4451 Grissom Rd · Spartanburg, SC 29301

$175,600

4 bd · 3.0 ba · 2,470 sqft · SingleFamily public records · 1 Days on market

Built 1973 0.40 ac lot Est $333k · 47% under

---

Why this score? — see what drove the C grade

The composite is a weighted blend of 9 inputs, each scored 0–100. Each bar is that input's sub-score; the figure is the points it added to the 100-point composite (weight × sub-score).

• Cash flow +19.9/30.0
• ARV discount +15.0/15.0
• 1% rule +6.4/10.0
• DSCR +6.3/10.0
• Livability +3.8/5.0
• Schools +3.2/10.0
• Condition / age +2.5/5.0
• Rent growth +1.8/5.0
• Appreciation +0.0/10.0

Listing remarks

4 bedroom, 2.5 bath home for sale in Spartanburg SC.

Key facts

• 0.4 acre lot
• 2 garage spots
• Built 1973

What this means for you Summary

Snapshot

• This is a 4-bed/3.0-bath single-family listed at $176k.

Deal economics

• At list price, monthly cash flow is $211 ($3k/yr) — positive.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($2k rent vs $176k).
• Cap rate 7.7% vs local median 3.9% in Spartanburg — 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.

Location & tenants

• Location reads 76/100 on livability (#24 in SC, #3,679 nationally) — a middle-class / working-renter tenant base. Strengths: amenities A+, commute A+, cost of living A+; Watch: crime F, employment F.
• Spartanburg 06 (suburban): math 33% / reading 42% proficiency, ranked #35 of 80 in SC (top 44%) — families likely to look elsewhere, expect single-tenant / working-renter base with shorter leases.
• Zoned schools: R. P. Dawkins Middle (math 38% / reading 44%, grade F, #72 of 229 statewide, top 32%, 862 students, 76% FRL); Dorman High (math 46% / reading 78%, grade B-, #99 of 196 statewide, top 53%, 3,808 students, 75% FRL) — zoned schools average 76% FRL vs 48% district-wide (27 pts higher); higher-poverty schools than district average — tighter screening recommended.
• Zoned-school proficiency averages 52% at this address vs 38% district-wide (+14 pts) — the actual schools serving this property are materially stronger than the Spartanburg 06 average implies; a family-tenant draw the district grade alone would hide.
• Market conditions: Rents soft (-2.6%/yr); 466 active listings in the ZIP; 4 comparable units currently listed for rent nearby; rentals at typical pace (median 22d on market — plan ~3-4 weeks tenant-placement turnaround); 3,129 units permitted in Spartanburg County in 2024 (40 in 5+ unit buildings).
• This rent runs 42% of the median local income ($58k/yr) — at the standard rent-burdened threshold; future hikes will face affordability resistance.

Forward outlook

• Local home prices are declining (-3.0%/yr); year-one equity from $1k of loan paydown is wiped out by about $5k of value loss. Plan a longer hold.
• Spartanburg County population projected at +18% by 2050 — long-run rental-demand tailwind backs the buy-and-hold thesis.

Negotiation context

• Only 1 days on market — expect competitive offers; lowballing is unlikely to land.
• Current owner paid $142k; 24% above their basis — modest negotiation headroom, anchor on the comps not their cost.

Risks & watch-outs

• Watch-outs: property tax is 2.6% of price.
• Climate carrying-cost: extreme-heat days projected 7→17/yr by 2055 (HVAC capex compounding) — expect insurance premiums to compound above CPI over the hold.

Recommended offer $175,600

Questions for the listing agent

1. Built in 1973 — when were the roof, HVAC, electrical panel, plumbing, and water heater last replaced?
2. Property tax is high relative to price — has the assessment been appealed recently, and will the sale trigger a re-assessment?
3. Is there a deadline driving the sale (1031 exchange, divorce, estate, relocation)? That informs how much negotiation room exists.
4. 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?
5. 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?
6. 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.
7. 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.
8. 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.

Investment metrics

• 1% rule: 1.14% ✓
• Cap rate: 7.73%
• Cash-on-cash: 5.14%
• DSCR: 1.23
• GRM: 7.3

CMA / ARV

• ARV (on-the-fly): $333,450
• Comps found: 12

Show comp detail 12 sales within ~0.75 mi

Address	Dist	Beds/Ba	Sqft	Sold	Price	$/sf	Match
4207 Chaffee Rd	0.20mi	4/2.5	2,416 (-2%)	12mo	$260,000	$108	75
133 Hidden Ridge Dr	0.41mi	4/3.0	2,327 (-6%)	1mo	$350,000	$150	70
4244 Chaffee Rd	0.06mi	4/3.0	2,223 (-10%)	15mo	$284,500	$128	68
4391 Conrad Dr	0.21mi	5/2.5 (+1)	2,259 (-8%)	11mo	$264,500	$117	60
4217 Anderson Mill Rd Rd	0.47mi	4/3.0	2,755 (+12%)	4mo	$360,000	$131	55
1128 Grovewood Ct	0.58mi	3/2.5 (-1)	2,523 (+2%)	12mo	$313,000	$124	52
1464 Park Ter	0.73mi	3/2.5 (-1)	2,368 (-4%)	2mo	$349,900	$148	51
1708 Warrington Ct	0.68mi	3/2.5 (-1)	2,464 (-0%)	14mo	$365,000	$148	49
5221 Pogue St	0.68mi	4/3.0	2,610 (+6%)	13mo	$312,000	$120	48
1602 Burtonwood Dr	0.64mi	3/2.5 (-1)	2,553 (+3%)	14mo	$345,000	$135	46
412 Harrison Ln	0.59mi	5/3.0 (+1)	2,148 (-13%)	1mo	$333,000	$155	45
1658 Burtonwood Dr	0.73mi	4/2.5	2,266 (-8%)	11mo	$360,000	$159	41

Match score weights: distance 35% · size 25% · config 20% · recency 20%. Top-matched comps best support the ARV.

Projected returns pro-forma

-3.0% appreciation · 0.0% rent growth · sell at horizon

5-year hold

• IRR: -12.1%
• Equity multiple: 0.58×
• Total profit: $-20,786
• Equity at exit: $26,183

10-year hold

• IRR: -8.9%
• Equity multiple: 0.53×
• Total profit: $-23,030
• Equity at exit: $15,183

Cash invested: $49,168 (down + closing). Projections, not guarantees.

Landlord ↔ Tenant lean methodology

• Overall (STATE): 90 Strongly Landlord-Friendly
• State South Carolina: 90 Strongly Landlord-Friendly · R+6
• County: — inherits STATE
• City: — inherits STATE

5-day notice; preempted; landlord-favorable.

Methodology + full state rankings →

ZIP-level market 29301

• Home prices YoY: -25.3%
• Rents YoY: -2.6%
• Active inventory: 466
• Price-to-rent: 7.3×

Monthly cashflow live

• Estimated rent: $2,008 medium
• Mortgage (P&I): −$921
• Tax from tax record: −$382 /mo · $4,578/yr
• Insurance: −$73
• HOA: −$0
• Vacancy / Maint / Mgmt: −$422
• Net cashflow: $211

Break-even live

Break-even rent $1,741

Max offer price $175,600

Occupancy floor 84%

Sensitivity live

Price	-10% $310	-5% $260	+0% $211	+5% $161	+10% $111
Rent	-10% $52	-5% $131	+0% $211	+5% $290	+10% $369
Rate	-1.0pp $299	-0.5pp $255	base $211	+0.5pp $165	+1.0pp $119

UW: 25.0% down · 7.5% · 30yr · 1.5% tax · 5.0% vac · 8.0% maint · 8.0% mgmt

Financing live

Cash to close

• Down payment: $43,900
• Closing costs: $5,268
• Reserves months: —
• Total cash needed: —

Rent comps 4 comps

Address	Beds	Baths	Sqft	Rent	$/sqft	DOM	Units	Dist
807 Exley Ln Spartanburg, SC	2.0–3.0	2.5–3.0	1562	$1,764	$1.13	3d	10	0.30mi
1128 Grovewood Ct Moore, SC	3.0	2.5	2465	$2,300	$0.93	21d	1	0.58mi
130 Heather Dr Spartanburg, SC	3.0	3.0	2442	$2,200	$0.90	21d	1	1.23mi
736 Bent Hollow Ct Moore, SC	4.0	2.5	1850	$1,995	$1.08	14d	1	1.37mi

Listing history 3 events

1. 2025-07-30
   status Pending
2. 2025-07-29
   listed $175,600 Active
3. 2001-07-01
   soldstatus $141,900

ⓘ Source: listings_history table (triggers on properties + properties_extension) + one-shot backfill from property_details.listing_events for pre-trigger history.

Tax reassessment forecast SC · Resets to sale price

• Current annual tax: $4,578 · $382/mo
• Projected year-2 tax: $4,578 · $382/mo
• Expected delta: $0/yr ($0/mo · 0.0%)

ⓘ Screening estimate from a state-policy table — verify with the county assessor before closing.

Climate risk First Street

• 🌊 Flood 1/10 Low FEMA zone X (unshaded) · 0% chance over 30 yrs
• 🔥 Wildfire 3/10 Moderate
• 🌡 Heat 6/10 Major 7 d/yr ≥105°F today · 17 d/yr by 30 yrs out
• 💨 Wind 2/10 Low 2% chance of damaging wind over 30 yrs
• 🫁 Air quality 4/10 Moderate 4 unhealthy d/yr today · 5 by 30 yrs out

Taxation est. · year 1

• Rental income: $24,096
• − Mortgage interest: −$9,836
• − Property taxes: −$4,578
• − Insurance: −$878
• − Repairs & maintenance: −$1,928
• − Management: −$1,928
• − Depreciation: −$5,108
• Taxable loss: −$160
• Est. tax savings @ 24.0%: +$38
• After-tax cash flow: $2,568/yr

For passive investors: Depreciation is non-cash, so a rental often shows a tax loss while cash-flowing — sheltering income. Rental losses are passive: they offset passive income freely, and up to $25,000/yr can offset ordinary (W-2) income if you actively participate and your MAGI is under $100k (phasing out to $0 by $150k); unused losses carry forward. On sale, claimed depreciation is recaptured at up to 25%, and gains may owe capital-gains tax (a 1031 exchange can defer both). Figures are a year-1 estimate at your 24.0% rate — not tax advice; consult a CPA.

Schools (NCES district)

• District: Spartanburg 06
• NCES district ID: 4503630
• Math proficiency: 33% ▼ -8.00%
• Reading proficiency: 42% ▼ -2.00%
• Median HH income: $46,110
• Composite: 32.02/100
• National rank: #5827
• State rank: #35 of 80 in SC

Livability — Spartanburg

• Score: 76/100
• State rank: #24
• US rank: #3679

Category grades

Amenities A+ Commute A+ Cost of living A+ Crime F Employment F Housing A+ Health & safety A+ User ratings F

Schools grade is shown separately in the Schools card above.

Census & demographics

• County: Spartanburg County · 258,607 people
• City population: 120,406
• Metro: Spartanburg, SC
• Population (ZIP): 36,278
• Household income: $57,805
• Rent vs Own: 37.2% rent · 62.8% own
• Severe rent burden: 1331.0

Population outlook (Spartanburg County) Hauer SSP2

• Today (2025): 325,495 people
• By 2030: 338,800 · +4.1%
• By 2040: 363,471 · +11.7%
• By 2050: 384,156 · +18.0%
• By 2075: 430,137 · +32.1%
• By 2100: 442,733 · +36.0%

Race, ethnicity, and origin ACS 2023

• Neighborhood character: Diverse neighborhood (Simpson 0.67)
• Race & ethnicity: White 45% Black 32% Hispanic / Latino 13% Two or more races 9% Asian 5%
• Hispanic origin (detail): Mexican 7% Puerto Rican 2%
• Common ancestry: Slovak 2% Lithuanian 1% Italian 1%
• Foreign-born: 12% · Canada, China, Vietnam
• Languages at home: 83% English-only · Spanish 10% Other Indo-European 3% Other Asian/Pacific 1%

Political lean MEDSL · Spartanburg

• 2024 margin: Solid R (+33.6) · D 32.6% · R 66.2% · Other 1.2%
• 2008→2024 swing: -12.0pp toward R · 2008: -21.6pp · 2024: -33.6pp
• All cycles: 2024: R+33.6 2020: R+27.3 2016: R+30.0 2012: R+23.1 2008: R+21.6

Not yet ingested

• Civics: —

Market trends

• HPI YoY: ▼ -77.19%
• Current HPI: 228.4172
• Rent YoY: ▼ -2.64%
• Metro: Spartanburg, SC
• State GDP YoY: ▲ 4.51%
• F500 in state: 2

Industry mix (Fortune 500 HQ in SC)

Industry	F500 HQs	Revenue
▸Packaging	1	$7B

Price history

+23.7% since first listed

3 events — show timeline

• 2025-07-30 Pending — SPMLS
• 2025-07-29 Listed $175,600 SPMLS
• 2001-07-01 Sold (Public Records) $141,900 Public Records

Property tax history

+15.2%/yr

Latest (2025): $4,578 · +1.4% YoY. Source: county tax records.