605 Bronze Fantail Run

Lexington, SC 29072

$280,000F

4 bd · 3.0 ba · 2,196 sqft · Built 2024 · Land · Pending · 304 DOM

Cashflow @ list (25.0% down · 7.5%)

• Estimated rent: $2,105/mo
• Mortgage (P&I): −$1,468
• Tax + insurance: −$467
• HOA: −$46
• Vac / Maint / Mgmt: −$442
• Net cashflow: $-318/mo
• Annual: $-3,820/yr
• Cap rate: 4.93%
• Cash-on-cash: -4.87%
• DSCR: 0.78
• 1% rule: 0.75%
• Cash to close: $78,400

Investor read

• This is a 4-bed/3.0-bath land listed at $280k.
• At list price, monthly cash flow is $-318 ($-4k/yr) — negative.
• To cash-flow at today's rent, offer at most $234k (16.5% below list).
• To meet the 1% rule (rent ≥ 1% of price), the offer needs to be $210k (24.8% below list).
• It's been on market 304 days — a 12% lower offer ($246k) is reasonable based on typical stale-listing flexibility.
• Recommended offer: $210k (24.8% 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 81/100 on livability (#8 in SC, #1,502 nationally) — a professional / high-income tenant draw. Strengths: housing A+, health & safety A+, employment A; Watch: commute F.
• 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: Lake Murray Elementary (math 73% / reading 70%, grade A-, #32 of 597 statewide, top 5%, 901 students, 12% FRL); Lakeside Middle (math 43% / reading 57%, grade C, #38 of 229 statewide, top 17%, 839 students, 19% FRL); Lexington High (math 69% / reading 92%, grade A, #23 of 196 statewide, top 11%, 2,410 students, 17% FRL).
• Zoned-school proficiency averages 67% at this address vs 48% district-wide (+20 pts) — the actual schools serving this property are materially stronger than the Lexington 01 average implies; a family-tenant draw the district grade alone would hide.
• Market conditions: Rents rising (+3.2%/yr); 714 active listings in the ZIP; 5 comparable units currently listed for rent nearby; rentals at typical pace (median 23d on market — plan ~3-4 weeks tenant-placement turnaround); 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.
• 3 sale attempts since 2y ago; this cycle's ask has dropped $55k (16%) from the opening price — seller is motivated, your offer sets the floor, not the list.

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 304 days. Have you received any prior offers? Is the seller open to a 25% concession, seller financing, or rate buy-down credit?
• 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 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.