159 Spring Lake Dr · Greenwood, SC 29649

$180,000

3 bd · 2.0 ba · 1,352 sqft · Manufactured public records · 48 Days on market

Built 2001 0.31 ac lot Est $170k · 6% over

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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 +25.8/30.0
• DSCR +8.6/10.0
• 1% rule +5.6/10.0
• ARV discount +5.0/15.0
• Livability +3.2/5.0
• Schools +2.9/10.0
• Rent growth +2.5/5.0
• Condition / age +2.5/5.0
• Appreciation +0.0/10.0

Listing remarks

Find your “home sweet home” in this charming 3-bedroom, 2-bathroom residence! Offering 1,358 square feet of comfortable living space, this home features a large front porch, private deck, and a spacious 8' x 10' storage shed. Enjoy peace of mind with major updates already completed, including a new roof (2024), new carpet (November 2025), and a brand-new HVAC system (2026). The seller is also offering a one-year home warranty. Conveniently located less than one mile from grocery stores and just four miles from downtown Greenwood, this home provides both comfort and accessibility. The Spring Lake subdivision features a beautiful 4.74-acre lake—perfect for fishing—with

Key facts

• Private deck
• Large front porch
• New carpet

Tags

• LARGE FRONT PORCH
• PRIVATE DECK
• SPACIOUS STORAGE SHED
• NEW ROOF
• NEW CARPET
• NEW HVAC SYSTEM

Property features AI

Exterior

• Security: Smoke detector(s)
• Utilities: Natural gas available; Sewer connected
• Home design: Manufactured home (single family detached)
• Construction: Stucco and vinyl siding construction
• Exterior features: Composition roof; Corner lot; Level lot; Shed(s); Stucco and vinyl siding

Interior

• Kitchen: Refrigerator
• Flooring: Carpet; Vinyl
• Bathrooms: 2 full bathrooms
• Heating & cooling: Central air (electric); Electric heating
• Interior features: Breakfast bar; Walk-in closet(s); Gas log fireplace
• Laundry & utility: Electric water heater

What this means for you Summary

Snapshot

• This is a 3-bed/2.0-bath manufactured listed at $180k.

Deal economics

• At list price, monthly cash flow is $438 ($5k/yr) — positive.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($2k rent vs $180k).
• Recommended offer: $175k (3.0% below list) — sets the bar for market timing.
• Cap rate 9.2% vs local median 3.6% in Greenwood — 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.

Location & tenants

• Location reads 63/100 on livability (#167 in SC) — a middle-class / working-renter tenant base. Strengths: cost of living A+, health & safety A+, housing A; Watch: amenities D, crime F, commute F.
• Greenwood 50 (town): math 31% / reading 39% proficiency, ranked #43 of 80 in SC (top 54%) — families likely to look elsewhere, expect single-tenant / working-renter base with shorter leases.
• Zoned schools: Merrywood Elementary (math 47% / reading 37%, grade F, #256 of 597 statewide, top 45%, 515 students, 100% FRL); Northside Middle (math 17% / reading 29%, grade F, #171 of 229 statewide, top 76%, 698 students, 100% FRL); Greenwood High (math 34% / reading 73%, grade C-, #138 of 196 statewide, top 70%, 1,730 students, 100% FRL) — zoned schools average 100% FRL vs 59% district-wide (41 pts higher); higher-poverty schools than district average — tighter screening recommended.
• Market conditions: 258 active listings in the ZIP; 193 units permitted in Greenwood County in 2024 (0 in 5+ unit buildings).
• This rent runs 42% of the median local income ($55k/yr) — at the standard rent-burdened threshold; future hikes will face affordability resistance.

Forward outlook

• Local home prices are declining (-3.0%/yr); year-one equity from $1k of loan paydown is wiped out by about $5k of value loss. Plan a longer hold.
• Greenwood County population projected to shrink 8% by 2050 — rents likely to lag national; underwrite the cash flow, not the appreciation.

Negotiation context

• It's been on market 48 days — a 3% lower offer ($175k) is reasonable based on typical stale-listing flexibility.
• 2 sale attempts with the ask held roughly flat each time — persistent listings suggest the price (not the market) is what's stuck; bring a comps-based counter.
• Current owner paid $84k; list at $180k implies a 114% gain — meaningful room to come down on a strong offer.

Risks & watch-outs

• Climate carrying-cost: moderate wind risk, 25% chance of damaging wind over 30y; extreme-heat days projected 7→17/yr by 2055 (HVAC capex compounding) — expect insurance premiums to compound above CPI over the hold.

Recommended offer $174,600 (3.0% below list)

Questions for the listing agent

1. It's been on market 48 days. Have you received any prior offers? Is the seller open to a 3% concession, seller financing, or rate buy-down credit?
2. Is there a deadline driving the sale (1031 exchange, divorce, estate, relocation)? That informs how much negotiation room exists.
3. 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?
4. 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?
5. 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.
6. 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.
7. 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: 1.06% ✓
• Cap rate: 9.22%
• Cash-on-cash: 10.44%
• DSCR: 1.46
• GRM: 7.8

CMA / ARV

• ARV (on-the-fly): $170,352
• Comps found: 2

Show comp detail 2 sales within ~0.75 mi

Address	Dist	Beds/Ba	Sqft	Sold	Price	$/sf	Match
113 Spring Lake Dr	0.16mi	3/2.0	1,456 (+8%)	21mo	$165,000	$113	62
150 Spring Lake Dr	0.08mi	3/2.0	1,549 (+15%)	14mo	$195,000	$126	61

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: -0.7%
• Equity multiple: 0.97×
• Total profit: $-1,324
• Equity at exit: $26,839

10-year hold

• IRR: 8.9%
• Equity multiple: 1.68×
• Total profit: $34,491
• Equity at exit: $15,563

Cash invested: $50,400 (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 29649

• Active inventory: 258
• Price-to-rent: 7.8×

Monthly cashflow live

• Estimated rent: $1,915 medium
• Mortgage (P&I): −$944
• Tax from tax record: −$56 /mo · $669/yr
• Insurance: −$75
• HOA: −$0
• Vacancy / Maint / Mgmt: −$402
• Net cashflow: $438

Break-even live

Break-even rent $1,360

Max offer price $180,000

Occupancy floor 72%

Sensitivity live

Price	-10% $540	-5% $489	+0% $438	+5% $387	+10% $336
Rent	-10% $287	-5% $363	+0% $438	+5% $514	+10% $590
Rate	-1.0pp $529	-0.5pp $484	base $438	+0.5pp $392	+1.0pp $344

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: $45,000
• Closing costs: $5,400
• Reserves months: —
• Total cash needed: —

Listing history 22 events

1. 2026-06-22
   days on market $180,000 Active 48 DOM
2. 2026-06-21
   days on market $180,000 Active 47 DOM
3. 2026-06-19
   days on market $180,000 Active 45 DOM
4. 2026-06-18
   days on market $180,000 Active 44 DOM
5. 2026-06-17
   days on market $180,000 Active 43 DOM
6. 2026-06-16
   days on market $180,000 Active 42 DOM
7. 2026-06-15
   days on market $180,000 Active 41 DOM
8. 2026-06-14
   days on market $180,000 Active 39 DOM
9. 2026-06-12
   days on market $180,000 Active 38 DOM
10. 2026-06-09
    days on market $180,000 Active 35 DOM
11. 2026-06-08
    days on market $180,000 Active 34 DOM
12. 2026-06-07
    days on market $180,000 Active 33 DOM
13. 2026-06-07
    days on market $180,000 Active 32 DOM
14. 2026-06-03
    days on market $180,000 Active 29 DOM
15. 2026-06-02
    days on market $180,000 Active 28 DOM
16. 2026-06-01
    days on market $180,000 Active 27 DOM
17. 2026-05-31
    days on market $180,000 Active 26 DOM
18. 2026-05-30
    days on market $180,000 Active 25 DOM
19. 2026-05-08
    status Active
20. 2026-05-01
    status Pending
21. 2026-04-28
    listed $180,000 Active
22. 2019-06-25
    soldstatus $84,000

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

Tax reassessment forecast SC · Resets to sale price

• Current annual tax: $669 · $56/mo
• Projected year-2 tax: $1,026 · $86/mo
• Expected delta: +$357/yr (+$30/mo · 53.4%)

ⓘ Screening estimate from a state-policy table — verify with the county assessor before closing.

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 ≥106°F today · 17 d/yr by 30 yrs out
• 💨 Wind 5/10 Major 25% chance of damaging wind over 30 yrs
• 🫁 Air quality 4/10 Moderate 4 unhealthy d/yr today · 4 by 30 yrs out

Taxation est. · year 1

• Rental income: $22,983
• − Mortgage interest: −$10,083
• − Property taxes: −$669
• − Insurance: −$900
• − Repairs & maintenance: −$1,839
• − Management: −$1,839
• − Depreciation: −$5,236
• Taxable income: $2,417
• Est. tax owed @ 24.0%: −$580
• After-tax cash flow: $4,680/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: Greenwood 50
• NCES district ID: 4502340
• Math proficiency: 31% ▼ -4.00%
• Reading proficiency: 39% ▲ 2.00%
• Median HH income: $37,663
• Composite: 29.14/100
• National rank: #6585
• State rank: #43 of 80 in SC

Livability — Greenwood

• Score: 63/100
• State rank: #167
• US rank: #15097

Category grades

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

Schools grade is shown separately in the Schools card above.

Census & demographics

• County: Greenwood County · 26,275 people
• City population: 26,275
• Metro: Greenwood, SC
• Population (ZIP): 26,275
• Household income: $54,585
• Rent vs Own: 36.3% rent · 63.7% own
• Severe rent burden: 566.0

Population outlook (Greenwood County) Hauer SSP2

• Today (2025): 69,627 people
• By 2030: 68,905 · -1.0%
• By 2040: 66,640 · -4.3%
• By 2050: 63,768 · -8.4%
• By 2075: 55,769 · -19.9%
• By 2100: 47,293 · -32.1%

Race, ethnicity, and origin ACS 2023

• Neighborhood character: Predominantly White (65%)
• Race & ethnicity: White 65% Black 25% Hispanic / Latino 4% Two or more races 4% Asian 2%
• Common ancestry: Serbian 3% Italian 3% Slovak 3%
• Foreign-born: 4% · Canada, China
• Languages at home: 97% English-only · Spanish 2%

Political lean MEDSL · Greenwood

• 2024 margin: Strong R (+29.0) · D 34.9% · R 63.8% · Other 1.3%
• 2008→2024 swing: -13.3pp toward R · 2008: -15.7pp · 2024: -29.0pp
• All cycles: 2024: R+29.0 2020: R+22.8 2016: R+21.8 2012: R+15.4 2008: R+15.7

Not yet ingested

• Civics: —

Market trends

• HPI YoY: ▼ -128.00%
• Current HPI: 167.9262
• Rent YoY: —
• Metro: Greenwood, SC
• 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

+114.3% since first listed

4 events — show timeline

• 2026-05-08 Relisted — GAOR
• 2026-05-01 Pending — GAOR
• 2026-04-28 Listed $180,000 GAOR
• 2019-06-25 Sold (Public Records) $84,000 Public Records

Property tax history

-1.4%/yr

Latest (2025): $669 · +0.0% YoY. Source: county tax records.