Lexington Plan

Inman, SC 29349

$213,700F

3 bd · 2.0 ba · 1,216 sqft · Built — · SingleFamily · Active · 99 DOM

Cashflow @ list (25.0% down · 7.5%)

• Estimated rent: $1,695/mo
• Mortgage (P&I): −$1,321
• Tax + insurance: −$420
• HOA: −$0
• Vac / Maint / Mgmt: −$356
• Net cashflow: $-402/mo
• Annual: $-4,828/yr
• Cap rate: 4.38%
• Cash-on-cash: -6.84%
• DSCR: 0.70
• 1% rule: 0.67%
• Cash to close: $70,546

Investor read

• This is a 3-bed/2.0-bath single-family listed at $214k. Condition is rated good.
• At list price, monthly cash flow is $-402 ($-5k/yr) — negative.
• To cash-flow at today's rent, offer at most $194k (9.3% below list).
• To meet the 1% rule (rent ≥ 1% of price), the offer needs to be $169k (20.7% below list).
• It's been on market 99 days — a 9% lower offer ($194k) is reasonable based on typical stale-listing flexibility.
• Recommended offer: $169k (20.7% below list) — sets the bar for 1% rule.
• Local home prices are declining (-3.0%/yr); year-one equity from $2k of loan paydown is wiped out by about $8k of value loss. Plan a longer hold.
• Location reads 74/100 on livability (#29 in SC, #4,452 nationally) — a middle-class / working-renter tenant base. Strengths: cost of living A+, housing A+, health & safety A+; Watch: amenities D, commute F.
• Spartanburg 01 (rural): math 44% / reading 53% proficiency, ranked #14 of 80 in SC (top 18%) — families likely to look elsewhere, expect single-tenant / working-renter base with shorter leases.
• Zoned schools: Inman Elementary (math 57% / reading 47%, grade C-, #145 of 597 statewide, top 26%, 615 students, 100% FRL); T.E. Mabry Middle (math 31% / reading 43%, grade F, #97 of 229 statewide, top 42%, 444 students, 73% FRL); Chapman High (math 42% / reading 88%, grade B, #85 of 196 statewide, top 45%, 1,046 students, 59% FRL) — zoned schools average 77% FRL vs 45% district-wide (33 pts higher); higher-poverty schools than district average — tighter screening recommended.
• Market conditions: Rents rising (+1.8%/yr); 1028 active listings in the ZIP; 6 comparable units currently listed for rent nearby; rentals lingering (median 85d on market — plan ~5-8 weeks vacancy on turnover, expect pricing pressure); 67% of comp listings sitting > 30 days — soft ceiling on asking rent; solid renter incomes; 3,129 units permitted in Spartanburg County in 2024 (40 in 5+ unit buildings).
• Spartanburg County population projected at +18% by 2050 — long-run rental-demand tailwind backs the buy-and-hold thesis.

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 99 days. Have you received any prior offers? Is the seller open to a 21% concession, seller financing, or rate buy-down credit?
• 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.
• 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.
• 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.