326 Irby St

Woodruff, SC 29388

$375,000B-

24 bd · 24.0 ba · 3,060 sqft · Built 1958 · MultiFamily · Pending · 208 DOM

Cashflow @ list (25.0% down · 7.5%)

• Estimated rent: $6,362/mo
• Mortgage (P&I): −$1,967
• Tax + insurance: −$1,118
• HOA: −$0
• Vac / Maint / Mgmt: −$1,336
• Net cashflow: $1,941/mo
• Annual: $23,294/yr
• Cap rate: 12.50%
• Cash-on-cash: 22.19%
• DSCR: 1.99
• 1% rule: 1.70%
• Cash to close: $105,000

Investor read

• This is a 6 × 1-bed/1.0-bath units multifamily listed at $375k.
• At list price, monthly cash flow is $2k ($23k/yr) — positive. Per door: $324/mo.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($6k rent vs $375k).
• It's been on market 208 days — a 12% lower offer ($330k) is reasonable based on typical stale-listing flexibility.
• Recommended offer: $330k (12.0% below list) — sets the bar for market timing.
• Local home prices are declining (-3.0%/yr); year-one equity from $3k of loan paydown is wiped out by about $11k of value loss. Plan a longer hold.
• Location reads 65/100 on livability (#135 in SC) — a middle-class / working-renter tenant base. Strengths: cost of living A+, health & safety A+, crime A; Watch: amenities D+, commute F, employment F.
• Spartanburg 04 (town): math 47% / reading 45% proficiency, ranked #23 of 80 in SC (top 29%) — families likely to look elsewhere, expect single-tenant / working-renter base with shorter leases.
• Zoned schools: Woodruff Primary (780 students, 100% FRL) — zoned schools average 100% FRL vs 54% district-wide (46 pts higher); higher-poverty schools than district average — tighter screening recommended.
• Watch-outs: property tax is 3.1% of price; built in 1958 — expect roof / HVAC / electrical / plumbing capex.
• Market conditions: 666 active listings in the ZIP; solid renter incomes; 3,129 units permitted in Spartanburg County in 2024 (40 in 5+ unit buildings).
• Spartanburg County population projected at +18% by 2050 — long-run rental-demand tailwind backs the buy-and-hold thesis.
• 6 sale attempts since 4y ago; this cycle's ask has dropped $125k (25%) from the opening price — seller is motivated, your offer sets the floor, not the list.
• At projected returns (-3.0% appreciation + 3.0% rent growth), your $105k cash investment doubles in ~6 years — after that, you're playing with house money.
• Climate carrying-cost: extreme-heat days projected 7→16/yr by 2055 (HVAC capex compounding) — expect insurance premiums to compound above CPI over the hold.
• Cap rate 12.5% vs local median 4.0% in Woodruff — 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.
• At $6,362/mo this rent would consume 96% of the median local household income ($80k/yr) (locally 303% of renters already pay >50% of income on rent) — very limited rent-growth headroom before tenants either downsize or default.

Questions for listing agent

• It's been on market 208 days. Have you received any prior offers? Is the seller open to a 12% concession, seller financing, or rate buy-down credit?
• Can we see the unit-by-unit rent roll, current vacancy, and any below-market leases? What's the average tenancy length?
• What capital expenditures (roof, boiler, parking lot, exteriors) have been made in the last 5 years, and what's planned in the next 2?
• Built in 1958 — when were the roof, HVAC, electrical panel, plumbing, and water heater last replaced?
• Property tax is high relative to price — has the assessment been appealed recently, and will the sale trigger a re-assessment?
• 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.
• 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.