250/254 Brewton Rd Unit ***

Wellford, SC 29301

$425,000C

6 bd · 0.0 ba · 3,000 sqft · Built 2026 · MultiFamily · Active · 43 DOM

Cashflow @ list (25.0% down · 7.5%)

• Estimated rent: $4,754/mo
• Mortgage (P&I): −$2,229
• Tax + insurance: −$708
• HOA: −$0
• Vac / Maint / Mgmt: −$998
• Net cashflow: $819/mo
• Annual: $9,823/yr
• Cap rate: 8.60%
• Cash-on-cash: 8.25%
• DSCR: 1.37
• 1% rule: 1.12%
• Cash to close: $119,000

Investor read

• This is a 3 × 3-bed/2-bath units multifamily listed at $425k. Condition is rated excellent.
• At list price, monthly cash flow is $819 ($10k/yr) — positive. Per door: $273/mo.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($5k rent vs $425k).
• It's been on market 43 days — a 3% lower offer ($412k) is reasonable based on typical stale-listing flexibility.
• Recommended offer: $412k (3.0% below list) — sets the bar for market timing.
• Local home prices are declining (-3.0%/yr); year-one equity from $3k of loan paydown is wiped out by about $13k of value loss. Plan a longer hold.
• Location reads 70/100 on livability (#59 in SC) — a middle-class / working-renter tenant base. Strengths: crime A+, cost of living A+, housing A+; Watch: employment C-, amenities F, commute F.
• Spartanburg 05 (suburban): math 45% / reading 51% proficiency, ranked #13 of 80 in SC (top 16%) — families likely to look elsewhere, expect single-tenant / working-renter base with shorter leases.
• Zoned schools: River Ridge Elementary (math 53% / reading 48%, grade D+, #160 of 597 statewide, top 27%, 778 students, 64% FRL); Florence Chapel Middle (math 43% / reading 52%, grade C-, #42 of 229 statewide, top 18%, 859 students, 53% FRL); James F. Byrnes High (math 31% / reading 75%, grade C-, #140 of 196 statewide, top 72%, 2,217 students, 56% FRL) — zoned schools average 58% FRL vs 39% district-wide (18 pts higher); higher-poverty schools than district average — tighter screening recommended.
• Market conditions: Rents soft (-2.6%/yr); 465 active listings in the ZIP; 3,129 units permitted in Spartanburg County in 2024 (40 in 5+ unit buildings).
• Spartanburg County population projected at +18% by 2050 — long-run rental-demand tailwind backs the buy-and-hold thesis.
• Climate carrying-cost: extreme-heat days projected 7→16/yr by 2055 (HVAC capex compounding) — expect insurance premiums to compound above CPI over the hold.
• Cap rate 8.6% vs local median 3.8% in Wellford — 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.
• At $4,754/mo this rent would consume 99% of the median local household income ($58k/yr) (locally 1331% of renters already pay >50% of income on rent) — very limited rent-growth headroom before tenants either downsize or default.

Questions for listing agent

• It's been on market 43 days. Have you received any prior offers? Is the seller open to a 3% concession, seller financing, or rate buy-down credit?
• Can we see the unit-by-unit rent roll, current vacancy, and any below-market leases? What's the average tenancy length?
• What capital expenditures (roof, boiler, parking lot, exteriors) have been made in the last 5 years, and what's planned in the next 2?
• Is there a deadline driving the sale (1031 exchange, divorce, estate, relocation)? That informs how much negotiation room exists.
• 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?
• 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 apartment / multifamily construction is in the pipeline within 1–3 miles? Heavy new supply (>2% of stock underway) typically softens rents 12–24 months out; light construction supports rent growth.