319 N Arnold St

Pageland, SC 29728

$160,000D

2 bd · 1.0 ba · 672 sqft · Built 1977 · Other · Active · 146 DOM

Cashflow @ list (25.0% down · 7.5%)

• Estimated rent: $1,255/mo
• Mortgage (P&I): −$839
• Tax + insurance: −$267
• HOA: −$0
• Vac / Maint / Mgmt: −$264
• Net cashflow: $-114/mo
• Annual: $-1,373/yr
• Cap rate: 5.43%
• Cash-on-cash: -3.07%
• DSCR: 0.86
• 1% rule: 0.78%
• Cash to close: $44,800

Investor read

• This is a 2-bed/1.0-bath other listed at $160k.
• At list price, monthly cash flow is $-114 ($-1k/yr) — negative.
• To cash-flow at today's rent, offer at most $143k (10.3% below list).
• To meet the 1% rule (rent ≥ 1% of price), the offer needs to be $125k (21.6% below list).
• It's been on market 146 days — a 12% lower offer ($141k) is reasonable based on typical stale-listing flexibility.
• Recommended offer: $125k (21.6% below list) — sets the bar for 1% rule.
• In year one you build about $17k of equity ($1k loan paydown + $16k appreciation (10.0% local appreciation)).
• Location reads 52/100 on livability (#352 in SC) — a working-class tenant base; expect higher turnover. Strengths: cost of living A+, housing A+; Watch: crime F, amenities F, commute F.
• Chesterfield 01 (rural): math 25% / reading 36% proficiency, ranked #55 of 80 in SC (top 69%) — families likely to look elsewhere, expect single-tenant / working-renter base with shorter leases; 63% free/reduced lunch — lower-income household profile, screen leases tightly.
• Zoned schools: Petersburg Primary (434 students, 100% FRL); New Heights Middle (math 11% / reading 23%, grade F, #191 of 229 statewide, top 85%, 531 students, 100% FRL); Central High (math 27% / reading 72%, grade D, #151 of 196 statewide, top 79%, 644 students, 100% FRL) — zoned schools average 100% FRL vs 63% district-wide (37 pts higher); higher-poverty schools than district average — tighter screening recommended.
• Market conditions: 118 active listings in the ZIP; 145 units permitted in Chesterfield County in 2024 (10 in 5+ unit buildings).
• Chesterfield County population projected at -17% by 2050 — secular population decline; favor cash flow + early exit over multi-decade hold.
• 2 sale attempts since 3y ago; this cycle's ask has dropped $10k (6%) from the opening price — seller is motivated, your offer sets the floor, not the list.
• By year 3, paydown + projected appreciation supports a ~$43k cash-out refi (75% LTV) — recoverable capital for the next deal without selling this one.
• Cap rate 5.4% vs local median 4.0% in Pageland — 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.

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 146 days. Have you received any prior offers? Is the seller open to a 22% concession, seller financing, or rate buy-down credit?
• Built in 1977 — when were the roof, HVAC, electrical panel, plumbing, and water heater last replaced?
• 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 F-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?