1604 Dalloz Rd Unit B

Forest Acres, SC 29204

$109,900D

2 bd · 1.0 ba · 1,143 sqft · Built 1966 · Condo · Active · 80 DOM

Cashflow @ list (25.0% down · 7.5%)

• Estimated rent: $1,329/mo
• Mortgage (P&I): −$576
• Tax + insurance: −$183
• HOA: −$307
• Vac / Maint / Mgmt: −$279
• Net cashflow: $-17/mo
• Annual: $-202/yr
• Cap rate: 6.11%
• Cash-on-cash: -0.66%
• DSCR: 0.97
• 1% rule: 1.21%
• Cash to close: $30,772

Investor read

• This is a 2-bed/1.0-bath condo listed at $110k.
• At list price, monthly cash flow is $-17 ($-202/yr) — negative.
• To cash-flow at today's rent, offer at most $107k (2.2% below list).
• Meets the 1% rule at list price ($1k rent vs $110k).
• It's been on market 80 days — a 6% lower offer ($103k) is reasonable based on typical stale-listing flexibility.
• Recommended offer: $103k (6.0% below list) — sets the bar for market timing.
• Local home prices are declining (-3.0%/yr); year-one equity from $760 of loan paydown is wiped out by about $3k of value loss. Plan a longer hold.
• Location reads 73/100 on livability (#39 in SC) — a middle-class / working-renter tenant base. Strengths: housing A+, cost of living A, employment A-; Watch: crime D, amenities F, commute F.
• Richland 01 (urban): math 26% / reading 36% proficiency, ranked #54 of 80 in SC (top 68%) — families likely to look elsewhere, expect single-tenant / working-renter base with shorter leases; 64% free/reduced lunch — lower-income household profile, screen leases tightly.
• Zoned schools: Bradley Elementary (math 22% / reading 32%, grade F, #421 of 597 statewide, top 73%, 437 students, 100% FRL); Crayton Middle (math 48% / reading 64%, grade B-, #23 of 229 statewide, top 10%, 905 students, 100% FRL); A. C. Flora High (math 42% / reading 92%, grade B, #73 of 196 statewide, top 41%, 1,352 students, 100% FRL) — zoned schools average 100% FRL vs 64% district-wide (36 pts higher); higher-poverty schools than district average — tighter screening recommended.
• Zoned-school proficiency averages 50% at this address vs 31% district-wide (+19 pts) — the actual schools serving this property are materially stronger than the Richland 01 average implies; a family-tenant draw the district grade alone would hide.
• Watch-outs: HOA is 23% of rent.
• Market conditions: Rents rising fast (+4.7%/yr); 115 active listings in the ZIP; 15 comparable units currently listed for rent nearby; rentals at typical pace (median 26d on market — plan ~3-4 weeks tenant-placement turnaround); 3,472 units permitted in Richland County in 2024 (1,096 in 5+ unit buildings).
• Richland County population projected at +30% by 2050 — long-run rental-demand tailwind backs the buy-and-hold thesis.
• Current owner paid $73k; list at $110k implies a 51% gain — meaningful room to come down on a strong offer.
• This rent runs 32% of the median local income ($50k/yr) — at the standard rent-burdened threshold; future hikes will face affordability resistance.

Questions for listing agent

• What do current leases actually rent for vs. the listed asking? Can we see a recent rent roll and the last 12 months of T-12 income?
• It's been on market 80 days. Have you received any prior offers? Is the seller open to a 6% concession, seller financing, or rate buy-down credit?
• Built in 1966 — when were the roof, HVAC, electrical panel, plumbing, and water heater last replaced?
• What does the HOA fee cover, when was the last increase, and are there any pending special assessments or reserve-fund shortfalls?
• Any open or pending special assessments — roof, HVAC, plumbing, elevator, façade? What's the per-unit balance and payoff schedule, and is the seller paying it off at close or rolling it to the buyer?
• 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 A-rated — typically a magnet for longer-tenancy family renters. What's the average tenant stay here, and is there a school-zone premium baked into asking?