26 Hidden Springs Rd

Ben Avon, SC 29302

$114,900B

2 bd · 2.0 ba · 1,068 sqft · Built 1983 · Townhouse · Pending · 3 DOM

Cashflow @ list (25.0% down · 7.5%)

• Estimated rent: $1,554/mo
• Mortgage (P&I): −$603
• Tax + insurance: −$221
• HOA: −$13
• Vac / Maint / Mgmt: −$326
• Net cashflow: $391/mo
• Annual: $4,689/yr
• Cap rate: 10.37%
• Cash-on-cash: 14.57%
• DSCR: 1.65
• 1% rule: 1.35%
• Cash to close: $32,172

Investor read

• This is a 2-bed/2.0-bath townhouse listed at $115k.
• At list price, monthly cash flow is $391 ($5k/yr) — positive.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($2k rent vs $115k).
• Only 3 days on market — expect competitive offers; lowballing is unlikely to land.
• Local home prices are declining (-3.0%/yr); year-one equity from $794 of loan paydown is wiped out by about $3k of value loss. Plan a longer hold.
• Location reads: area grade B — affects rentability + tenant quality, not the cash-flow math above.
• 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) — zoned schools at 57% FRL track the district average.
• Zoned-school proficiency averages 54% at this address vs 38% district-wide (+17 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.
• Market conditions: Rents rising (+2.5%/yr); 156 active listings in the ZIP; 3 comparable units currently listed for rent nearby; rentals at typical pace (median 15d on market — plan ~3-4 weeks tenant-placement turnaround); solid renter incomes; 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.
• 6 sale attempts 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 $56k; list at $115k implies a 105% gain — meaningful room to come down on a strong offer.
• At projected returns (-3.0% appreciation + 2.5% rent growth), your $32k cash investment doubles in ~9 years — after that, you're playing with house money.
• Climate carrying-cost: major flood risk; 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 does the HOA fee cover, when was the last increase, and are there any pending special assessments or reserve-fund shortfalls?
• 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.