104 Nevada St · Spartanburg, SC 29306

$199,900

3 bd · 1.0 ba · 1,450 sqft · SingleFamily public records · 67 Days on market

Built 1972 6,970 sqft lot Est $238k · 16% under ↓ 4% since listing

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Why this score? — see what drove the D+ 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).

• ARV discount +14.7/15.0
• Cash flow +12.8/30.0
• DSCR +3.8/10.0
• Livability +3.8/5.0
• Rent growth +3.4/5.0
• Schools +3.1/10.0
• 1% rule +2.5/10.0
• Condition / age +2.5/5.0
• Appreciation +0.0/10.0

Listing remarks

Property owned by real estate agent. Welcome to this fully updated home located in the heart of Spartanburg. This home features spacious five bedrooms, and 2.5 bath. Perfect for family, guests or home office. Bright open concept. Move-in ready features updates and functional space. Fully updated, new flooring, freshly painted, new lights, new HVAC. All light fixtures are updated. Specious backyard fully fenced ideal for family entertaining. Prime location near schools, downtown, stores and parks.

Key facts

• New hvac
• Bright open concept
• New flooring

Tags

• BRIGHT OPEN CONCEPT
• NEW FLOORING
• FRESHLY PAINTED
• NEW LIGHTS
• NEW HVAC
• FULLY FENCED BACKYARD

Property features AI

Exterior

• Utilities: Public water
• Home design: Single family residence; One level
• Construction: Brick veneer construction
• Exterior features: Composition roof

Interior

• Kitchen: Gas oven; Electric range; Refrigerator
• Flooring: Laminate
• Bathrooms: Two full bathrooms; One half bathroom
• Interior features: Laminate flooring

What this means for you Summary

Snapshot

• This is a 3-bed/1.0-bath single-family listed at $200k.

Deal economics

• At list price, monthly cash flow is $-19 ($-233/yr) — negative.
• To cash-flow at today's rent, offer at most $196k (1.7% below list).
• To meet the 1% rule (rent ≥ 1% of price), the offer needs to be $149k (25.3% below list).
• Recommended offer: $149k (25.3% below list) — sets the bar for 1% rule.
• Cap rate 6.2% vs local median 3.9% in Spartanburg — 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 76/100 on livability (#24 in SC, #3,679 nationally) — a middle-class / working-renter tenant base. Strengths: amenities A+, commute A+, cost of living A+; Watch: crime F, employment F.
• Spartanburg 07 (urban): math 34% / reading 41% proficiency, ranked #39 of 80 in SC (top 49%) — families likely to look elsewhere, expect single-tenant / working-renter base with shorter leases; 62% free/reduced lunch — lower-income household profile, screen leases tightly.
• Zoned schools: Mary H. Wright Elementary (math 22% / reading 22%, grade F, #475 of 597 statewide, top 81%, 455 students, 100% FRL); Spartanburg High (math 67% / reading 79%, grade B+, #44 of 196 statewide, top 23%, 2,056 students, 85% FRL) — zoned schools average 93% FRL vs 62% district-wide (31 pts higher); higher-poverty schools than district average — tighter screening recommended.
• Market conditions: Rents rising (+3.5%/yr); 234 active listings in the ZIP; 15 comparable units currently listed for rent nearby; rentals at typical pace (median 22d on market — plan ~3-4 weeks tenant-placement turnaround); lower-income renter base — watch delinquency; 3,129 units permitted in Spartanburg County in 2024 (40 in 5+ unit buildings).
• This rent runs 43% of the median local income ($41k/yr) — at the standard rent-burdened threshold; future hikes will face affordability resistance.

Forward outlook

• 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.
• Spartanburg County population projected at +18% by 2050 — long-run rental-demand tailwind backs the buy-and-hold thesis.

Negotiation context

• It's been on market 67 days — a 6% lower offer ($188k) is reasonable based on typical stale-listing flexibility.

Risks & watch-outs

• Climate carrying-cost: extreme-heat days projected 7→16/yr by 2055 (HVAC capex compounding) — expect insurance premiums to compound above CPI over the hold.

Recommended offer $149,390 (25.3% below list)

Questions for the listing agent

1. 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?
2. It's been on market 67 days. Have you received any prior offers? Is the seller open to a 25% concession, seller financing, or rate buy-down credit?
3. Built in 1972 — when were the roof, HVAC, electrical panel, plumbing, and water heater last replaced?
4. Why hasn't it sold? Are there any deal-killer items the seller is aware of (foundation, flood, title, zoning, code violations)?
5. Is there a deadline driving the sale (1031 exchange, divorce, estate, relocation)? That informs how much negotiation room exists.
6. 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?
7. 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?
8. 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?
9. 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.
10. 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.
11. 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: 0.75% ✗
• Cap rate: 6.18%
• Cash-on-cash: -0.42%
• DSCR: 0.98
• GRM: 11.2

CMA / ARV

• ARV (on-the-fly): $237,800
• Comps found: 12

Show comp detail 12 sales within ~0.75 mi

Address	Dist	Beds/Ba	Sqft	Sold	Price	$/sf	Match
207 Woodview Ave	0.29mi	3/2.0	1,421 (-2%)	4mo	$189,900	$134	76
226 Woodview Ave Ave	0.32mi	3/2.5	1,400 (-3%)	2mo	$230,000	$164	71
290 Caulder Cir	0.11mi	3/3.0	1,271 (-12%)	0mo	$220,000	$173	66
207 High St	0.40mi	3/2.5	1,401 (-3%)	4mo	$259,000	$185	66
529 Hampton Dr	0.60mi	3/2.0	1,366 (-6%)	2mo	$247,000	$181	57
815 S Liberty St	0.34mi	3/2.0	1,253 (-14%)	1mo	$195,000	$156	56
524 Caulder Ave	0.34mi	3/2.0	1,240 (-14%)	1mo	$252,000	$203	55
218 Caulder Cir	0.19mi	3/2.0	1,237 (-15%)	10mo	$199,990	$162	55
216 Caulder Cir	0.20mi	3/2.0	1,237 (-15%)	10mo	$194,990	$158	54
306 Carolyn Dr	0.54mi	3/2.5	1,364 (-6%)	7mo	$258,000	$189	53
735 Duncan Park Rd	0.69mi	2/1.0 (-1)	1,364 (-6%)	4mo	$200,000	$147	50
860 S Church St	0.61mi	3/2.0	1,237 (-15%)	6mo	$194,990	$158	38

Match score weights: distance 35% · size 25% · config 20% · recency 20%. Top-matched comps best support the ARV.

Projected returns pro-forma

-3.0% appreciation · 3.46% rent growth · sell at horizon

5-year hold

• IRR: -16.6%
• Equity multiple: 0.41×
• Total profit: $-33,025
• Equity at exit: $29,806

10-year hold

• IRR: -7.8%
• Equity multiple: 0.50×
• Total profit: $-27,837
• Equity at exit: $17,284

Cash invested: $55,972 (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 29306

• Home prices YoY: -29.9%
• Rents YoY: 3.5%
• Active inventory: 234
• Price-to-rent: 11.2×

Monthly cashflow live

• Estimated rent: $1,494 high
• Mortgage (P&I): −$1,048
• Tax from tax record: −$68 /mo · $816/yr
• Insurance: −$83
• HOA: −$0
• Vacancy / Maint / Mgmt: −$314
• Net cashflow: $-19

Break-even live

Break-even rent $1,519

Max offer price $196,467

Occupancy floor 96%

Sensitivity live

Price	-10% $94	-5% $37	+0% $-19	+5% $-76	+10% $-133
Rent	-10% $-137	-5% $-78	+0% $-19	+5% $40	+10% $99
Rate	-1.0pp $81	-0.5pp $31	base $-19	+0.5pp $-71	+1.0pp $-124

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: $49,975
• Closing costs: $5,997
• Reserves months: —
• Total cash needed: —

Rent comps 15 comps

Address	Beds	Baths	Sqft	Rent	$/sqft	DOM	Units	Dist
88 W Park Dr Unit H Spartanburg, SC	2.0	1.0	950	$875	$0.92	21d	1	0.49mi
235 High St Spartanburg, SC	3.0	1.5	1726	$1,650	$0.96	21d	1	0.57mi
630 S Converse St Spartanburg, SC	2.0	1.0	912	$995	$1.09	21d	1	0.59mi
938 Logan St Unit A Spartanburg, SC	2.0	2.5	980	$1,600	$1.63	21d	1	0.59mi
249 E Hampton Ave Spartanburg, SC	3.0	2.0	1450	$1,475	$1.02	21d	1	0.64mi
102 Harvard Dr Spartanburg, SC	2.0	1.0	1000	$1,300	$1.30	14d	1	0.66mi
318 Alexander Ave Spartanburg, SC	4.0	2.0	1480	$1,695	$1.15	21d	1	0.73mi
111 Timothy St Spartanburg, SC	2.0	1.0	1100	$1,600	$1.45	21d	1	0.93mi
334 W Hampton Ave Unit 1 Spartanburg, SC	2.0	1.0	895	$1,100	$1.23	21d	1	0.94mi
327 E Kennedy St Spartanburg, SC	1.0–2.0	1.0–2.0	806	$1,654	$2.05	14d	7	1.09mi
1097 Union St Spartanburg, SC	1.0–2.0	1.0–2.0	951	$2,009	$2.11	14d	21	1.18mi
522 Pennwood Dr Spartanburg, SC	3.0	1.0	1153	$1,400	$1.21	21d	1	1.24mi
174 E Main St Spartanburg, SC	1.0–2.0	1.0–2.0	760	$2,295	$3.02	14d	8	1.27mi
717 Connecticut Ave Spartanburg, SC	3.0	1.0	1320	$1,895	$1.44	14d	1	1.32mi
142 Magnolia St Unit 301 Spartanburg, SC	2.0	2.0	937	$1,850	$1.97	21d	1	1.37mi

Listing history 4 events

1. 2026-05-15
   price $199,900
2. 2026-04-28
   price $204,900
3. 2026-04-22
   price $209,900
4. 2026-03-20
   listed $209,000 Active

ⓘ 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: $816 · $68/mo
• Projected year-2 tax: $1,139 · $95/mo
• Expected delta: +$323/yr (+$27/mo · 39.6%)

ⓘ 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 2/10 Low
• 🌡 Heat 6/10 Major 7 d/yr ≥105°F today · 16 d/yr by 30 yrs out
• 💨 Wind 2/10 Low 2% chance of damaging wind over 30 yrs
• 🫁 Air quality 4/10 Moderate 4 unhealthy d/yr today · 4 by 30 yrs out

Taxation est. · year 1

• Rental income: $17,927
• − Mortgage interest: −$11,198
• − Property taxes: −$816
• − Insurance: −$1,000
• − Repairs & maintenance: −$1,434
• − Management: −$1,434
• − Depreciation: −$5,815
• Taxable loss: −$3,770
• Est. tax savings @ 24.0%: +$905
• After-tax cash flow: $672/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: Spartanburg 07
• NCES district ID: 4503660
• Math proficiency: 34% ▼ -1.00%
• Reading proficiency: 41% ▼ -1.00%
• Median HH income: $35,825
• Composite: 31.04/100
• National rank: #6087
• State rank: #39 of 80 in SC

Livability — Spartanburg

• Score: 76/100
• State rank: #24
• US rank: #3679

Category grades

Amenities A+ Commute A+ 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: Spartanburg, SC
• County: Spartanburg County · 258,607 people
• City population: 120,406
• Metro: Spartanburg, SC
• Population (ZIP): 16,714
• Household income: $41,356
• Rent vs Own: 54.5% rent · 45.5% own
• Severe rent burden: 1064.0

Population outlook (Spartanburg County) Hauer SSP2

• Today (2025): 325,495 people
• By 2030: 338,800 · +4.1%
• By 2040: 363,471 · +11.7%
• By 2050: 384,156 · +18.0%
• By 2075: 430,137 · +32.1%
• By 2100: 442,733 · +36.0%

Race, ethnicity, and origin ACS 2023

• Neighborhood character: Diverse neighborhood (Simpson 0.61)
• Race & ethnicity: Black 50% White 36% Hispanic / Latino 10% Two or more races 9% Asian 1%
• Hispanic origin (detail): Mexican 7% Puerto Rican 2%
• Common ancestry: Slovak 1% Serbian 1% Iranian 1%
• Foreign-born: 7% · Canada
• Languages at home: 90% English-only · Spanish 7% Other Indo-European 2%

Political lean MEDSL · Spartanburg

• 2024 margin: Solid R (+33.6) · D 32.6% · R 66.2% · Other 1.2%
• 2008→2024 swing: -12.0pp toward R · 2008: -21.6pp · 2024: -33.6pp
• All cycles: 2024: R+33.6 2020: R+27.3 2016: R+30.0 2012: R+23.1 2008: R+21.6

Not yet ingested

• Civics: —

Market trends

• HPI YoY: ▼ -90.67%
• Current HPI: 213.1266
• Rent YoY: ▲ 3.46%
• Metro: Spartanburg, SC
• 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

-4.4% since first listed

4 events — show timeline

• 2026-05-15 Price Changed $199,900 SPMLS
• 2026-04-28 Price Changed $204,900 SPMLS
• 2026-04-22 Price Changed $209,900 SPMLS
• 2026-03-20 Listed $209,000 SPMLS

Property tax history

+4.4%/yr

Latest (2025): $816 · +1.2% YoY. Source: county tax records.