516 Gapway St · Mullins, SC 29574

$79,000

2 bd · 1.0 ba · 904 sqft · Other public records · 19 Days on market

Built 1970 7,841 sqft lot

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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 +25.2/30.0
• DSCR +8.3/10.0
• ARV discount +7.5/15.0
• 1% rule +6.3/10.0
• Livability +2.6/5.0
• Rent growth +2.5/5.0
• Condition / age +2.5/5.0
• Schools +1.3/10.0
• Appreciation +0.0/10.0

Listing remarks MLS

This would be a great starter home or investment property. Home is currently being rented. Heating and cooling is provided by window units. Appliance belong to tenant. Tenant is month to month. will need 48hr notice to show.

Key facts

• 7,841 sq ft lot
• Built 1970
• Listed 18 days

Property features AI

Finance

• Other: For sale
• HOA & community: Monthly association fee

Exterior

• Parking: 2 total parking spaces
• Utilities: Electricity available; Sewer available; Public water available
• Home design: Single-story home; Residential zoning; Resale property
• Construction: Vinyl siding; Crawlspace foundation
• Exterior features: Front porch; City lot; Rectangular lot

Interior

• Bedrooms: Main level primary bedroom
• Flooring: Carpet; Laminate; Vinyl
• Bathrooms: 1 full bathroom
• Heating & cooling: Wall/window air conditioning units
• Interior features: Unfurnished; Main level primary bedroom; Bedroom on main level; Tub with shower
• Laundry & utility: Washer hookup

What this means for you Summary

Snapshot

• This is a 2-bed/1.0-bath other listed at $79k.

Deal economics

• At list price, monthly cash flow is $177 ($2k/yr) — positive.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($892 rent vs $79k).
• Recommended offer: $78k (1.5% below list) — sets the bar for market timing.
• Cap rate 9.0% vs local median 4.5% in Mullins — 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 52/100 on livability (#358 in SC) — a working-class tenant base; expect higher turnover. Strengths: cost of living A+, housing A+, health & safety A+; Watch: schools F, crime F, amenities F.
• Marion 10 (town): math 9% / reading 23% proficiency, ranked #79 of 80 in SC (top 99%) — low school quality limits family demand, transient renter base, plan for 1-2y turnover; 79% free/reduced lunch — lower-income household profile, screen leases tightly.
• Market conditions: 80 active listings in the ZIP; 76 units permitted in Marion County in 2024 (0 in 5+ unit buildings).

Forward outlook

• Local home prices are declining (-3.0%/yr); year-one equity from $546 of loan paydown is wiped out by about $2k of value loss. Plan a longer hold.
• Marion County population projected at -26% by 2050 — secular population decline; favor cash flow + early exit over multi-decade hold.

Negotiation context

• It's been on market 19 days — a 2% lower offer ($78k) is reasonable based on typical stale-listing flexibility.
• 2 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.

Risks & watch-outs

• Climate carrying-cost: severe wind risk, 80% 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.

Recommended offer $77,815 (1.5% below list)

Questions for the listing agent

1. Built in 1970 — 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 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?
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: 1.13% ✓
• Cap rate: 8.98%
• Cash-on-cash: 9.61%
• DSCR: 1.43
• GRM: 7.4

CMA / ARV

No comps found within radius.

Projected returns pro-forma

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

5-year hold

• IRR: -1.8%
• Equity multiple: 0.93×
• Total profit: $-1,522
• Equity at exit: $11,779

10-year hold

• IRR: 7.9%
• Equity multiple: 1.60×
• Total profit: $13,205
• Equity at exit: $6,830

Cash invested: $22,120 (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 29574

• Active inventory: 80
• Price-to-rent: 7.4×

Monthly cashflow live

• Estimated rent: $892 medium
• Mortgage (P&I): −$414
• Tax from tax record: −$81 /mo · $966/yr
• Insurance: −$33
• HOA: −$0
• Vacancy / Maint / Mgmt: −$187
• Net cashflow: $177

Break-even live

Break-even rent $668

Max offer price $79,000

Occupancy floor 75%

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: $19,750
• Closing costs: $2,370
• Reserves months: —
• Total cash needed: —

Listing history 16 events

1. 2026-06-15
   remarks 224-char remark
2. 2026-06-15
   days on marketlisting id $79,000 Active 19 DOM
3. 2026-06-14
   days on market $79,000 Active 17 DOM
4. 2026-06-13
   days on market $79,000 Active 16 DOM
5. 2026-06-10
   days on market $79,000 Active 14 DOM
6. 2026-06-09
   days on market $79,000 Active 13 DOM
7. 2026-06-08
   days on market $79,000 Active 12 DOM
8. 2026-06-07
   days on market $79,000 Active 11 DOM
9. 2026-06-05
   days on market $79,000 Active 8 DOM
10. 2026-06-03
    days on market $79,000 Active 7 DOM
11. 2026-06-02
    days on market $79,000 Active 6 DOM
12. 2026-06-01
    days on market $79,000 Active 5 DOM
13. 2026-05-31
    days on market $79,000 Active 4 DOM
14. 2026-05-30
    days on market $79,000 Active 3 DOM
15. 2026-05-27
    listed $79,000 Active 224-char remark

    Show marketing remark (224 chars)

    This would be a great starter home or investment property. Home is currently being rented. Heating and cooling is provided by window units. Appliance belong to tenant. Tenant is month to month. will need 48hr notice to show.

16. 2026-05-27
    listed $79,000 Active

    Show marketing remark (224 chars)

    This would be a great starter home or investment property. Home is currently being rented. Heating and cooling is provided by window units. Appliance belong to tenant. Tenant is month to month. will need 48hr notice to show.

ⓘ 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: $966 · $81/mo
• Projected year-2 tax: $966 · $81/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 4/10 Moderate
• 🌡 Heat 7/10 Severe 7 d/yr ≥109°F today · 16 d/yr by 30 yrs out
• 💨 Wind 8/10 Severe 80% chance of damaging wind over 30 yrs
• 🫁 Air quality 1/10 Low 0 unhealthy d/yr today · 0 by 30 yrs out

Taxation est. · year 1

• Rental income: $10,706
• − Mortgage interest: −$4,425
• − Property taxes: −$966
• − Insurance: −$395
• − Repairs & maintenance: −$856
• − Management: −$856
• − Depreciation: −$2,298
• Taxable income: $908
• Est. tax owed @ 24.0%: −$218
• After-tax cash flow: $1,907/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: Marion 10
• NCES district ID: 4503908
• Math proficiency: 9% ▼ -9.00%
• Reading proficiency: 23% ▲ 1.00%
• Median HH income: $31,200
• Composite: 12.75/100
• National rank: #9600
• State rank: #79 of 80 in SC

Livability — Mullins

• Score: 52/100
• State rank: #358
• US rank: #25086

Category grades

Amenities F Commute F 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: Mullins, SC
• Population (ZIP): 9,383

Population outlook (Marion County) Hauer SSP2

• Today (2025): 29,121 people
• By 2030: 27,539 · -5.4%
• By 2040: 24,391 · -16.2%
• By 2050: 21,566 · -25.9%
• By 2075: 15,537 · -46.6%
• By 2100: 10,680 · -63.3%

Race, ethnicity, and origin ACS 2023

• Neighborhood character: Majority Black (57%)
• Race & ethnicity: Black 57% White 40% Two or more races 3%
• Common ancestry: Serbian 1% Slovak 1%
• Foreign-born: 1% · Canada, Jamaica
• Languages at home: 99% English-only · Spanish 1%

Political lean MEDSL · Marion

• 2024 margin: D (+10.5) · D 54.6% · R 44.1% · Other 1.2%
• 2008→2024 swing: -15.2pp toward R · 2008: 25.7pp · 2024: 10.5pp
• All cycles: 2024: D+10.5 2020: D+21.5 2016: D+21.7 2012: D+29.8 2008: D+25.7

Not yet ingested

• Civics: —

Market trends

• HPI YoY: ▼ -63.44%
• Current HPI: 111.3883
• 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

+0.0% since first listed

2 events — show timeline

• 2026-05-27 Listed $79,000 RAGPD
• 2026-05-27 Listed $79,000 CCAR

Property tax history

+0.3%/yr

Latest (2025): $966 · +1.3% YoY. Source: county tax records.