4488 Great Oak Dr Unit 10-G

North Charleston, SC 29418

$190,000D+

2 bd · 2.5 ba · 1,682 sqft · Built 2005 · Townhouse · Pending

Cashflow @ list (25.0% down · 7.5%)

• Estimated rent: $2,009/mo
• Mortgage (P&I): −$996
• Tax + insurance: −$317
• HOA: −$335
• Vac / Maint / Mgmt: −$422
• Net cashflow: $-61/mo
• Annual: $-735/yr
• Cap rate: 5.91%
• Cash-on-cash: -1.38%
• DSCR: 0.94
• 1% rule: 1.06%
• Cash to close: $53,200

Investor read

• This is a 2-bed/2.5-bath townhouse listed at $190k.
• At list price, monthly cash flow is $-61 ($-735/yr) — negative.
• To cash-flow at today's rent, offer at most $181k (4.7% below list).
• Meets the 1% rule at list price ($2k rent vs $190k).
• Only 0 days on market — expect competitive offers; lowballing is unlikely to land.
• Recommended offer: $181k (4.7% below list) — sets the bar for cash-flow.
• Local home prices are declining (-3.0%/yr); year-one equity from $1k of loan paydown is wiped out by about $6k of value loss. Plan a longer hold.
• Location reads 66/100 on livability (#122 in SC) — a middle-class / working-renter tenant base. Strengths: housing A+, health & safety A+, cost of living A; Watch: employment C-, crime F, amenities F.
• Charleston 01 (urban): math 48% / reading 53% proficiency, ranked #7 of 80 in SC (top 9%) — acceptable for families but not a draw, mixed tenant base, ~2y average lease.
• Zoned schools: Hunley Park Elementary (math 27% / reading 27%, grade F, #421 of 597 statewide, top 73%, 410 students, 100% FRL); Jerry Zucker Middle School of Science (math 8% / reading 17%, grade F, #213 of 229 statewide, top 94%, 524 students, 100% FRL); North Charleston High (math 27% / reading 57%, grade F, #174 of 196 statewide, top 90%, 768 students, 100% FRL) — zoned schools average 100% FRL vs 44% district-wide (56 pts higher); higher-poverty schools than district average — tighter screening recommended.
• Zoned-school proficiency averages 27% at this address vs 50% district-wide (-23 pts) — the specific schools serving this property underperform the Charleston 01 average; the district grade overstates school quality for this exact location.
• Market conditions: Rents rising (+2.3%/yr); 99 active listings in the ZIP; 13 comparable units currently listed for rent nearby; rentals at typical pace (median 26d on market — plan ~3-4 weeks tenant-placement turnaround); 4,156 units permitted in Charleston County in 2024 (857 in 5+ unit buildings).
• Charleston County population projected at +44% by 2050 — long-run rental-demand tailwind backs the buy-and-hold thesis.
• 2 sale attempts since 22y 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.
• Current owner paid $149k; 28% above their basis — modest negotiation headroom, anchor on the comps not their cost.
• Climate carrying-cost: severe wind risk, 99% chance of damaging wind over 30y; extreme-heat days projected 7→18/yr by 2055 (HVAC capex compounding) — expect insurance premiums to compound above CPI over the hold.
• Cap rate 5.9% vs local median 4.0% in North Charleston — 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.
• This rent runs 37% of the median local income ($65k/yr) — at the standard rent-burdened threshold; future hikes will face affordability resistance.

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?
• What does the HOA fee cover, when was the last increase, and are there any pending special assessments or reserve-fund shortfalls?
• Is there a deadline driving the sale (1031 exchange, divorce, estate, relocation)? That informs how much negotiation room exists.
• 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?
• 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.