468 Loring Dr

Sumter, SC 29150

$135,000C

3 bd · 1.5 ba · 1,254 sqft · Built 1955 · SingleFamily · Active · 122 DOM

Cashflow @ list (25.0% down · 7.5%)

• Estimated rent: $1,477/mo
• Mortgage (P&I): −$708
• Tax + insurance: −$546
• HOA: −$0
• Vac / Maint / Mgmt: −$310
• Net cashflow: $-87/mo
• Annual: $-1,046/yr
• Cap rate: 9.31%
• Cash-on-cash: 10.77%
• DSCR: 1.48
• 1% rule: 1.09%
• Cash to close: $37,800

Investor read

• This is a 3-bed/1.5-bath single-family listed at $135k.
• At list price, monthly cash flow is $-87 ($-1k/yr) — negative.
• To cash-flow at today's rent, offer at most $120k (11.4% below list).
• Meets the 1% rule at list price ($1k rent vs $135k).
• It's been on market 122 days — a 12% lower offer ($119k) is reasonable based on typical stale-listing flexibility.
• Recommended offer: $119k (12.0% below list) — sets the bar for market timing.
• Local home prices are declining (-3.0%/yr); year-one equity from $933 of loan paydown is wiped out by about $4k of value loss. Plan a longer hold.
• Location reads 59/100 on livability (#235 in SC) — a working-class tenant base; expect higher turnover. Strengths: cost of living A+, health & safety A+, housing A-; Watch: crime F, amenities F, commute F.
• Sumter 01 (urban): math 18% / reading 28% proficiency, ranked #64 of 80 in SC (top 80%) — low school quality limits family demand, transient renter base, plan for 1-2y turnover; 64% free/reduced lunch — lower-income household profile, screen leases tightly.
• Zoned schools: Crosswell Drive Elementary (math 8% / reading 12%, grade F, #587 of 597 statewide, top 99%, 460 students, 100% FRL); Chestnut Oaks Middle (math 3% / reading 17%, grade F, #221 of 229 statewide, top 97%, 396 students, 100% FRL); Sumter High School (math 22% / reading 67%, grade F, #166 of 196 statewide, top 87%, 2,289 students, 100% FRL) — zoned schools average 100% FRL vs 64% district-wide (36 pts higher); higher-poverty schools than district average — tighter screening recommended.
• Watch-outs: flood insurance adds $427/mo; built in 1955 — expect roof / HVAC / electrical / plumbing capex.
• Market conditions: Rents rising (+2.5%/yr); 384 active listings in the ZIP; 386 units permitted in Sumter County in 2024 (0 in 5+ unit buildings).
• Sumter County population projected at -14% by 2050 — secular population decline; favor cash flow + early exit over multi-decade hold.
• Climate carrying-cost: in FEMA flood zone AE (mandatory federal flood insurance); 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.
• Cap rate 9.3% vs local median 3.4% in Sumter — 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 ($51k/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?
• It's been on market 122 days. Have you received any prior offers? Is the seller open to a 12% concession, seller financing, or rate buy-down credit?
• Built in 1955 — when were the roof, HVAC, electrical panel, plumbing, and water heater last replaced?
• What's the actual annual flood-insurance premium (NFIP or private), and is the property in a SFHA with mandatory coverage?
• 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 D-rated, which usually means shorter tenancies and higher turnover. Who's the typical renter profile here, and what's been the actual vacancy rate?
• Crime grade is F in this area — have there been break-ins, vandalism, or insurance claims at this property in the last 3 years? What carrier currently insures it and at what premium?