2015 Hampton Ave #1

North Charleston, SC 29405

$130,000B+

3 bd · 1.0 ba · 832 sqft · Built 1950 · SingleFamily · Pending · 8 DOM

Cashflow @ list (25.0% down · 7.5%)

• Estimated rent: $1,805/mo
• Mortgage (P&I): −$682
• Tax + insurance: −$217
• HOA: −$0
• Vac / Maint / Mgmt: −$379
• Net cashflow: $527/mo
• Annual: $6,328/yr
• Cap rate: 11.16%
• Cash-on-cash: 17.39%
• DSCR: 1.77
• 1% rule: 1.39%
• Cash to close: $36,400

Investor read

• This is a 3-bed/1.0-bath single-family listed at $130k.
• At list price, monthly cash flow is $527 ($6k/yr) — positive.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($2k rent vs $130k).
• Only 8 days on market — expect competitive offers; lowballing is unlikely to land.
• Local home prices are declining (-3.0%/yr); year-one equity from $899 of loan paydown is wiped out by about $4k of value loss. Plan a longer hold.
• Location reads 66/100 on livability (#122 in SC) — a middle-class / working-renter tenant base. Strengths: housing A+, health & safety A+, cost of living A; Watch: employment C-, crime F, amenities F.
• Charleston 01 (urban): math 48% / reading 53% proficiency, ranked #7 of 80 in SC (top 9%) — acceptable for families but not a draw, mixed tenant base, ~2y average lease.
• Zoned schools: Chicora Elementary (math 9% / reading 5%, grade F, #596 of 597 statewide, top 100%, 320 students, 100% FRL); Morningside Middle (math 4% / reading 12%, grade F, #226 of 229 statewide, top 99%, 567 students, 100% FRL); North Charleston High (math 27% / reading 57%, grade F, #174 of 196 statewide, top 90%, 768 students, 100% FRL) — zoned schools average 100% FRL vs 44% district-wide (56 pts higher); higher-poverty schools than district average — tighter screening recommended.
• Zoned-school proficiency averages 19% at this address vs 50% district-wide (-32 pts) — the specific schools serving this property underperform the Charleston 01 average; the district grade overstates school quality for this exact location.
• Watch-outs: built in 1950 — expect roof / HVAC / electrical / plumbing capex.
• Market conditions: Rents rising fast (+6.4%/yr); 203 active listings in the ZIP; 20 comparable units currently listed for rent nearby; rentals at typical pace (median 22d on market — plan ~3-4 weeks tenant-placement turnaround); 4,156 units permitted in Charleston County in 2024 (857 in 5+ unit buildings).
• Charleston County population projected at +44% by 2050 — long-run rental-demand tailwind backs the buy-and-hold thesis.
• At projected returns (-3.0% appreciation + 6.4% rent growth), your $36k cash investment doubles in ~6 years — after that, you're playing with house money.
• Climate carrying-cost: severe wind risk, 99% chance of damaging wind over 30y; extreme-heat days projected 7→18/yr by 2055 (HVAC capex compounding) — expect insurance premiums to compound above CPI over the hold.
• Cap rate 11.2% vs local median 4.0% in North Charleston — 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 38% of the median local income ($57k/yr) — at the standard rent-burdened threshold; future hikes will face affordability resistance.

Questions for listing agent

• Built in 1950 — when were the roof, HVAC, electrical panel, plumbing, and water heater last replaced?
• Is there a deadline driving the sale (1031 exchange, divorce, estate, relocation)? That informs how much negotiation room exists.
• 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?
• 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.