825 Glen St

Walterboro, SC 29488

$199,000C-

3 bd · 2.0 ba · 980 sqft · Built 1986 · Manufactured · Active · 112 DOM

Cashflow @ list (25.0% down · 7.5%)

• Estimated rent: $2,116/mo
• Mortgage (P&I): −$1,044
• Tax + insurance: −$332
• HOA: −$0
• Vac / Maint / Mgmt: −$444
• Net cashflow: $296/mo
• Annual: $3,556/yr
• Cap rate: 8.08%
• Cash-on-cash: 6.38%
• DSCR: 1.28
• 1% rule: 1.06%
• Cash to close: $55,720

Investor read

• This is a 3-bed/2.0-bath manufactured listed at $199k.
• At list price, monthly cash flow is $296 ($4k/yr) — positive.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($2k rent vs $199k).
• It's been on market 112 days — a 9% lower offer ($181k) is reasonable based on typical stale-listing flexibility.
• Recommended offer: $181k (9.0% below list) — sets the bar for market timing.
• Local home prices are declining (-3.0%/yr); year-one equity from $1k of loan paydown is wiped out by about $6k of value loss. Plan a longer hold.
• Location reads 57/100 on livability (#269 in SC) — a working-class tenant base; expect higher turnover. Strengths: cost of living A+, health & safety A+, housing A-; Watch: crime F, amenities F, commute F.
• Colleton 01 (rural): math 13% / reading 28% proficiency, ranked #69 of 80 in SC (top 86%) — low school quality limits family demand, transient renter base, plan for 1-2y turnover; 69% free/reduced lunch — lower-income household profile, screen leases tightly.
• Zoned schools: Cottageville Elementary (math 16% / reading 27%, grade F, #487 of 597 statewide, top 82%, 465 students, 100% FRL); Colleton County Middle (math 8% / reading 18%, grade F, #210 of 229 statewide, top 93%, 1,121 students, 100% FRL); Colleton County High (math 28% / reading 80%, grade C-, #137 of 196 statewide, top 70%, 1,497 students, 100% FRL) — zoned schools average 100% FRL vs 69% district-wide (31 pts higher); higher-poverty schools than district average — tighter screening recommended.
• Market conditions: 223 active listings in the ZIP; 50 units permitted in Colleton County in 2024 (0 in 5+ unit buildings).
• Colleton County population projected at -28% by 2050 — secular population decline; favor cash flow + early exit over multi-decade hold.

Questions for listing agent

• It's been on market 112 days. Have you received any prior offers? Is the seller open to a 9% concession, seller financing, or rate buy-down credit?
• 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.
• 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.