102 Pine St

Laurens, SC 29360

$66,000B-

1 bd · None ba · 1,700 sqft · Built — · Other · Active · 122 DOM

Cashflow @ list (25.0% down · 7.5%)

• Estimated rent: $1,211/mo
• Mortgage (P&I): −$346
• Tax + insurance: −$132
• HOA: −$0
• Vac / Maint / Mgmt: −$254
• Net cashflow: $479/mo
• Annual: $5,753/yr
• Cap rate: 16.22%
• Cash-on-cash: 35.45%
• DSCR: 2.58
• 1% rule: 1.84%
• Cash to close: $18,480

Investor read

• This is a 1-bed/?-bath other listed at $66k.
• At list price, monthly cash flow is $479 ($6k/yr) — positive.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($1k rent vs $66k).
• It's been on market 122 days — a 12% lower offer ($58k) is reasonable based on typical stale-listing flexibility.
• Recommended offer: $58k (12.0% below list) — sets the bar for market timing.
• Local home prices are declining (-3.0%/yr); year-one equity from $456 of loan paydown is wiped out by about $2k of value loss. Plan a longer hold.
• Location reads 68/100 on livability (#79 in SC) — a middle-class / working-renter tenant base. Strengths: cost of living A+, housing A+, health & safety A+; Watch: amenities D+, employment D, crime F.
• Laurens 55 (rural): math 20% / reading 29% proficiency, ranked #63 of 80 in SC (top 79%) — low school quality limits family demand, transient renter base, plan for 1-2y turnover; 62% free/reduced lunch — lower-income household profile, screen leases tightly.
• Zoned schools: Ford Elementary (math 12% / reading 17%, grade F, #553 of 597 statewide, top 95%, 416 students, 100% FRL) — zoned schools average 100% FRL vs 62% district-wide (38 pts higher); higher-poverty schools than district average — tighter screening recommended.
• Watch-outs: flood insurance adds $66/mo.
• Market conditions: 153 active listings in the ZIP; 621 units permitted in Laurens County in 2024 (0 in 5+ unit buildings).
• Laurens County population projected to shrink 7% by 2050 — rents likely to lag national; underwrite the cash flow, not the appreciation.
• Current owner paid $25k; list at $66k implies a 164% gain — meaningful room to come down on a strong offer.
• At projected returns (-3.0% appreciation + 3.0% rent growth), your $18k cash investment doubles in ~4 years — after that, you're playing with house money.
• Climate carrying-cost: major flood risk; extreme-heat days projected 7→16/yr by 2055 (HVAC capex compounding) — expect insurance premiums to compound above CPI over the hold.
• Cap rate 16.2% vs local median 3.5% in Laurens — 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 122 days. Have you received any prior offers? Is the seller open to a 12% concession, seller financing, or rate buy-down credit?
• What's the actual annual flood-insurance premium (NFIP or private), and is the property in a SFHA with mandatory coverage?
• 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?
• 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.