1003 Field Sparrow Dr Unit Cc3-2-3

North Charleston, SC 29470

$399,000D

4 bd · 2.5 ba · 2,556 sqft · Built 2025 · SingleFamily · Pending · 48 DOM

Cashflow @ list (25.0% down · 7.5%)

• Estimated rent: $3,444/mo
• Mortgage (P&I): −$2,092
• Tax + insurance: −$665
• HOA: −$58
• Vac / Maint / Mgmt: −$723
• Net cashflow: $-94/mo
• Annual: $-1,132/yr
• Cap rate: 6.01%
• Cash-on-cash: -1.01%
• DSCR: 0.95
• 1% rule: 0.86%
• Cash to close: $111,720

Investor read

• This is a 4-bed/2.5-bath single-family listed at $399k.
• At list price, monthly cash flow is $-94 ($-1k/yr) — negative.
• To cash-flow at today's rent, offer at most $385k (3.4% below list).
• To meet the 1% rule (rent ≥ 1% of price), the offer needs to be $344k (13.7% below list).
• It's been on market 48 days — a 3% lower offer ($387k) is reasonable based on typical stale-listing flexibility.
• Recommended offer: $344k (13.7% below list) — sets the bar for 1% rule.
• Local home prices are declining (-3.0%/yr); year-one equity from $3k of loan paydown is wiped out by about $12k 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.
• Dorchester 02 (suburban): math 40% / reading 55% proficiency, ranked #12 of 80 in SC (top 15%) — families likely to look elsewhere, expect single-tenant / working-renter base with shorter leases.
• Zoned schools: Beech Hill Elementary (math 67% / reading 72%, grade A-, #38 of 597 statewide, top 7%, 1,101 students, 34% FRL); East Edisto Middle (879 students, 46% FRL); Ashley Ridge High (math 73% / reading 93%, grade A, #18 of 196 statewide, top 9%, 2,542 students, 50% FRL).
• Zoned-school proficiency averages 76% at this address vs 48% district-wide (+29 pts) — the actual schools serving this property are materially stronger than the Dorchester 02 average implies; a family-tenant draw the district grade alone would hide.
• Market conditions: 196 active listings in the ZIP; 2 comparable units currently listed for rent nearby; 1,199 units permitted in Dorchester County in 2024 (0 in 5+ unit buildings).
• Dorchester County population projected at +43% by 2050 — long-run rental-demand tailwind backs the buy-and-hold thesis.
• Cap rate 6.0% 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.

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?
• It's been on market 48 days. Have you received any prior offers? Is the seller open to a 14% concession, seller financing, or rate buy-down credit?
• 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.