411 Abbott Ave

Greenwood, SC 29646

$149,900F

2 bd · 1.0 ba · 1,617 sqft · Built 1928 · Other · Pending · 34 DOM

Cashflow @ list (25.0% down · 7.5%)

• Estimated rent: $1,212/mo
• Mortgage (P&I): −$786
• Tax + insurance: −$323
• HOA: −$0
• Vac / Maint / Mgmt: −$255
• Net cashflow: $-152/mo
• Annual: $-1,823/yr
• Cap rate: 5.08%
• Cash-on-cash: -4.34%
• DSCR: 0.81
• 1% rule: 0.81%
• Cash to close: $41,972

Investor read

• This is a 2-bed/1.0-bath other listed at $150k.
• At list price, monthly cash flow is $-152 ($-2k/yr) — negative.
• To cash-flow at today's rent, offer at most $123k (17.9% below list).
• To meet the 1% rule (rent ≥ 1% of price), the offer needs to be $121k (19.1% below list).
• It's been on market 34 days — a 3% lower offer ($145k) is reasonable based on typical stale-listing flexibility.
• Recommended offer: $121k (19.1% below list) — sets the bar for 1% rule.
• 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 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: Mathews Elementary (math 36% / reading 36%, grade F, #332 of 597 statewide, top 56%, 542 students, 100% FRL); Westview Middle (math 37% / reading 38%, grade F, #90 of 229 statewide, top 42%, 674 students, 100% FRL); Emerald High (math 42% / reading 82%, grade B-, #99 of 196 statewide, top 53%, 812 students, 100% FRL) — zoned schools average 100% FRL vs 59% district-wide (41 pts higher); higher-poverty schools than district average — tighter screening recommended.
• Watch-outs: built in 1928 — expect roof / HVAC / electrical / plumbing capex.
• Market conditions: 166 active listings in the ZIP; 1 comparable units currently listed for rent nearby; 193 units permitted in Greenwood County in 2024 (0 in 5+ unit buildings).
• Greenwood County population projected to shrink 8% by 2050 — rents likely to lag national; underwrite the cash flow, not the appreciation.
• 4 sale attempts since 10y ago 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 $115k; 30% above their basis — modest negotiation headroom, anchor on the comps not their cost.
• Climate carrying-cost: major wind risk, 27% chance of damaging wind over 30y; extreme-heat days projected 7→18/yr by 2055 (HVAC capex compounding) — expect insurance premiums to compound above CPI over the hold.
• Cap rate 5.1% 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.

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 34 days. Have you received any prior offers? Is the seller open to a 19% concession, seller financing, or rate buy-down credit?
• Built in 1928 — when were the roof, HVAC, electrical panel, plumbing, and water heater last replaced?
• 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?
• The area grade is low — what's the realistic commute time and amenity access for the typical tenant pool here? Any planned neighborhood developments (good or bad) we should know about?
• 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.