689c Pinckney Rd

Gayle Mill, SC 29706

$45,000B-

2 bd · 1.0 ba · 764 sqft · Built 1920 · Other · Active · 44 DOM

Cashflow @ list (25.0% down · 7.5%)

• Estimated rent: $777/mo
• Mortgage (P&I): −$236
• Tax + insurance: −$69
• HOA: −$0
• Vac / Maint / Mgmt: −$163
• Net cashflow: $309/mo
• Annual: $3,707/yr
• Cap rate: 14.53%
• Cash-on-cash: 29.42%
• DSCR: 2.31
• 1% rule: 1.73%
• Cash to close: $12,600

Investor read

• This is a 2-bed/1.0-bath other listed at $45k.
• At list price, monthly cash flow is $309 ($4k/yr) — positive.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($777 rent vs $45k).
• It's been on market 44 days — a 3% lower offer ($44k) is reasonable based on typical stale-listing flexibility.
• Recommended offer: $44k (3.0% below list) — sets the bar for market timing.
• Local home prices are declining (-3.0%/yr); year-one equity from $311 of loan paydown is wiped out by about $1k of value loss. Plan a longer hold.
• Location reads 52/100 on livability (#353 in SC) — a working-class tenant base; expect higher turnover. Strengths: cost of living A+; Watch: schools F, crime F, amenities F.
• Chester 01 (rural): math 23% / reading 34% proficiency, ranked #59 of 80 in SC (top 74%) — low school quality limits family demand, transient renter base, plan for 1-2y turnover; 64% free/reduced lunch — lower-income household profile, screen leases tightly.
• Watch-outs: built in 1920 — expect roof / HVAC / electrical / plumbing capex.
• Market conditions: 193 active listings in the ZIP; 4 comparable units currently listed for rent nearby; rentals leasing fast (median 12d on market — plan ~1-2 weeks tenant-placement turnaround); 269 units permitted in Chester County in 2024 (0 in 5+ unit buildings).
• Chester County population projected at -24% by 2050 — secular population decline; favor cash flow + early exit over multi-decade hold.
• At projected returns (-3.0% appreciation + 3.0% rent growth), your $13k cash investment doubles in ~5 years — after that, you're playing with house money.
• Climate carrying-cost: major wind risk, 27% 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.

Questions for listing agent

• It's been on market 44 days. Have you received any prior offers? Is the seller open to a 3% concession, seller financing, or rate buy-down credit?
• Built in 1920 — when were the roof, HVAC, electrical panel, plumbing, and water heater last replaced?
• 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?
• 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.