105 S Merriman Rd #1 · Georgetown, SC 29440

$144,900

2 bd · 1.5 ba · 1,248 sqft · Townhouse · 251 Days on market

Built 1986 Est $134k · 9% over ↓ 12% since listing

---

Why this score? — see what drove the C- grade

The composite is a weighted blend of 9 inputs, each scored 0–100. Each bar is that input's sub-score; the figure is the points it added to the 100-point composite (weight × sub-score).

• Cash flow +23.3/30.0
• DSCR +7.5/10.0
• 1% rule +6.1/10.0
• ARV discount +3.7/15.0
• Livability +3.2/5.0
• Schools +2.7/10.0
• Rent growth +2.5/5.0
• Condition / age +2.5/5.0
• Appreciation +0.0/10.0

Listing remarks

Charming and convenient 2-bedroom, 1-bath condo located just minutes from Tidelands Georgetown Memorial Hospital and Historic Downtown Georgetown, where you'll find riverfront boardwalks, shopping, and dining along the scenic Harborwalk. Inside, you'll find well-kept flooring and a bright, comfortable layout—perfect for everyday living or an easy-to-manage investment. Whether you're looking for a low-maintenance lifestyle or a great investment opportunity, this condo offers both. Schedule your private showing today!

Key facts

• Scenic harborwalk
• Built 1986
• Listed 251 days

Tags

• HISTORIC DOWNTOWN GEORGETOWN
• RIVERFRONT BOARDWALKS
• SCENIC HARBORWALK

Property features AI

Finance

• Other: Zoned RES (residential); For sale
• HOA & community: HOA fees billed monthly

Exterior

• Parking: Parking lot
• Utilities: Cable available; Electricity available; Phone available; Sewer available; Public water available
• Home design: Entry level: 1; Resale property
• Construction: Brick veneer construction
• Exterior features: Parking lot

Interior

• Kitchen: Range; Refrigerator
• Flooring: Laminate; Tile
• Bathrooms: 1 full bathroom; 1 half bathroom; Separate shower
• Heating & cooling: Central heating (electric); Central air conditioning
• Interior features: Furnished; Linen closet; Separate shower; Vanity
• Laundry & utility: Washer hookup; Washer; Dryer

What this means for you Summary

Snapshot

• This is a 2-bed/1.5-bath townhouse listed at $145k.

Deal economics

• At list price, monthly cash flow is $266 ($3k/yr) — positive.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($2k rent vs $145k).
• Recommended offer: $128k (12.0% below list) — sets the bar for market timing.
• Cap rate 8.5% vs local median 4.7% in Georgetown — 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.

Location & tenants

• Location reads 65/100 on livability (#141 in SC) — a middle-class / working-renter tenant base. Strengths: cost of living A+, housing A+, health & safety A+; Watch: amenities D, schools F, crime F.
• Georgetown 01 (town): math 26% / reading 38% proficiency, ranked #51 of 80 in SC (top 64%) — families likely to look elsewhere, expect single-tenant / working-renter base with shorter leases.
• Market conditions: 409 active listings in the ZIP; 5 comparable units currently listed for rent nearby; rentals at typical pace (median 15d on market — plan ~3-4 weeks tenant-placement turnaround); 323 units permitted in Georgetown County in 2024 (0 in 5+ unit buildings).

Forward outlook

• 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.

Negotiation context

• It's been on market 251 days — a 12% lower offer ($128k) is reasonable based on typical stale-listing flexibility.

Recommended offer $127,512 (12.0% below list)

Questions for the listing agent

1. It's been on market 251 days. Have you received any prior offers? Is the seller open to a 12% concession, seller financing, or rate buy-down credit?
2. Why hasn't it sold? Are there any deal-killer items the seller is aware of (foundation, flood, title, zoning, code violations)?
3. Is there a deadline driving the sale (1031 exchange, divorce, estate, relocation)? That informs how much negotiation room exists.
4. 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?
5. 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?
6. 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.
7. 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.
8. 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.

Investment metrics

• 1% rule: 1.11% ✓
• Cap rate: 8.50%
• Cash-on-cash: 7.88%
• DSCR: 1.35
• GRM: 7.5

CMA / ARV

• ARV (on-the-fly): $133,536
• Comps found: 1

Show comp detail 1 sale within ~0.75 mi

Address	Dist	Beds/Ba	Sqft	Sold	Price	$/sf	Match
105 S Merriman Rd	0.00mi	2/1.5	1,248 (0%)	3mo	$133,500	$107	98

Match score weights: distance 35% · size 25% · config 20% · recency 20%. Top-matched comps best support the ARV.

Projected returns pro-forma

-3.0% appreciation · 3.0% rent growth · sell at horizon

5-year hold

• IRR: -4.3%
• Equity multiple: 0.84×
• Total profit: $-6,496
• Equity at exit: $21,605

10-year hold

• IRR: 5.4%
• Equity multiple: 1.40×
• Total profit: $16,280
• Equity at exit: $12,528

Cash invested: $40,572 (down + closing). Projections, not guarantees.

Landlord ↔ Tenant lean methodology

• Overall (STATE): 90 Strongly Landlord-Friendly
• State South Carolina: 90 Strongly Landlord-Friendly · R+6
• County: — inherits STATE
• City: — inherits STATE

5-day notice; preempted; landlord-favorable.

Methodology + full state rankings →

ZIP-level market 29440

• Home prices YoY: -34.9%
• Active inventory: 409
• Price-to-rent: 7.5×

Monthly cashflow live

• Estimated rent: $1,605 high
• Mortgage (P&I): −$760
• Tax est. 1.5%: −$181 /mo · $2,174/yr
• Insurance: −$60
• HOA: −$0
• Vacancy / Maint / Mgmt: −$337
• Net cashflow: $266

Break-even live

Break-even rent $1,268

Max offer price $144,900

Occupancy floor 78%

Sensitivity live

Price	-10% $366	-5% $316	+0% $266	+5% $216	+10% $166
Rent	-10% $140	-5% $203	+0% $266	+5% $330	+10% $393
Rate	-1.0pp $339	-0.5pp $303	base $266	+0.5pp $229	+1.0pp $191

UW: 25.0% down · 7.5% · 30yr · 1.5% tax · 5.0% vac · 8.0% maint · 8.0% mgmt

Financing live

Cash to close

• Down payment: $36,225
• Closing costs: $4,347
• Reserves months: —
• Total cash needed: —

Rent comps 5 comps

Address	Beds	Baths	Sqft	Rent	$/sqft	DOM	Units	Dist
1625 Front St Unit C Georgetown, SC	2.0	1.0	900	$1,600	$1.78	15d	1	0.11mi
1021 Duke St Unit A Georgetown, SC	2.0	1.0	950	$1,600	$1.68	24d	1	0.72mi
1028 Duke St Georgetown, SC	2.0	2.0	990	$1,750	$1.77	24d	1	0.73mi
2801 Church St Georgetown, SC	2.0–3.0	1.0–2.0	941	$1,299	$1.38	4d	6	1.19mi
1004 Charlotte St Georgetown, SC	1.0–3.0	1.0–2.0	926	$1,728	$1.86	13d	4	1.31mi

Listing history 16 events

1. 2026-06-18
   days on market $144,900 Active 251 DOM
2. 2026-06-17
   days on market $144,900 Active 250 DOM
3. 2026-06-16
   days on market $144,900 Active 249 DOM
4. 2026-06-15
   days on market $144,900 Active 248 DOM
5. 2026-06-14
   days on market $144,900 Active 246 DOM
6. 2026-06-10
   days on market $144,900 Active 243 DOM
7. 2026-06-09
   days on market $144,900 Active 242 DOM
8. 2026-06-08
   days on market $144,900 Active 241 DOM
9. 2026-06-07
   days on market $144,900 Active 240 DOM
10. 2026-06-03
    days on market $144,900 Active 236 DOM
11. 2026-06-02
    days on market $144,900 Active 235 DOM
12. 2026-06-01
    days on market $144,900 Active 234 DOM
13. 2026-05-31
    days on market $144,900 Active 233 DOM
14. 2026-05-30
    days on market $144,900 Active 232 DOM
15. 2025-12-15
    price $144,900
16. 2025-10-01
    listed $164,900 Active

ⓘ Source: listings_history table (triggers on properties + properties_extension) + one-shot backfill from property_details.listing_events for pre-trigger history.

Taxation est. · year 1

• Rental income: $19,256
• − Mortgage interest: −$8,117
• − Property taxes: −$2,174
• − Insurance: −$724
• − Repairs & maintenance: −$1,540
• − Management: −$1,540
• − Depreciation: −$4,215
• Taxable income: $945
• Est. tax owed @ 24.0%: −$227
• After-tax cash flow: $2,969/yr

For passive investors: Depreciation is non-cash, so a rental often shows a tax loss while cash-flowing — sheltering income. Rental losses are passive: they offset passive income freely, and up to $25,000/yr can offset ordinary (W-2) income if you actively participate and your MAGI is under $100k (phasing out to $0 by $150k); unused losses carry forward. On sale, claimed depreciation is recaptured at up to 25%, and gains may owe capital-gains tax (a 1031 exchange can defer both). Figures are a year-1 estimate at your 24.0% rate — not tax advice; consult a CPA.

Schools (NCES district)

• District: Georgetown 01
• NCES district ID: 4502280
• Math proficiency: 26% ▼ -11.00%
• Reading proficiency: 38% ▼ -5.00%
• Median HH income: $43,045
• Composite: 27.15/100
• National rank: #7030
• State rank: #51 of 80 in SC

Livability — Georgetown

• Score: 65/100
• State rank: #141
• US rank: #13446

Category grades

Amenities D Commute F Cost of living A+ Crime F Employment F Housing A+ Health & safety A+ User ratings C+

Schools grade is shown separately in the Schools card above.

Census & demographics

• Census place: Georgetown, SC
• Population (ZIP): 26,419

Population outlook (Georgetown County) Hauer SSP2

• Today (2025): 63,275 people
• By 2030: 63,630 · +0.6%
• By 2040: 63,130 · -0.2%
• By 2050: 61,904 · -2.2%
• By 2075: 59,305 · -6.3%
• By 2100: 53,852 · -14.9%

Race, ethnicity, and origin ACS 2023

• Neighborhood character: Majority White (52%)
• Race & ethnicity: White 52% Black 45% Hispanic / Latino 2%
• Common ancestry: Italian 3% Lithuanian 2% Slovak 1%
• Foreign-born: 3% · Canada
• Languages at home: 97% English-only · Spanish 2%

Political lean MEDSL · Georgetown

• 2024 margin: R (+19.5) · D 39.6% · R 59.1% · Other 1.2%
• 2008→2024 swing: -14.2pp toward R · 2008: -5.2pp · 2024: -19.5pp
• All cycles: 2024: R+19.5 2020: R+12.7 2016: R+13.0 2012: R+7.6 2008: R+5.2

Not yet ingested

• Civics: —

Market trends

• HPI YoY: ▼ -111.84%
• Current HPI: 208.6792
• Rent YoY: —
• Metro: —
• State GDP YoY: ▲ 4.51%
• F500 in state: 2

Industry mix (Fortune 500 HQ in SC)

Industry	F500 HQs	Revenue
▸Packaging	1	$7B

Price history

-12.1% since first listed

2 events — show timeline

• 2025-12-15 Price Changed $144,900 CCAR
• 2025-10-01 Listed $164,900 CCAR