118 Wellington Rd · Startex, SC 29385

$124,875

4 bd · 2.0 ba · 1,960 sqft · Manufactured public records

Built 1983 Est $165k · 24% under

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Why this score? — see what drove the B 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 +29.4/30.0
• ARV discount +15.0/15.0
• DSCR +10.0/10.0
• 1% rule +8.2/10.0
• 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

Move-in ready de-titled double wide in Brookside Village, conveniently located just off Hwy 29 and I-85. This spacious 4-bedroom, 2-bath home features an open floor plan with a split-bedroom design, offering privacy with the primary suite on one side and three additional bedrooms on the other. The kitchen provides ample cabinet space and comes fully equipped with all appliances, plus a dedicated laundry room with washer and dryer included. Enjoy outdoor living with a covered front porch—perfect for relaxing—and a rear deck for entertaining or soaking up the sun. Situated on a fenced lot, the property also includes two large storage buildings—ideal for tools, hobbies, or ad

Key facts

• Built 1983

Property features AI

Finance

• Other: Approximately 1,960 finished/heated square feet; Lot size 1/2 acre or less; Residential property — discovery required
• HOA & community: No HOA fees

Exterior

• Parking: Driveway with gravel surface; No garage
• Security: Owned security system
• Utilities: Public water; Electric water heater; Public sewer; Private garbage pickup
• Home design: Single-story residence; Built in 1984
• Construction: Hardboard siding exterior; Architectural roof; Foundation: Other (see remarks)
• Exterior features: Front porch; Deck; Some storm windows; Thermal windows; Fenced yard; Level lot with some trees; Underground utilities; Outbuilding for storage

Interior

• Kitchen: Dishwasher; Microwave; Electric cooktop; Electric oven (including self-cleaning); Stand-alone electric range; Range hood; Refrigerator
• Bedrooms: Primary bedroom on main level with full bath, tub/shower and walk-in closet (approx. 15 x 12); Bedroom 2 approx. 10 x 12; Bedroom 3 approx. 10 x 11; Bedroom 4 approx. 10 x 12; 4 bedrooms on the main level
• Flooring: Carpet; Laminate flooring; Vinyl
• Bathrooms: 2 full bathrooms (both on main level)
• Heating & cooling: Electric heating; Forced air; Heat pump; Central forced cooling; Electric cooling; Heat pump cooling
• Interior features: Cable available; Ceiling fan(s); Open floor plan; Owned security system; Walk-in closets; Laminate countertops
• Laundry & utility: Laundry on first floor; Washer connection; Electric dryer hookup

What this means for you Summary

Snapshot

• This is a 4-bed/2.0-bath manufactured listed at $125k.

Deal economics

• At list price, monthly cash flow is $441 ($5k/yr) — positive.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($2k rent vs $125k).

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: crime F, 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); Berry Shoals Intermediate (math 54% / reading 48%, grade C, #36 of 229 statewide, top 16%, 902 students, 56% 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 59% FRL vs 39% district-wide (19 pts higher); higher-poverty schools than district average — tighter screening recommended.
• Market conditions: 166 active listings in the ZIP; 2 comparable units currently listed for rent nearby; 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 $863 of loan paydown is wiped out by about $4k 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 $35k cash investment doubles in ~8 years — after that, you're playing with house money.

Negotiation context

• Only 0 days on market — expect competitive offers; lowballing is unlikely to land.

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 $124,875

Questions for the listing agent

1. Is there a deadline driving the sale (1031 exchange, divorce, estate, relocation)? That informs how much negotiation room exists.
2. 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?
3. 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?
4. 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.
5. 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.
6. 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: 1.32% ✓
• Cap rate: 10.53%
• Cash-on-cash: 15.14%
• DSCR: 1.67
• GRM: 6.3

CMA / ARV

• ARV (on-the-fly): $164,640
• Comps found: 2

Show comp detail 2 sales within ~0.75 mi

Address	Dist	Beds/Ba	Sqft	Sold	Price	$/sf	Match
118 Wellington Rd	0.00mi	4/2.0	1,858 (-5%)	1mo	$138,000	$74	91
8 Doby Ct	0.26mi	4/2.0	1,904 (-3%)	4mo	$159,900	$84	80

Match score weights: distance 35% · size 25% · config 20% · recency 20%. Top-matched comps best support the ARV.

Projected returns pro-forma

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

5-year hold

• IRR: 5.8%
• Equity multiple: 1.23×
• Total profit: $7,889
• Equity at exit: $18,619

10-year hold

• IRR: 15.2%
• Equity multiple: 2.23×
• Total profit: $43,154
• Equity at exit: $10,797

Cash invested: $34,965 (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: 166
• Price-to-rent: 6.3×

Monthly cashflow live

• Estimated rent: $1,651 medium
• Mortgage (P&I): −$655
• Tax est. 1.5%: −$156 /mo · $1,873/yr
• Insurance: −$52
• HOA: −$0
• Vacancy / Maint / Mgmt: −$347
• Net cashflow: $441

Break-even live

Break-even rent $1,092

Max offer price $124,875

Occupancy floor 68%

Sensitivity live

Price	-10% $527	-5% $484	+0% $441	+5% $398	+10% $355
Rent	-10% $311	-5% $376	+0% $441	+5% $506	+10% $572
Rate	-1.0pp $504	-0.5pp $473	base $441	+0.5pp $409	+1.0pp $376

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: $31,219
• Closing costs: $3,746
• Reserves months: —
• Total cash needed: —

Rent comps 2 comps

Address	Beds	Baths	Sqft	Rent	$/sqft	DOM	Units	Dist
32 Apricot Ln Duncan, SC	3.0	2.5	1498	$1,550	$1.03	22d	1	1.10mi
25 Apricot Ln Duncan, SC	3.0	2.5	1549	$1,750	$1.13	15d	1	1.12mi

Listing history 3 events

1. 2026-06-10
   statusdays on marketlisting id $124,875 Under Contract
2. 2026-03-24
   historical Contingency Contract
3. 2026-03-18
   listed $124,875 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 3/10 Moderate
• 🌡 Heat 6/10 Major 7 d/yr ≥105°F today · 17 d/yr by 30 yrs out
• 💨 Wind 2/10 Low 100% 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: $19,810
• − Mortgage interest: −$6,995
• − Property taxes: −$1,873
• − Insurance: −$624
• − Repairs & maintenance: −$1,585
• − Management: −$1,585
• − Depreciation: −$3,633
• Taxable income: $3,515
• Est. tax owed @ 24.0%: −$844
• After-tax cash flow: $4,451/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

2 events — show timeline

• 2026-03-24 Contingent — Greater Greenville MLS
• 2026-03-18 Listed $124,875 Greater Greenville MLS