300 Elmwood St

Easley, SC 29642

$349,900D-

4 bd · 3.0 ba · 2,000 sqft · Built 1975 · SingleFamily · Pending · 2 DOM

Cashflow @ list (25.0% down · 7.5%)

• Estimated rent: $2,397/mo
• Mortgage (P&I): −$1,835
• Tax + insurance: −$226
• HOA: −$0
• Vac / Maint / Mgmt: −$503
• Net cashflow: $-168/mo
• Annual: $-2,010/yr
• Cap rate: 5.72%
• Cash-on-cash: -2.05%
• DSCR: 0.91
• 1% rule: 0.69%
• Cash to close: $97,972

Investor read

• This is a 4-bed/3.0-bath single-family listed at $350k.
• At list price, monthly cash flow is $-168 ($-2k/yr) — negative.
• To cash-flow at today's rent, offer at most $320k (8.5% below list).
• To meet the 1% rule (rent ≥ 1% of price), the offer needs to be $240k (31.5% below list).
• Only 2 days on market — expect competitive offers; lowballing is unlikely to land.
• Recommended offer: $240k (31.5% below list) — sets the bar for 1% rule.
• Local home prices are declining (-3.0%/yr); year-one equity from $2k of loan paydown is wiped out by about $10k of value loss. Plan a longer hold.
• Location reads 71/100 on livability (#47 in SC) — a middle-class / working-renter tenant base. Strengths: cost of living A+, housing A+; Watch: amenities D, commute F.
• Pickens 01 (rural): math 42% / reading 50% proficiency, ranked #21 of 80 in SC (top 26%) — families likely to look elsewhere, expect single-tenant / working-renter base with shorter leases.
• Zoned schools: Crosswell Elementary (math 44% / reading 44%, grade F, #239 of 597 statewide, top 41%, 531 students, 100% FRL); Richard H. Gettys Middle (math 37% / reading 39%, grade F, #86 of 229 statewide, top 39%, 1,284 students, 74% FRL); Easley High (math 47% / reading 83%, grade B, #85 of 196 statewide, top 45%, 1,904 students, 65% FRL) — zoned schools average 80% FRL vs 42% district-wide (38 pts higher); higher-poverty schools than district average — tighter screening recommended.
• Market conditions: Rents rising fast (+5.3%/yr); 321 active listings in the ZIP; 17 comparable units currently listed for rent nearby; rentals leasing fast (median 12d on market — plan ~1-2 weeks tenant-placement turnaround); solid renter incomes; 1,440 units permitted in Pickens County in 2024 (245 in 5+ unit buildings).
• Pickens County population projected at +6% by 2050 — modest demand growth; plan on rents tracking national, not racing it.
• 4 sale attempts since 8y 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 $190k; list at $350k implies a 84% gain — meaningful room to come down on a strong offer.
• Climate carrying-cost: extreme-heat days projected 7→17/yr by 2055 (HVAC capex compounding) — expect insurance premiums to compound above CPI over the hold.
• Cap rate 5.7% vs local median 4.0% in Easley — 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 ($78k/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?
• Built in 1975 — when were the roof, HVAC, electrical panel, plumbing, and water heater last replaced?
• 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?
• 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.