200 Southern Pine St

Darlington, SC 29532

$19,000D

2 bd · 1.0 ba · 686 sqft · Built 1936 · Other · Active · 105 DOM

Cashflow @ list (25.0% down · 7.5%)

• Estimated rent: $868/mo
• Mortgage (P&I): −$100
• Tax + insurance: −$49
• HOA: −$0
• Vac / Maint / Mgmt: −$182
• Net cashflow: $537/mo
• Annual: $6,449/yr
• Cap rate: 40.23%
• Cash-on-cash: 121.22%
• DSCR: 6.39
• 1% rule: 4.57%
• Cash to close: $5,320

Investor read

• This is a 2-bed/1.0-bath other listed at $19k.
• At list price, monthly cash flow is $537 ($6k/yr) — positive.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($868 rent vs $19k).
• It's been on market 105 days — a 9% lower offer ($17k) is reasonable based on typical stale-listing flexibility.
• Recommended offer: $17k (9.0% below list) — sets the bar for market timing.
• Local home prices are declining (-3.0%/yr); year-one equity from $131 of loan paydown is wiped out by about $570 of value loss. Plan a longer hold.
• Location reads 57/100 on livability (#268 in SC) — a working-class tenant base; expect higher turnover. Strengths: cost of living A+, housing A+; Watch: crime F, amenities F, commute F.
• Darlington 01 (town): math 27% / reading 37% proficiency, ranked #52 of 80 in SC (top 65%) — families likely to look elsewhere, expect single-tenant / working-renter base with shorter leases; 75% free/reduced lunch — lower-income household profile, screen leases tightly.
• Zoned schools: Darlington Middle (math 21% / reading 28%, grade F, #166 of 229 statewide, top 72%, 919 students, 100% FRL); Darlington High (math 49% / reading 73%, grade C+, #105 of 196 statewide, top 54%, 1,054 students, 100% FRL) — zoned schools average 100% FRL vs 75% district-wide (25 pts higher); higher-poverty schools than district average — tighter screening recommended.
• Watch-outs: property tax is 2.6% of price; built in 1936 — expect roof / HVAC / electrical / plumbing capex.
• Market conditions: 123 active listings in the ZIP; 195 units permitted in Darlington County in 2024 (0 in 5+ unit buildings).
• Darlington County population projected at -18% by 2050 — secular population decline; favor cash flow + early exit over multi-decade hold.
• At projected returns (-3.0% appreciation + 3.0% rent growth), your $5k cash investment doubles in ~1 year — after that, you're playing with house money.
• Climate carrying-cost: 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 40.2% vs local median 3.6% in Darlington — 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 105 days. Have you received any prior offers? Is the seller open to a 9% concession, seller financing, or rate buy-down credit?
• Built in 1936 — 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.
• 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?
• 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?