1050 Shirley Dr

Anderson, SC 29621

$424,990F

4 bd · 3.0 ba · 2,411 sqft · Built — · SingleFamily · Active · 127 DOM

Cashflow @ list (25.0% down · 7.5%)

• Estimated rent: $1,932/mo
• Mortgage (P&I): −$2,229
• Tax + insurance: −$708
• HOA: −$42
• Vac / Maint / Mgmt: −$406
• Net cashflow: $-1,453/mo
• Annual: $-17,436/yr
• Cap rate: 2.19%
• Cash-on-cash: -14.65%
• DSCR: 0.35
• 1% rule: 0.45%
• Cash to close: $118,997

Investor read

• This is a 4-bed/3.0-bath single-family listed at $425k. Condition is rated excellent.
• At list price, monthly cash flow is $-1k ($-17k/yr) — negative.
• To cash-flow at today's rent, offer at most $215k (49.5% below list).
• To meet the 1% rule (rent ≥ 1% of price), the offer needs to be $193k (54.5% below list).
• It's been on market 127 days — a 12% lower offer ($374k) is reasonable based on typical stale-listing flexibility.
• Recommended offer: $193k (54.5% below list) — sets the bar for 1% rule.
• Local home prices are declining (-3.0%/yr); year-one equity from $3k of loan paydown is wiped out by about $13k of value loss. Plan a longer hold.
• Location reads 67/100 on livability (#98 in SC) — a middle-class / working-renter tenant base. Strengths: cost of living A+, health & safety A+, housing B+; Watch: amenities C-, crime F, commute F.
• Anderson 02 (rural): math 46% / reading 52% proficiency, ranked #16 of 80 in SC (top 20%) — families likely to look elsewhere, expect single-tenant / working-renter base with shorter leases.
• Zoned schools: Wright Elementary (math 77% / reading 57%, grade B+, #45 of 597 statewide, top 8%, 193 students, 77% FRL); Belton Middle (math 37% / reading 46%, grade F, #68 of 229 statewide, top 31%, 495 students, 77% FRL); Belton Honea Path High (math 58% / reading 86%, grade B+, #48 of 196 statewide, top 26%, 1,097 students, 67% FRL) — zoned schools average 73% FRL vs 46% district-wide (27 pts higher); higher-poverty schools than district average — tighter screening recommended.
• Market conditions: Rents rising fast (+6.5%/yr); 1120 active listings in the ZIP; 1,255 units permitted in Anderson County in 2024 (0 in 5+ unit buildings).
• Anderson County population projected at +14% by 2050 — modest demand growth; plan on rents tracking national, not racing it.
• 3 sale attempts with the ask held roughly flat each time — persistent listings suggest the price (not the market) is what's stuck; bring a comps-based counter.
• Cap rate 2.2% vs local median 3.2% in Anderson — below-typical yield; the buyer is paying a premium for something (appreciation thesis, condition, location) that the cap rate doesn't capture.
• This rent runs 31% of the median local income ($74k/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 127 days. Have you received any prior offers? Is the seller open to a 55% 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 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?