181 Ann St

Prosperity, SC 29070

$489,900D

3 bd · 2.0 ba · 1,512 sqft · Built 2004 · Manufactured · Active · 6 DOM

Cashflow @ list (25.0% down · 7.5%)

• Estimated rent: $3,600/mo
• Mortgage (P&I): −$2,569
• Tax + insurance: −$507
• HOA: −$0
• Vac / Maint / Mgmt: −$756
• Net cashflow: $-232/mo
• Annual: $-2,788/yr
• Cap rate: 5.72%
• Cash-on-cash: -2.03%
• DSCR: 0.91
• 1% rule: 0.73%
• Cash to close: $137,172

Investor read

• This is a 3-bed/2.0-bath manufactured listed at $490k.
• At list price, monthly cash flow is $-232 ($-3k/yr) — negative.
• To cash-flow at today's rent, offer at most $449k (8.4% below list).
• To meet the 1% rule (rent ≥ 1% of price), the offer needs to be $360k (26.5% below list).
• Only 6 days on market — expect competitive offers; lowballing is unlikely to land.
• Recommended offer: $360k (26.5% below list) — sets the bar for 1% rule.
• In year one you build about $52k of equity ($3k loan paydown + $49k appreciation (10.0% local appreciation)).
• Location reads 71/100 on livability (#48 in SC) — a middle-class / working-renter tenant base. Strengths: cost of living A+, health & safety A+, housing B+; Watch: employment D+, amenities F, commute F.
• Saluda 01 (rural): math 38% / reading 37% proficiency, ranked #37 of 80 in SC (top 46%) — families likely to look elsewhere, expect single-tenant / working-renter base with shorter leases; 67% free/reduced lunch — lower-income household profile, screen leases tightly.
• Zoned schools: Hollywood Elementary (math 60% / reading 46%, grade C, #138 of 597 statewide, top 24%, 421 students, 100% FRL); Saluda Middle (math 29% / reading 33%, grade F, #128 of 229 statewide, top 58%, 556 students, 89% FRL); Saluda High (math 32% / reading 62%, grade D-, #158 of 196 statewide, top 82%, 652 students, 80% FRL) — zoned schools average 90% FRL vs 67% district-wide (23 pts higher); higher-poverty schools than district average — tighter screening recommended.
• Market conditions: 170 active listings in the ZIP; 1 comparable units currently listed for rent nearby; 52 units permitted in Saluda County in 2024 (0 in 5+ unit buildings).
• Current owner paid $45k; list at $490k implies a 989% gain — meaningful room to come down on a strong offer.
• By year 2, paydown + projected appreciation supports a ~$84k cash-out refi (75% LTV) — recoverable capital for the next deal without selling this one.
• Climate carrying-cost: severe wind risk, 80% 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.

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?
• Is there a deadline driving the sale (1031 exchange, divorce, estate, relocation)? That informs how much negotiation room exists.
• 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?
• This sits on a lake — are riparian / water-frontage rights deeded with the parcel? Any dock permits, shoreline easements, or HOA water-use restrictions?
• What's the documented flood / surge / shoreline-erosion history here (FEMA AND non-FEMA — e.g., storm surge, creek backup, septic-field saturation)?
• Any water-quality or seasonal algae-bloom issues that affect tenant satisfaction or short-term-rental demand?
• 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.