 $7k of value loss. Plan a longer hold.
• Location reads 65/100 on livability (#135 in SC) — a middle-class / working-renter tenant base. Strengths: cost of living A+, health & safety A+, crime A; Watch: amenities D+, commute F, employment F.
• Spartanburg 04 (town): math 47% / reading 45% proficiency, ranked #23 of 80 in SC (top 29%) — families likely to look elsewhere, expect single-tenant / working-renter base with shorter leases.
• Zoned schools: Woodruff Primary (780 students, 100% FRL); Woodruff Middle (math 42% / reading 38%, grade F, #78 of 229 statewide, top 35%, 686 students, 78% FRL); Woodruff High (math 67% / reading 82%, grade B+, #38 of 196 statewide, top 20%, 788 students, 73% FRL) — zoned schools average 84% FRL vs 54% district-wide (30 pts higher); higher-poverty schools than district average — tighter screening recommended.
• Market conditions: 949 active listings in the ZIP; 6 comparable units currently listed for rent nearby; rentals at typical pace (median 16d on market — plan ~3-4 weeks tenant-placement turnaround); 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.

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 202 days. Have you received any prior offers? Is the seller open to a 39% concession, seller financing, or rate buy-down credit?
• 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.
• 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.
• 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.