607 Grassy Hill Rd

Summerville, SC 29483

$315,000D

3 bd · 2.0 ba · 1,278 sqft · Built 2009 · SingleFamily · Active · 93 DOM

Cashflow @ list (25.0% down · 7.5%)

• Estimated rent: $2,494/mo
• Mortgage (P&I): −$1,652
• Tax + insurance: −$248
• HOA: −$33
• Vac / Maint / Mgmt: −$524
• Net cashflow: $37/mo
• Annual: $450/yr
• Cap rate: 6.44%
• Cash-on-cash: 0.51%
• DSCR: 1.02
• 1% rule: 0.79%
• Cash to close: $88,200

Investor read

• This is a 3-bed/2.0-bath single-family listed at $315k.
• At list price, monthly cash flow is $37 ($450/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 $249k (20.8% below list).
• It's been on market 93 days — a 9% lower offer ($287k) is reasonable based on typical stale-listing flexibility.
• Recommended offer: $249k (20.8% 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 $9k of value loss. Plan a longer hold.
• Location reads 63/100 on livability (#167 in SC) — a middle-class / working-renter tenant base. Strengths: housing A+, cost of living B+; Watch: amenities F, commute F, health & safety F.
• Dorchester 02 (suburban): math 40% / reading 55% proficiency, ranked #12 of 80 in SC (top 15%) — families likely to look elsewhere, expect single-tenant / working-renter base with shorter leases.
• Zoned schools: William M. Reeves Elementary (math 51% / reading 55%, grade C, #138 of 597 statewide, top 24%, 914 students, 62% FRL); Charles B. Dubose Middle (math 30% / reading 45%, grade F, #90 of 229 statewide, top 42%, 950 students, 62% FRL); Summerville High (math 60% / reading 92%, grade A-, #34 of 196 statewide, top 17%, 3,308 students, 59% FRL) — zoned schools average 61% FRL vs 36% district-wide (25 pts higher); higher-poverty schools than district average — tighter screening recommended.
• Market conditions: Rents rising (+1.4%/yr); 741 active listings in the ZIP; 4 comparable units currently listed for rent nearby; rentals at typical pace (median 26d on market — plan ~3-4 weeks tenant-placement turnaround); solid renter incomes; 1,199 units permitted in Dorchester County in 2024 (0 in 5+ unit buildings).
• Dorchester County population projected at +43% by 2050 — long-run rental-demand tailwind backs the buy-and-hold thesis.
• 4 sale attempts since 11y 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 $144k; list at $315k implies a 119% gain — meaningful room to come down on a strong offer.
• Climate carrying-cost: severe wind risk, 97% chance of damaging wind over 30y; moderate wildfire risk; 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 3.9% in Summerville — 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 35% of the median local income ($86k/yr) — at the standard rent-burdened threshold; future hikes will face affordability resistance.

Questions for listing agent

• It's been on market 93 days. Have you received any prior offers? Is the seller open to a 21% 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.
• 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.