104 Carolyn Dr · Spartanburg, SC 29306

$160,000

4 bd · 1.0 ba · 1,222 sqft · SingleFamily public records · 19 Days on market

Built 1953 0.28 ac lot Est $200k · 20% under

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Why this score? — see what drove the B- 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 +23.8/30.0
• ARV discount +15.0/15.0
• DSCR +7.7/10.0
• 1% rule +5.9/10.0
• Livability +3.8/5.0
• Rent growth +3.4/5.0
• Schools +3.1/10.0
• Condition / age +2.5/5.0
• Appreciation +0.0/10.0

Listing remarks MLS

Lots of potential for this 3 bedroom, 1 bath bungalow. Home features gas heat, central air, hardwood floors and an open floor plan. Great investment.

Key facts

• Single level
• Outdoor entertaining
• Front porch

Tags

• SINGLE LEVEL
• INVITING LIVING SPACE
• MATURE TREES
• NATURAL LIGHT
• OUTDOOR ENTERTAINING
• FRONT PORCH

Property features AI

Finance

• HOA & community: No HOA fees

Exterior

• Parking: Driveway parking (paved and unpaved); No garage
• Utilities: Public water; Public sewer; Public garbage pickup; Electric power
• Home design: Single-story home; Built in 1953; Crawl space foundation; Vinyl siding exterior; Composition shingle roof; Residential property disclosure required; Lead-based paint disclosure required
• Construction: Built in 1953; Vinyl siding; Composition shingle roof; Crawl space foundation
• Exterior features: Front porch; Deck; Level to gently sloped lot with some trees

Interior

• Kitchen: Kitchen (12 x 12); Refrigerator; Electric oven; Convection microwave
• Bedrooms: Primary bedroom on main level (15 x 13); Second bedroom (13 x 12); Third bedroom (13 x 12); Three bedrooms on the main level
• Flooring: Laminate flooring
• Bathrooms: One full bathroom (on main level)
• Heating & cooling: Natural gas heating; Electric cooling; Electric water heater
• Interior features: Ceiling fan; Smoke detector; Laminate countertops; Gas log fireplace (1)
• Laundry & utility: Laundry on first floor; Attic storage

What this means for you Summary

Snapshot

• This is a 4-bed/1.0-bath single-family listed at $160k.

Deal economics

• At list price, monthly cash flow is $306 ($4k/yr) — positive.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($2k rent vs $160k).
• Recommended offer: $158k (1.5% below list) — sets the bar for market timing.
• Cap rate 8.6% vs local median 3.9% in Spartanburg — 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 76/100 on livability (#24 in SC, #3,679 nationally) — a middle-class / working-renter tenant base. Strengths: amenities A+, commute A+, cost of living A+; Watch: crime F, employment F.
• Spartanburg 07 (urban): math 34% / reading 41% proficiency, ranked #39 of 80 in SC (top 49%) — families likely to look elsewhere, expect single-tenant / working-renter base with shorter leases; 62% free/reduced lunch — lower-income household profile, screen leases tightly.
• Zoned schools: Pine St. Elementary (math 70% / reading 69%, grade A-, #38 of 597 statewide, top 7%, 646 students, 39% FRL); Spartanburg High (math 67% / reading 79%, grade B+, #44 of 196 statewide, top 23%, 2,056 students, 85% FRL) — zoned schools at 62% FRL track the district average.
• Zoned-school proficiency averages 71% at this address vs 38% district-wide (+34 pts) — the actual schools serving this property are materially stronger than the Spartanburg 07 average implies; a family-tenant draw the district grade alone would hide.
• Market conditions: Rents rising (+3.5%/yr); 236 active listings in the ZIP; 3 comparable units currently listed for rent nearby; rentals at typical pace (median 23d on market — plan ~3-4 weeks tenant-placement turnaround); lower-income renter base — watch delinquency; 3,129 units permitted in Spartanburg County in 2024 (40 in 5+ unit buildings).
• At $1,748/mo this rent would consume 51% of the median local household income ($41k/yr) (locally 1064% of renters already pay >50% of income on rent) — very limited rent-growth headroom before tenants either downsize or default.

Forward outlook

• Local home prices are declining (-3.0%/yr); year-one equity from $1k of loan paydown is wiped out by about $5k of value loss. Plan a longer hold.
• Spartanburg County population projected at +18% by 2050 — long-run rental-demand tailwind backs the buy-and-hold thesis.

Negotiation context

• It's been on market 19 days — a 2% lower offer ($158k) is reasonable based on typical stale-listing flexibility.
• 3 sale attempts since 7y 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.

Risks & watch-outs

• Watch-outs: built in 1953 — expect roof / HVAC / electrical / plumbing capex.
• Climate carrying-cost: extreme-heat days projected 7→16/yr by 2055 (HVAC capex compounding) — expect insurance premiums to compound above CPI over the hold.

Recommended offer $157,600 (1.5% below list)

Questions for the listing agent

1. Built in 1953 — when were the roof, HVAC, electrical panel, plumbing, and water heater last replaced?
2. Is there a deadline driving the sale (1031 exchange, divorce, estate, relocation)? That informs how much negotiation room exists.
3. Schools are D-rated, which usually means shorter tenancies and higher turnover. Who's the typical renter profile here, and what's been the actual vacancy rate?
4. 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?
5. 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.
6. 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.
7. 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: 1.09% ✓
• Cap rate: 8.59%
• Cash-on-cash: 8.21%
• DSCR: 1.37
• GRM: 7.6

CMA / ARV

• ARV (on-the-fly): $200,408
• Comps found: 12

Show comp detail 12 sales within ~0.75 mi

Address	Dist	Beds/Ba	Sqft	Sold	Price	$/sf	Match
524 Caulder Ave	0.11mi	3/2.0 (-1)	1,240 (+2%)	1mo	$252,000	$203	83
136 Prospect Ave	0.35mi	3/2.0 (-1)	1,097 (-10%)	2mo	$180,600	$165	57
290 Caulder Cir	0.53mi	3/3.0 (-1)	1,271 (+4%)	0mo	$220,000	$173	55
815 S Liberty St	0.67mi	3/2.0 (-1)	1,253 (+2%)	1mo	$195,000	$156	55
111 Kreswell Cir	0.75mi	3/1.5 (-1)	1,250 (+2%)	2mo	$147,000	$118	53
306 Carolyn Dr	0.22mi	3/2.5 (-1)	1,364 (+12%)	7mo	$258,000	$189	53
226 Woodview Ave Ave	0.23mi	3/2.5 (-1)	1,400 (+15%)	2mo	$230,000	$164	52
106 Nevada St	0.43mi	3/1.0 (-1)	1,041 (-15%)	1mo	$119,900	$115	49
207 High St	0.28mi	3/2.5 (-1)	1,401 (+15%)	4mo	$259,000	$185	48
425 E Shore Dr	0.59mi	3/1.5 (-1)	1,320 (+8%)	6mo	$177,500	$134	48
101 Beth Ct	0.50mi	3/1.5 (-1)	1,398 (+14%)	1mo	$179,000	$128	44
120 First Ave Ave	0.73mi	3/2.0 (-1)	1,100 (-10%)	2mo	$135,000	$123	38

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 · 3.46% rent growth · sell at horizon

5-year hold

• IRR: -3.3%
• Equity multiple: 0.88×
• Total profit: $-5,591
• Equity at exit: $23,857

10-year hold

• IRR: 6.9%
• Equity multiple: 1.53×
• Total profit: $23,656
• Equity at exit: $13,834

Cash invested: $44,800 (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 29306

• Home prices YoY: -29.9%
• Rents YoY: 3.5%
• Active inventory: 236
• Price-to-rent: 7.6×

Monthly cashflow live

• Estimated rent: $1,748 medium
• Mortgage (P&I): −$839
• Tax from tax record: −$168 /mo · $2,021/yr
• Insurance: −$67
• HOA: −$0
• Vacancy / Maint / Mgmt: −$367
• Net cashflow: $306

Break-even live

Break-even rent $1,360

Max offer price $160,000

Occupancy floor 77%

Sensitivity live

Price	-10% $397	-5% $352	+0% $306	+5% $261	+10% $216
Rent	-10% $168	-5% $237	+0% $306	+5% $375	+10% $444
Rate	-1.0pp $387	-0.5pp $347	base $306	+0.5pp $265	+1.0pp $223

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: $40,000
• Closing costs: $4,800
• Reserves months: —
• Total cash needed: —

Rent comps 3 comps

Address	Beds	Baths	Sqft	Rent	$/sqft	DOM	Units	Dist
249 E Hampton Ave Spartanburg, SC	3.0	2.0	1450	$1,475	$1.02	23d	1	0.99mi
318 Alexander Ave Spartanburg, SC	4.0	2.0	1480	$1,695	$1.15	23d	1	1.01mi
717 Connecticut Ave Spartanburg, SC	3.0	1.0	1320	$1,895	$1.44	15d	1	1.31mi

Listing history 13 events

1. 2026-06-21
   days on market $160,000 Active 19 DOM
2. 2026-06-18
   days on market $160,000 Active 16 DOM
3. 2026-06-17
   days on market $160,000 Active 15 DOM
4. 2026-06-16
   days on market $160,000 Active 14 DOM
5. 2026-06-15
   days on market $160,000 Active 13 DOM
6. 2026-06-14
   days on market $160,000 Active 11 DOM
7. 2026-06-13
   days on market $160,000 Active 10 DOM
8. 2026-06-10
   days on market $160,000 Active 8 DOM
9. 2026-06-09
   days on market $160,000 Active 7 DOM
10. 2026-06-08
    days on market $160,000 Active 6 DOM
11. 2026-06-07
    days on market $160,000 Active 5 DOM
12. 2026-06-03
    remarks 699-char remark
13. 2026-06-03
    listed $160,000 Active 1 DOM

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

Tax reassessment forecast SC · Resets to sale price

• Current annual tax: $2,021 · $168/mo
• Projected year-2 tax: $2,021 · $168/mo
• Expected delta: $0/yr ($0/mo · 0.0%)

ⓘ Screening estimate from a state-policy table — verify with the county assessor before closing.

Climate risk First Street

• 🌊 Flood 1/10 Low FEMA zone X (unshaded) · 0% chance over 30 yrs
• 🔥 Wildfire 2/10 Low
• 🌡 Heat 6/10 Major 7 d/yr ≥105°F today · 16 d/yr by 30 yrs out
• 💨 Wind 2/10 Low 2% chance of damaging wind over 30 yrs
• 🫁 Air quality 4/10 Moderate 4 unhealthy d/yr today · 4 by 30 yrs out

Taxation est. · year 1

• Rental income: $20,970
• − Mortgage interest: −$8,962
• − Property taxes: −$2,021
• − Insurance: −$800
• − Repairs & maintenance: −$1,678
• − Management: −$1,678
• − Depreciation: −$4,655
• Taxable income: $1,177
• Est. tax owed @ 24.0%: −$283
• After-tax cash flow: $3,395/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: Spartanburg 07
• NCES district ID: 4503660
• Math proficiency: 34% ▼ -1.00%
• Reading proficiency: 41% ▼ -1.00%
• Median HH income: $35,825
• Composite: 31.04/100
• National rank: #6087
• State rank: #39 of 80 in SC

Livability — Spartanburg

• Score: 76/100
• State rank: #24
• US rank: #3679

Category grades

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

Schools grade is shown separately in the Schools card above.

Census & demographics

• Census place: Spartanburg, SC
• County: Spartanburg County · 258,607 people
• City population: 120,406
• Metro: Spartanburg, SC
• Population (ZIP): 16,714
• Household income: $41,356
• Rent vs Own: 54.5% rent · 45.5% own
• Severe rent burden: 1064.0

Population outlook (Spartanburg County) Hauer SSP2

• Today (2025): 325,495 people
• By 2030: 338,800 · +4.1%
• By 2040: 363,471 · +11.7%
• By 2050: 384,156 · +18.0%
• By 2075: 430,137 · +32.1%
• By 2100: 442,733 · +36.0%

Race, ethnicity, and origin ACS 2023

• Neighborhood character: Diverse neighborhood (Simpson 0.61)
• Race & ethnicity: Black 50% White 36% Hispanic / Latino 10% Two or more races 9% Asian 1%
• Hispanic origin (detail): Mexican 7% Puerto Rican 2%
• Common ancestry: Slovak 1% Serbian 1% Iranian 1%
• Foreign-born: 7% · Canada
• Languages at home: 90% English-only · Spanish 7% Other Indo-European 2%

Political lean MEDSL · Spartanburg

• 2024 margin: Solid R (+33.6) · D 32.6% · R 66.2% · Other 1.2%
• 2008→2024 swing: -12.0pp toward R · 2008: -21.6pp · 2024: -33.6pp
• All cycles: 2024: R+33.6 2020: R+27.3 2016: R+30.0 2012: R+23.1 2008: R+21.6

Not yet ingested

• Civics: —

Market trends

• HPI YoY: ▼ -90.67%
• Current HPI: 213.1266
• Rent YoY: ▲ 3.46%
• Metro: Spartanburg, SC
• 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

+540.0% since first listed

8 events — show timeline

• 2026-06-02 Listed $160,000 Greater Greenville MLS
• 2024-02-07 Sold (Public Records) $166,000 Public Records
• 2020-01-17 Sold (MLS) $45,000 Greater Greenville MLS
• 2019-12-05 Pending — Greater Greenville MLS
• 2019-11-11 Relisted — Greater Greenville MLS
• 2019-11-07 Contingent — Greater Greenville MLS
• 2019-10-04 Listed $45,000 Greater Greenville MLS
• 1987-05-01 Sold (Public Records) $25,000 Public Records

Property tax history

+19.7%/yr

Latest (2025): $2,021 · -36.6% YoY. Source: county tax records.