118 Frandeenas Ct

Prosperity, SC 29127

$223,900D+

3 bd · 2.0 ba · 1,836 sqft · Built 2001 · Manufactured · Pending · 6 DOM

Cashflow @ list (25.0% down · 7.5%)

• Estimated rent: $2,246/mo
• Mortgage (P&I): −$1,174
• Tax + insurance: −$373
• HOA: −$0
• Vac / Maint / Mgmt: −$472
• Net cashflow: $227/mo
• Annual: $2,726/yr
• Cap rate: 7.51%
• Cash-on-cash: 4.35%
• DSCR: 1.19
• 1% rule: 1.00%
• Cash to close: $62,692

Investor read

• This is a 3-bed/2.0-bath manufactured listed at $224k.
• At list price, monthly cash flow is $227 ($3k/yr) — positive.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($2k rent vs $224k).
• Only 6 days on market — expect competitive offers; lowballing is unlikely to land.
• Local home prices are declining (-3.0%/yr); year-one equity from $2k of loan paydown is wiped out by about $7k of value loss. Plan a longer hold.
• Location reads 71/100 on livability (#48 in SC) — a middle-class / working-renter tenant base. Strengths: cost of living A+, health & safety A+, housing B+; Watch: employment D+, amenities F, commute F.
• Newberry 01 (rural): math 32% / reading 40% proficiency, ranked #40 of 80 in SC (top 50%) — families likely to look elsewhere, expect single-tenant / working-renter base with shorter leases; 60% free/reduced lunch — lower-income household profile, screen leases tightly.
• Zoned schools: Little Mountain Elementary (math 52% / reading 52%, grade C-, #145 of 597 statewide, top 26%, 396 students, 100% FRL); Mid-Carolina High (math 67% / reading 89%, grade A-, #27 of 196 statewide, top 13%, 723 students, 60% FRL) — zoned schools average 80% FRL vs 60% district-wide (20 pts higher); higher-poverty schools than district average — tighter screening recommended.
• Zoned-school proficiency averages 65% at this address vs 36% district-wide (+29 pts) — the actual schools serving this property are materially stronger than the Newberry 01 average implies; a family-tenant draw the district grade alone would hide.
• Market conditions: 152 active listings in the ZIP; 155 units permitted in Newberry County in 2024 (0 in 5+ unit buildings).
• Newberry County population projected to shrink 6% by 2050 — rents likely to lag national; underwrite the cash flow, not the appreciation.
• 3 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 $100k; list at $224k implies a 124% gain — meaningful room to come down on a strong offer.
• Climate carrying-cost: major wind risk, 47% chance of damaging wind over 30y; extreme-heat days projected 7→16/yr by 2055 (HVAC capex compounding) — expect insurance premiums to compound above CPI over the hold.

Questions for listing agent

• 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.