123 Elmhurst Ln

Anderson, SC 29621

$257,000D

4 bd · 2.5 ba · 2,151 sqft · Built 2018 · Other · Active · 165 DOM

Cashflow @ list (25.0% down · 7.5%)

• Estimated rent: $2,057/mo
• Mortgage (P&I): −$1,348
• Tax + insurance: −$240
• HOA: −$15
• Vac / Maint / Mgmt: −$432
• Net cashflow: $22/mo
• Annual: $266/yr
• Cap rate: 6.40%
• Cash-on-cash: 0.37%
• DSCR: 1.02
• 1% rule: 0.80%
• Cash to close: $71,960

Investor read

• This is a 4-bed/2.5-bath other listed at $257k.
• At list price, monthly cash flow is $22 ($266/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 $206k (20.0% below list).
• It's been on market 165 days — a 12% lower offer ($226k) is reasonable based on typical stale-listing flexibility.
• Recommended offer: $206k (20.0% 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 67/100 on livability (#98 in SC) — a middle-class / working-renter tenant base. Strengths: cost of living A+, health & safety A+, housing B+; Watch: amenities C-, crime F, commute F.
• Anderson 05 (suburban): math 44% / reading 49% proficiency, ranked #20 of 80 in SC (top 25%) — families likely to look elsewhere, expect single-tenant / working-renter base with shorter leases.
• Zoned schools: Concord Elementary (math 70% / reading 64%, grade B+, #45 of 597 statewide, top 8%, 596 students, 60% FRL).
• Zoned-school proficiency averages 67% at this address vs 46% district-wide (+20 pts) — the actual schools serving this property are materially stronger than the Anderson 05 average implies; a family-tenant draw the district grade alone would hide.
• Market conditions: Rents rising fast (+6.5%/yr); 684 active listings in the ZIP; 3 comparable units currently listed for rent nearby; rentals leasing fast (median 4d on market — plan ~1-2 weeks tenant-placement turnaround); 1,255 units permitted in Anderson County in 2024 (0 in 5+ unit buildings).
• Anderson County population projected at +14% by 2050 — modest demand growth; plan on rents tracking national, not racing it.
• 3 sale attempts since 8y 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 $156k; list at $257k implies a 65% gain — meaningful room to come down on a strong offer.
• Climate carrying-cost: extreme-heat days projected 7→18/yr by 2055 (HVAC capex compounding) — expect insurance premiums to compound above CPI over the hold.
• Cap rate 6.4% vs local median 3.3% in Anderson — top-decile yield for the area; either an underpriced asset or a hidden risk that comps aren't pricing in. Stress-test before assuming the spread holds.
• This rent runs 33% of the median local income ($74k/yr) — at the standard rent-burdened threshold; future hikes will face affordability resistance.

Questions for listing agent

• It's been on market 165 days. Have you received any prior offers? Is the seller open to a 20% 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 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?
• 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.