2137 Bull Swamp Rd

North, SC 29112

$165,000D+

4 bd · 2.0 ba · 1,442 sqft · Built 1984 · SingleFamily · Active · 16 DOM

Cashflow @ list (25.0% down · 7.5%)

• Estimated rent: $1,394/mo
• Mortgage (P&I): −$865
• Tax + insurance: −$275
• HOA: −$0
• Vac / Maint / Mgmt: −$293
• Net cashflow: $-39/mo
• Annual: $-467/yr
• Cap rate: 6.01%
• Cash-on-cash: -1.01%
• DSCR: 0.96
• 1% rule: 0.84%
• Cash to close: $46,200

Investor read

• This is a 4-bed/2.0-bath single-family listed at $165k. Condition is rated poor.
• At list price, monthly cash flow is $-39 ($-467/yr) — negative.
• To cash-flow at today's rent, offer at most $159k (3.4% below list).
• To meet the 1% rule (rent ≥ 1% of price), the offer needs to be $139k (15.5% below list).
• It's been on market 16 days — a 2% lower offer ($163k) is reasonable based on typical stale-listing flexibility.
• Recommended offer: $139k (15.5% below list) — sets the bar for 1% rule.
• In year one you build about $18k of equity ($1k loan paydown + $16k appreciation (10.0% local appreciation)).
• Location reads 57/100 on livability (#280 in SC) — a working-class tenant base; expect higher turnover. Strengths: cost of living A+, housing B; Watch: schools F, amenities F, commute F.
• Market conditions: 33 active listings in the ZIP; 87 units permitted in Orangeburg County in 2024 (0 in 5+ unit buildings).
• Orangeburg County population projected at -27% by 2050 — secular population decline; favor cash flow + early exit over multi-decade hold.
• At projected returns (10.0% appreciation + 3.0% rent growth), your $46k cash investment doubles in ~3 years — after that, you're playing with house money.
• By year 3, paydown + projected appreciation supports a ~$45k cash-out refi (75% LTV) — recoverable capital for the next deal without selling this one.
• Climate carrying-cost: severe wind risk, 80% chance of damaging wind over 30y; major wildfire risk; 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

• 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?
• Have any recent inspections been done? Can we get a copy of the seller's disclosures and any deferred-maintenance estimates?
• 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?
• 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.

Repairs flagged (vision-AI assessment)

• Major: exterior siding — The siding is visibly weathered and stained, indicating significant damage and the need for replacement.
• Major: roof — The roof appears aged and may need replacement, as indicated by the overall poor condition of the exterior.
• Major: landscaping — The landscaping is overgrown and debris is scattered around the foundation, indicating a need for significant maintenance and improvement.