3910 Edmond Dr

Columbia, SC 29205

$210,000C-

4 bd · 2.0 ba · 1,344 sqft · Built 1960 · MultiFamily · Pending · 152 DOM

Cashflow @ list (25.0% down · 7.5%)

• Estimated rent: $2,347/mo
• Mortgage (P&I): −$1,101
• Tax + insurance: −$541
• HOA: −$0
• Vac / Maint / Mgmt: −$493
• Net cashflow: $212/mo
• Annual: $2,547/yr
• Cap rate: 7.51%
• Cash-on-cash: 4.33%
• DSCR: 1.19
• 1% rule: 1.12%
• Cash to close: $58,800

Investor read

• This is a 2 × 2-bed/1.0-bath units multifamily listed at $210k.
• At list price, monthly cash flow is $212 ($3k/yr) — positive. Per door: $106/mo.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($2k rent vs $210k).
• It's been on market 152 days — a 12% lower offer ($185k) is reasonable based on typical stale-listing flexibility.
• Recommended offer: $185k (12.0% below list) — sets the bar for market timing.
• 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 78/100 on livability (#18 in SC, #2,436 nationally) — a middle-class / working-renter tenant base. Strengths: amenities A+, commute A+, cost of living A+; Watch: employment D, crime F.
• Richland 01 (urban): math 26% / reading 36% proficiency, ranked #54 of 80 in SC (top 68%) — families likely to look elsewhere, expect single-tenant / working-renter base with shorter leases; 64% free/reduced lunch — lower-income household profile, screen leases tightly.
• Zoned schools: Rosewood Elementary (math 72% / reading 72%, grade A-, #26 of 597 statewide, top 5%, 329 students, 100% FRL); Dreher High (math 47% / reading 92%, grade B, #60 of 196 statewide, top 32%, 1,150 students, 100% FRL) — zoned schools average 100% FRL vs 64% district-wide (36 pts higher); higher-poverty schools than district average — tighter screening recommended.
• Zoned-school proficiency averages 71% at this address vs 31% district-wide (+40 pts) — the actual schools serving this property are materially stronger than the Richland 01 average implies; a family-tenant draw the district grade alone would hide.
• Watch-outs: property tax is 2.6% of price.
• Market conditions: Rents rising fast (+7.0%/yr); 145 active listings in the ZIP; 17 comparable units currently listed for rent nearby; rentals at typical pace (median 24d on market — plan ~3-4 weeks tenant-placement turnaround); 3,472 units permitted in Richland County in 2024 (1,096 in 5+ unit buildings).
• Richland County population projected at +30% by 2050 — long-run rental-demand tailwind backs the buy-and-hold thesis.
• 5 sale attempts since 7y ago; this cycle's ask has dropped $25k (11%) from the opening price — seller is motivated, your offer sets the floor, not the list.
• At projected returns (-3.0% appreciation + 7.0% rent growth), your $59k cash investment doubles in ~10 years — after that, you're playing with house money.
• Climate carrying-cost: major wind risk, 73% 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.
• Cap rate 7.5% vs local median 5.0% in Columbia — 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

• It's been on market 152 days. Have you received any prior offers? Is the seller open to a 12% concession, seller financing, or rate buy-down credit?
• Can we see the unit-by-unit rent roll, current vacancy, and any below-market leases? What's the average tenancy length?
• What capital expenditures (roof, boiler, parking lot, exteriors) have been made in the last 5 years, and what's planned in the next 2?
• Built in 1960 — when were the roof, HVAC, electrical panel, plumbing, and water heater last replaced?
• Property tax is high relative to price — has the assessment been appealed recently, and will the sale trigger a re-assessment?
• Why hasn't it sold? Are there any deal-killer items the seller is aware of (foundation, flood, title, zoning, code violations)?
• Is there a deadline driving the sale (1031 exchange, divorce, estate, relocation)? That informs how much negotiation room exists.
• 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?