128 Melville Rd

Irmo, SC 29212

$250,000D

3 bd · 2.0 ba · 1,660 sqft · Built 1978 · SingleFamily · Pending · 17 DOM

Cashflow @ list (25.0% down · 7.5%)

• Estimated rent: $1,936/mo
• Mortgage (P&I): −$1,311
• Tax + insurance: −$160
• HOA: −$0
• Vac / Maint / Mgmt: −$407
• Net cashflow: $58/mo
• Annual: $700/yr
• Cap rate: 6.57%
• Cash-on-cash: 1.00%
• DSCR: 1.04
• 1% rule: 0.77%
• Cash to close: $70,000

Investor read

• This is a 3-bed/2.0-bath single-family listed at $250k.
• At list price, monthly cash flow is $58 ($700/yr) — positive.
• The deal already cash-flows at list — no discount required.
• To meet the 1% rule (rent ≥ 1% of price), the offer needs to be $194k (22.5% below list).
• It's been on market 17 days — a 2% lower offer ($246k) is reasonable based on typical stale-listing flexibility.
• Recommended offer: $194k (22.5% 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 $8k of value loss. Plan a longer hold.
• Location reads 73/100 on livability (#38 in SC) — a middle-class / working-renter tenant base. Strengths: cost of living A+, housing A+, employment B; Watch: amenities F, commute F.
• Lexington 05 (suburban): math 47% / reading 55% proficiency, ranked #5 of 80 in SC (top 6%) — acceptable for families but not a draw, mixed tenant base, ~2y average lease.
• Zoned schools: Nursery Road Elementary (math 39% / reading 42%, grade F, #286 of 597 statewide, top 49%, 450 students, 100% FRL); Irmo Middle (math 30% / reading 38%, grade F, #110 of 229 statewide, top 49%, 1,011 students, 100% FRL); Irmo High (math 27% / reading 82%, grade C-, #130 of 196 statewide, top 69%, 1,307 students, 100% FRL) — zoned schools average 100% FRL vs 27% district-wide (73 pts higher); higher-poverty schools than district average — tighter screening recommended.
• Market conditions: Rents soft (-0.2%/yr); 211 active listings in the ZIP; 2 comparable units currently listed for rent nearby; 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.
• Climate carrying-cost: major wind risk, 66% chance of damaging wind over 30y; 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 30% of the median local income ($77k/yr) — at the standard rent-burdened threshold; future hikes will face affordability resistance.

Questions for listing agent

• Built in 1978 — 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 B-rated — typically a magnet for longer-tenancy family renters. What's the average tenant stay here, and is there a school-zone premium baked into asking?
• 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.