904 Waverly Ave

Florence, SC 29501

$89,500B+

3 bd · 1.0 ba · 928 sqft · Built 1947 · SingleFamily · Active · 309 DOM

Cashflow @ list (25.0% down · 7.5%)

• Estimated rent: $1,435/mo
• Mortgage (P&I): −$469
• Tax + insurance: −$91
• HOA: −$0
• Vac / Maint / Mgmt: −$301
• Net cashflow: $573/mo
• Annual: $6,881/yr
• Cap rate: 13.98%
• Cash-on-cash: 27.46%
• DSCR: 2.22
• 1% rule: 1.60%
• Cash to close: $25,060

Investor read

• This is a 3-bed/1.0-bath single-family listed at $90k.
• At list price, monthly cash flow is $573 ($7k/yr) — positive.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($1k rent vs $90k).
• It's been on market 309 days — a 12% lower offer ($79k) is reasonable based on typical stale-listing flexibility.
• Recommended offer: $79k (12.0% below list) — sets the bar for market timing.
• Local home prices are declining (-3.0%/yr); year-one equity from $619 of loan paydown is wiped out by about $3k of value loss. Plan a longer hold.
• Location reads 62/100 on livability (#196 in SC) — a middle-class / working-renter tenant base. Strengths: cost of living A+, housing A+, health & safety B+; Watch: employment C-, crime F, amenities F.
• Florence 01 (urban): math 29% / reading 47% proficiency, ranked #34 of 80 in SC (top 42%) — families likely to look elsewhere, expect single-tenant / working-renter base with shorter leases.
• Zoned schools: Briggs Elementary (math 37% / reading 48%, grade F, #252 of 597 statewide, top 43%, 434 students, 73% FRL); Williams Middle (math 23% / reading 46%, grade F, #107 of 229 statewide, top 47%, 836 students, 100% FRL); Wilson High (math 52% / reading 75%, grade B-, #95 of 196 statewide, top 49%, 1,365 students, 100% FRL) — zoned schools average 91% FRL vs 57% district-wide (34 pts higher); higher-poverty schools than district average — tighter screening recommended.
• Watch-outs: built in 1947 — expect roof / HVAC / electrical / plumbing capex.
• Market conditions: Rents rising fast (+4.7%/yr); 328 active listings in the ZIP; 657 units permitted in Florence County in 2024 (40 in 5+ unit buildings).
• 3 sale attempts since 11y ago; this cycle's ask has dropped $26k (22%) from the opening price — seller is motivated, your offer sets the floor, not the list.
• Current owner paid $54k; list at $90k implies a 67% gain — meaningful room to come down on a strong offer.
• At projected returns (-3.0% appreciation + 4.7% rent growth), your $25k cash investment doubles in ~5 years — after that, you're playing with house money.
• Climate carrying-cost: severe wind risk, 80% chance of damaging wind over 30y; extreme-heat days projected 7→16/yr by 2055 (HVAC capex compounding) — expect insurance premiums to compound above CPI over the hold.
• Cap rate 14.0% vs local median 3.5% in Florence — 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

• It's been on market 309 days. Have you received any prior offers? Is the seller open to a 12% concession, seller financing, or rate buy-down credit?
• Built in 1947 — 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.
• 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?
• 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.