938 Bluefield Rd

White Knoll, SC 29073

$162,500B-

4 bd · 2.0 ba · 1,568 sqft · Built 1989 · Manufactured · Pending · 5 DOM

Cashflow @ list (25.0% down · 7.5%)

• Estimated rent: $2,058/mo
• Mortgage (P&I): −$852
• Tax + insurance: −$135
• HOA: −$0
• Vac / Maint / Mgmt: −$432
• Net cashflow: $639/mo
• Annual: $7,667/yr
• Cap rate: 11.01%
• Cash-on-cash: 16.85%
• DSCR: 1.75
• 1% rule: 1.27%
• Cash to close: $45,500

Investor read

• This is a 4-bed/2.0-bath manufactured listed at $162k.
• At list price, monthly cash flow is $639 ($8k/yr) — positive.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($2k rent vs $162k).
• Only 5 days on market — expect competitive offers; lowballing is unlikely to land.
• Local home prices are declining (-3.0%/yr); year-one equity from $1k of loan paydown is wiped out by about $5k of value loss. Plan a longer hold.
• Location reads: area grade B — affects rentability + tenant quality, not the cash-flow math above.
• Lexington 01 (suburban): math 42% / reading 53% proficiency, ranked #11 of 80 in SC (top 14%) — families likely to look elsewhere, expect single-tenant / working-renter base with shorter leases.
• Zoned schools: Forts Pond Elementary (math 25% / reading 25%, grade F, #447 of 597 statewide, top 76%, 468 students, 100% FRL); Pelion High (math 14% / reading 77%, grade D-, #164 of 196 statewide, top 84%, 727 students, 65% FRL) — zoned schools average 83% FRL vs 30% district-wide (52 pts higher); higher-poverty schools than district average — tighter screening recommended.
• Zoned-school proficiency averages 35% at this address vs 48% district-wide (-12 pts) — the specific schools serving this property underperform the Lexington 01 average; the district grade overstates school quality for this exact location.
• Market conditions: Rents rising (+3.2%/yr); 564 active listings in the ZIP; solid renter incomes; 1,712 units permitted in Lexington County in 2024 (0 in 5+ unit buildings).
• Lexington County population projected at +26% by 2050 — long-run rental-demand tailwind backs the buy-and-hold thesis.
• 2 sale attempts since 4y 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 $135k; 20% above their basis — modest negotiation headroom, anchor on the comps not their cost.
• At projected returns (-3.0% appreciation + 3.2% rent growth), your $46k cash investment doubles in ~7 years — after that, you're playing with house money.
• Climate carrying-cost: major wind risk, 64% chance of damaging wind over 30y; major wildfire risk; extreme-heat days projected 7→16/yr by 2055 (HVAC capex compounding) — expect insurance premiums to compound above CPI over the hold.
• This rent runs 32% of the median local income ($77k/yr) — at the standard rent-burdened threshold; future hikes will face affordability resistance.

Questions for listing agent

• Is there a deadline driving the sale (1031 exchange, divorce, estate, relocation)? That informs how much negotiation room exists.
• 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.