233 Chaparral Way

Dacusville, SC 29640

$145,000D+

2 bd · 1.0 ba · 924 sqft · Built 1994 · Manufactured · Active · 63 DOM

Cashflow @ list (25.0% down · 7.5%)

• Estimated rent: $1,371/mo
• Mortgage (P&I): −$760
• Tax + insurance: −$97
• HOA: −$0
• Vac / Maint / Mgmt: −$288
• Net cashflow: $226/mo
• Annual: $2,711/yr
• Cap rate: 8.16%
• Cash-on-cash: 6.68%
• DSCR: 1.30
• 1% rule: 0.95%
• Cash to close: $40,600

Investor read

• This is a 2-bed/1.0-bath manufactured listed at $145k.
• At list price, monthly cash flow is $226 ($3k/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 $137k (5.5% below list).
• It's been on market 63 days — a 6% lower offer ($136k) is reasonable based on typical stale-listing flexibility.
• Recommended offer: $136k (6.0% below list) — sets the bar for market timing.
• Local home prices are declining (-3.0%/yr); year-one equity from $1k of loan paydown is wiped out by about $4k of value loss. Plan a longer hold.
• Location reads: area grade D — affects rentability + tenant quality, not the cash-flow math above.
• Pickens 01 (rural): math 42% / reading 50% proficiency, ranked #21 of 80 in SC (top 26%) — families likely to look elsewhere, expect single-tenant / working-renter base with shorter leases.
• Zoned schools: Dacusville Elementary (math 33% / reading 42%, grade F, #311 of 597 statewide, top 53%, 563 students, 100% FRL); Dacusville Middle (math 37% / reading 45%, grade F, #72 of 229 statewide, top 32%, 251 students, 81% FRL); Pickens High (math 37% / reading 78%, grade C, #116 of 196 statewide, top 59%, 1,376 students, 66% FRL) — zoned schools average 82% FRL vs 42% district-wide (40 pts higher); higher-poverty schools than district average — tighter screening recommended.
• Market conditions: Rents rising fast (+5.7%/yr); 229 active listings in the ZIP; 1,440 units permitted in Pickens County in 2024 (245 in 5+ unit buildings).
• Pickens County population projected at +6% by 2050 — modest demand growth; plan on rents tracking national, not racing it.
• Current owner paid $32k; list at $145k implies a 353% gain — meaningful room to come down on a strong offer.
• At projected returns (-3.0% appreciation + 5.7% rent growth), your $41k cash investment doubles in ~10 years — after that, you're playing with house money.
• Climate carrying-cost: extreme-heat days projected 7→17/yr by 2055 (HVAC capex compounding) — expect insurance premiums to compound above CPI over the hold.
• Cap rate 8.2% vs local median 2.5% in Dacusville — 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.

Questions for listing agent

• It's been on market 63 days. Have you received any prior offers? Is the seller open to a 6% concession, seller financing, or rate buy-down credit?
• 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.
• 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.