464 Earls Mill Rd

Fair Play, SC 29678

$150,000C+

3 bd · 2.0 ba · 1,680 sqft · Built 1998 · Manufactured · Pending · 7 DOM

Cashflow @ list (25.0% down · 7.5%)

• Estimated rent: $1,713/mo
• Mortgage (P&I): −$787
• Tax + insurance: −$250
• HOA: −$0
• Vac / Maint / Mgmt: −$360
• Net cashflow: $317/mo
• Annual: $3,801/yr
• Cap rate: 8.83%
• Cash-on-cash: 9.05%
• DSCR: 1.40
• 1% rule: 1.14%
• Cash to close: $42,000

Investor read

• This is a 3-bed/2.0-bath manufactured listed at $150k.
• At list price, monthly cash flow is $317 ($4k/yr) — positive.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($2k rent vs $150k).
• Only 7 days on market — expect competitive offers; lowballing is unlikely to land.
• Local home prices are declining (-3.0%/yr); year-one equity from $1k of loan paydown is wiped out by about $4k of value loss. Plan a longer hold.
• Location reads 62/100 on livability (#185 in SC) — a middle-class / working-renter tenant base. Strengths: housing A+, crime A, employment B; Watch: cost of living D+, amenities F, commute F.
• Oconee 01 (rural): math 41% / reading 47% proficiency, ranked #27 of 80 in SC (top 34%) — families likely to look elsewhere, expect single-tenant / working-renter base with shorter leases.
• Zoned schools: Fair-Oak Elementary (math 49% / reading 46%, grade D, #199 of 597 statewide, top 35%, 586 students, 78% FRL); West Oak Middle (math 30% / reading 38%, grade F, #110 of 229 statewide, top 49%, 697 students, 86% FRL); West-Oak High (math 47% / reading 80%, grade B-, #95 of 196 statewide, top 49%, 813 students, 75% FRL) — zoned schools average 79% FRL vs 50% district-wide (29 pts higher); higher-poverty schools than district average — tighter screening recommended.
• Market conditions: Rents rising fast (+7.7%/yr); 370 active listings in the ZIP; 648 units permitted in Oconee County in 2024 (40 in 5+ unit buildings).
• At projected returns (-3.0% appreciation + 7.7% rent growth), your $42k cash investment doubles in ~8 years — after that, you're playing with house money.
• Climate carrying-cost: moderate wildfire risk; extreme-heat days projected 7→17/yr by 2055 (HVAC capex compounding) — expect insurance premiums to compound above CPI over the hold.
• This rent runs 39% of the median local income ($53k/yr) — at the standard rent-burdened threshold; future hikes will face affordability resistance.

Questions for listing agent

• 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?
• 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.