639 Blossom Run Dr

Spartanburg, SC 29307

$172,500D-

3 bd · 3.0 ba · 1,348 sqft · Built 2024 · Townhouse · Active · 121 DOM

Cashflow @ list (25.0% down · 7.5%)

• Estimated rent: $1,604/mo
• Mortgage (P&I): −$905
• Tax + insurance: −$474
• HOA: −$147
• Vac / Maint / Mgmt: −$337
• Net cashflow: $-258/mo
• Annual: $-3,099/yr
• Cap rate: 4.50%
• Cash-on-cash: -6.42%
• DSCR: 0.71
• 1% rule: 0.93%
• Cash to close: $48,300

Investor read

• This is a 3-bed/3.0-bath townhouse listed at $172k. Condition is rated excellent.
• At list price, monthly cash flow is $-258 ($-3k/yr) — negative.
• To cash-flow at today's rent, offer at most $127k (26.4% below list).
• To meet the 1% rule (rent ≥ 1% of price), the offer needs to be $160k (7.0% below list).
• It's been on market 121 days — a 12% lower offer ($152k) is reasonable based on typical stale-listing flexibility.
• Recommended offer: $127k (26.4% below list) — sets the bar for cash-flow.
• 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 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: Jesse Boyd Elementary (math 52% / reading 57%, grade C, #123 of 597 statewide, top 22%, 495 students, 57% FRL); Mccracken Middle (math 41% / reading 49%, grade D, #48 of 229 statewide, top 22%, 926 students, 78% FRL); Spartanburg High (math 67% / reading 79%, grade B+, #44 of 196 statewide, top 23%, 2,056 students, 85% FRL).
• Zoned-school proficiency averages 58% at this address vs 38% district-wide (+20 pts) — the actual schools serving this property are materially stronger than the Spartanburg 07 average implies; a family-tenant draw the district grade alone would hide.
• Watch-outs: property tax is 2.8% of price.
• Market conditions: Rents flat; 416 active listings in the ZIP; 8 comparable units currently listed for rent nearby; rentals leasing fast (median 0d on market — plan ~1-2 weeks tenant-placement turnaround); 3,129 units permitted in Spartanburg County in 2024 (40 in 5+ unit buildings).
• Spartanburg County population projected at +18% by 2050 — long-run rental-demand tailwind backs the buy-and-hold thesis.
• 2 sale attempts since 2y ago; this cycle's ask has dropped $17k (9%) from the opening price — seller is motivated, your offer sets the floor, not the list.
• 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.

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 121 days. Have you received any prior offers? Is the seller open to a 26% concession, seller financing, or rate buy-down credit?
• Property tax is high relative to price — has the assessment been appealed recently, and will the sale trigger a re-assessment?
• What does the HOA fee cover, when was the last increase, and are there any pending special assessments or reserve-fund shortfalls?
• 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?
• 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?