103 Millbank Rd · Startex, SC 29385

$100,000

2 bd · 1.0 ba · 720 sqft · Manufactured public records · 35 Days on market

Built 1973 10,018 sqft lot

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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 +26.5/30.0
• DSCR +9.0/10.0
• ARV discount +7.5/15.0
• 1% rule +7.1/10.0
• Schools +4.1/10.0
• Livability +3.0/5.0
• Rent growth +2.5/5.0
• Condition / age +2.5/5.0
• Appreciation +0.0/10.0

Listing remarks

Attention Investors & Cash Buyers! Great opportunity to add to your rental portfolio or renovate for resale. This single-wide mobile home located at 103 Mill Bank Rd in Wellford offers plenty of potential for the right buyer. Property needs repairs and updates and is being sold as-is. Ideal for investors, flippers, or buyers looking for an affordable project. Conveniently located near shopping, dining, and major highways. Bring your vision and make this property shine again! Don’t miss this opportunity to unlock the potential of this property!

Key facts

• Sold as-is
• 0.23 acre lot
• Listed 35 days

Tags

• LOCATED AT 103 MILL BANK RD
• NEEDS REPAIRS AND UPDATES
• SOLD AS-IS

Property features AI

Finance

• HOA & community: No HOA fees or community amenities

Exterior

• Parking: Driveway parking; Gravel driveway; No garage
• Utilities: Public water; Septic sewer; Public garbage pickup; Electric power
• Home design: Single-story home; Approximately 50+ years old; Level lot; Lot size: 1/2 acre or less
• Construction: Foundation: Other (see remarks); Roof: Other (see remarks); Outbuilding for storage
• Exterior features: Aluminum siding; Partial brick veneer; Other exterior features (see remarks)

Interior

• Kitchen: Kitchen about 11 x 12; Refrigerator; Electric cooktop; Laminate countertops
• Bedrooms: Primary bedroom features: Other/See Remarks; Primary bedroom size about 11 x 10; Second bedroom size about 11 x 9
• Flooring: Laminate flooring
• Bathrooms: One full bathroom (located on the main level)
• Heating & cooling: Electric heating system; Electric cooling
• Interior features: Laminate countertops; No fireplace; Refrigerator; Electric cooktop; Laminate flooring
• Laundry & utility: Laundry on the first floor in a closet-style space; Electric water heater

What this means for you Summary

Snapshot

• This is a 2-bed/1.0-bath manufactured listed at $100k.

Deal economics

• At list price, monthly cash flow is $263 ($3k/yr) — positive.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($1k rent vs $100k).
• Recommended offer: $97k (3.0% below list) — sets the bar for market timing.

Location & tenants

• Location reads 59/100 on livability (#243 in SC) — a working-class tenant base; expect higher turnover. Strengths: cost of living A+, health & safety A+, housing A-; Watch: schools F, crime F, amenities 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.
• Market conditions: 164 active listings in the ZIP; 3,129 units permitted in Spartanburg County in 2024 (40 in 5+ unit buildings).

Forward outlook

• Local home prices are declining (-3.0%/yr); year-one equity from $691 of loan paydown is wiped out by about $3k 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.
• At projected returns (-3.0% appreciation + 3.0% rent growth), your $28k cash investment doubles in ~10 years — after that, you're playing with house money.

Negotiation context

• It's been on market 35 days — a 3% lower offer ($97k) is reasonable based on typical stale-listing flexibility.

Risks & watch-outs

• 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 $97,000 (3.0% below list)

Questions for the listing agent

1. It's been on market 35 days. Have you received any prior offers? Is the seller open to a 3% concession, seller financing, or rate buy-down credit?
2. Built in 1973 — when were the roof, HVAC, electrical panel, plumbing, and water heater last replaced?
3. Is there a deadline driving the sale (1031 exchange, divorce, estate, relocation)? That informs how much negotiation room exists.
4. 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?
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: 1.21% ✓
• Cap rate: 9.45%
• Cash-on-cash: 11.29%
• DSCR: 1.50
• GRM: 6.9

CMA / ARV

No comps found within radius.

Projected returns pro-forma

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

5-year hold

• IRR: 0.6%
• Equity multiple: 1.02×
• Total profit: $588
• Equity at exit: $14,910

10-year hold

• IRR: 10.2%
• Equity multiple: 1.79×
• Total profit: $22,185
• Equity at exit: $8,646

Cash invested: $28,000 (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 29385

• Home prices YoY: -24.8%
• Active inventory: 164
• Price-to-rent: 6.9×

Monthly cashflow live

• Estimated rent: $1,208 medium
• Mortgage (P&I): −$524
• Tax est. 1.5%: −$125 /mo · $1,500/yr
• Insurance: −$42
• HOA: −$0
• Vacancy / Maint / Mgmt: −$254
• Net cashflow: $263

Break-even live

Break-even rent $875

Max offer price $100,000

Occupancy floor 73%

Sensitivity live

Price	-10% $332	-5% $298	+0% $263	+5% $229	+10% $194
Rent	-10% $168	-5% $216	+0% $263	+5% $311	+10% $359
Rate	-1.0pp $314	-0.5pp $289	base $263	+0.5pp $237	+1.0pp $211

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: $25,000
• Closing costs: $3,000
• Reserves months: —
• Total cash needed: —

Listing history 15 events

1. 2026-06-18
   days on market $100,000 Active 35 DOM
2. 2026-06-17
   days on market $100,000 Active 34 DOM
3. 2026-06-16
   days on market $100,000 Active 33 DOM
4. 2026-06-15
   days on market $100,000 Active 32 DOM
5. 2026-06-14
   days on market $100,000 Active 30 DOM
6. 2026-06-13
   days on market $100,000 Active 29 DOM
7. 2026-06-10
   days on market $100,000 Active 27 DOM
8. 2026-06-09
   days on market $100,000 Active 26 DOM
9. 2026-06-08
   days on market $100,000 Active 25 DOM
10. 2026-06-07
    days on market $100,000 Active 24 DOM
11. 2026-06-02
    days on market $100,000 Active 19 DOM
12. 2026-06-01
    days on market $100,000 Active 18 DOM
13. 2026-05-31
    days on market $100,000 Active 17 DOM
14. 2026-05-30
    days on market $100,000 Active 16 DOM
15. 2026-05-13
    listed $100,000 Active

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

Climate risk First Street

• 🌊 Flood 1/10 Low FEMA zone X (unshaded) · 0% chance over 30 yrs
• 🔥 Wildfire 2/10 Low
• 🌡 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: $14,498
• − Mortgage interest: −$5,602
• − Property taxes: −$1,500
• − Insurance: −$500
• − Repairs & maintenance: −$1,160
• − Management: −$1,160
• − Depreciation: −$2,909
• Taxable income: $1,668
• Est. tax owed @ 24.0%: −$400
• After-tax cash flow: $2,760/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 05
• NCES district ID: 4503600
• Math proficiency: 45% ▼ -11.00%
• Reading proficiency: 51% ▬ 0.00%
• Median HH income: $52,127
• Composite: 41.31/100
• National rank: #3512
• State rank: #13 of 80 in SC

Livability — Startex

• Score: 59/100
• State rank: #243
• US rank: #20032

Category grades

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

Schools grade is shown separately in the Schools card above.

Census & demographics

• Population (ZIP): 7,809

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: Majority White (64%)
• Race & ethnicity: White 64% Black 20% Hispanic / Latino 8% Two or more races 8% Asian 2%
• Hispanic origin (detail): Mexican 4%
• Common ancestry: Slovak 2% Serbian 2% Iranian 1%
• Foreign-born: 5% · Canada, China, Jamaica
• Languages at home: 89% English-only · Spanish 5% Russian/Polish/Slavic 2% French/Haitian/Cajun 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: ▼ -77.91%
• Current HPI: 236.3191
• Rent YoY: —
• Metro: —
• 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

1 event — show timeline

• 2026-05-13 Listed $100,000 Greater Greenville MLS