135 Fern Bridge Dr

Ridgeville, SC 29483

$240,225D

3 bd · 2.5 ba · 1,935 sqft · Built 2025 · Townhouse · Pending · 17 DOM

Cashflow @ list (25.0% down · 7.5%)

• Estimated rent: $2,413/mo
• Mortgage (P&I): −$1,260
• Tax + insurance: −$400
• HOA: −$385
• Vac / Maint / Mgmt: −$507
• Net cashflow: $-139/mo
• Annual: $-1,668/yr
• Cap rate: 5.60%
• Cash-on-cash: -2.48%
• DSCR: 0.89
• 1% rule: 1.00%
• Cash to close: $67,263

Investor read

• This is a 3-bed/2.5-bath townhouse listed at $240k. Condition is rated good.
• At list price, monthly cash flow is $-139 ($-2k/yr) — negative.
• To cash-flow at today's rent, offer at most $220k (8.4% below list).
• Meets the 1% rule at list price ($2k rent vs $240k).
• It's been on market 17 days — a 2% lower offer ($237k) is reasonable based on typical stale-listing flexibility.
• Recommended offer: $220k (8.4% below list) — sets the bar for cash-flow.
• Local home prices are declining (-3.0%/yr); year-one equity from $2k of loan paydown is wiped out by about $7k of value loss. Plan a longer hold.
• Location reads 59/100 on livability (#245 in SC) — a working-class tenant base; expect higher turnover. Strengths: cost of living A+, housing A+, crime A-; Watch: health & safety C-, employment D, amenities 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: Alston-Bailey Elementary (math 38% / reading 44%, grade F, #276 of 597 statewide, top 48%, 715 students, 86% 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 69% FRL vs 36% district-wide (32 pts higher); higher-poverty schools than district average — tighter screening recommended.
• Market conditions: Rents rising (+1.4%/yr); 741 active listings in the ZIP; 2 comparable units currently listed for rent nearby; 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.
• Cap rate 5.6% vs local median 3.1% in Ridgeville — 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 34% of the median local income ($86k/yr) — at the standard rent-burdened threshold; future hikes will face affordability resistance.

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?
• 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.
• Schools are F-rated, which usually means shorter tenancies and higher turnover. Who's the typical renter profile here, and what's been the actual vacancy rate?
• 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.