5990 Hwy 14

Gray Court, SC 29645

$115,900B

3 bd · 2.0 ba · 1,450 sqft · Built — · Manufactured · Pending · 51 DOM

Cashflow @ list (25.0% down · 7.5%)

• Estimated rent: $2,010/mo
• Mortgage (P&I): −$608
• Tax + insurance: −$193
• HOA: −$0
• Vac / Maint / Mgmt: −$422
• Net cashflow: $787/mo
• Annual: $9,443/yr
• Cap rate: 14.44%
• Cash-on-cash: 29.10%
• DSCR: 2.29
• 1% rule: 1.73%
• Cash to close: $32,452

Investor read

• This is a 3-bed/2.0-bath manufactured listed at $116k. Condition is rated fair.
• At list price, monthly cash flow is $787 ($9k/yr) — positive.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($2k rent vs $116k).
• It's been on market 51 days — a 3% lower offer ($112k) is reasonable based on typical stale-listing flexibility.
• Recommended offer: $112k (3.0% below list) — sets the bar for market timing.
• Local home prices are declining (-3.0%/yr); year-one equity from $801 of loan paydown is wiped out by about $3k of value loss. Plan a longer hold.
• Location reads 52/100 on livability (#347 in SC) — a working-class tenant base; expect higher turnover. Strengths: cost of living A+, housing A+; Watch: crime F, amenities F, commute F.
• Laurens 55 (rural): math 20% / reading 29% proficiency, ranked #63 of 80 in SC (top 79%) — low school quality limits family demand, transient renter base, plan for 1-2y turnover; 62% free/reduced lunch — lower-income household profile, screen leases tightly.
• Zoned schools: Gray Court-Owings Elementary/Middle (math 16% / reading 24%, grade F, #492 of 597 statewide, top 83%, 763 students, 100% FRL) — zoned schools average 100% FRL vs 62% district-wide (38 pts higher); higher-poverty schools than district average — tighter screening recommended.
• Market conditions: 170 active listings in the ZIP; 621 units permitted in Laurens County in 2024 (0 in 5+ unit buildings).
• Laurens County population projected to shrink 7% by 2050 — rents likely to lag national; underwrite the cash flow, not the appreciation.
• At projected returns (-3.0% appreciation + 3.0% rent growth), your $32k cash investment doubles in ~5 years — after that, you're playing with house money.
• Cap rate 14.4% vs local median 4.1% in Gray Court — 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 51 days. Have you received any prior offers? Is the seller open to a 3% concession, seller financing, or rate buy-down credit?
• Have any recent inspections been done? Can we get a copy of the seller's disclosures and any deferred-maintenance estimates?
• Is there a deadline driving the sale (1031 exchange, divorce, estate, relocation)? That informs how much negotiation room exists.
• Schools are F-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?
• 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.

Repairs flagged (vision-AI assessment)

• Major: Kitchen appliances — Older and likely not functioning properly
• Major: Bathroom fixtures — Worn and outdated, likely not functioning
• Moderate: Exterior siding — Weathered and discolored, may need repainting or replacement
• Minor: Landscaping — Overgrown, could be trimmed and pruned