173 Randwick Ln

Greer, SC 29651

$223,985D

3 bd · 2.5 ba · 1,470 sqft · Built 2026 · Townhouse · Pending · 21 DOM

Cashflow @ list (25.0% down · 7.5%)

• Estimated rent: $1,848/mo
• Mortgage (P&I): −$1,175
• Tax + insurance: −$147
• HOA: −$163
• Vac / Maint / Mgmt: −$388
• Net cashflow: $-25/mo
• Annual: $-299/yr
• Cap rate: 6.16%
• Cash-on-cash: -0.48%
• DSCR: 0.98
• 1% rule: 0.82%
• Cash to close: $62,716

Investor read

• This is a 3-bed/2.5-bath townhouse listed at $224k. Condition is rated good.
• At list price, monthly cash flow is $-25 ($-299/yr) — negative.
• To cash-flow at today's rent, offer at most $220k (2.0% below list).
• To meet the 1% rule (rent ≥ 1% of price), the offer needs to be $185k (17.5% below list).
• It's been on market 21 days — a 2% lower offer ($221k) is reasonable based on typical stale-listing flexibility.
• Recommended offer: $185k (17.5% below list) — sets the bar for 1% rule.
• Local home prices are declining (-3.0%/yr); year-one equity from $2k of loan paydown is wiped out by about $7k of value loss. Plan a longer hold.
• Location reads 81/100 on livability (#7 in SC, #1,463 nationally) — a professional / high-income tenant draw. Strengths: amenities A+, cost of living A+, housing A+; Watch: crime C-, commute F.
• Spartanburg 05 (suburban): math 45% / reading 51% proficiency, ranked #13 of 80 in SC (top 16%) — families likely to look elsewhere, expect single-tenant / working-renter base with shorter leases.
• Zoned schools: Abner Creek Academy (math 60% / reading 57%, grade B-, #95 of 597 statewide, top 16%, 752 students, 55% FRL); Berry Shoals Intermediate (math 54% / reading 48%, grade C, #36 of 229 statewide, top 16%, 902 students, 56% FRL); James F. Byrnes High (math 31% / reading 75%, grade C-, #140 of 196 statewide, top 72%, 2,217 students, 56% FRL) — zoned schools average 56% FRL vs 39% district-wide (16 pts higher); higher-poverty schools than district average — tighter screening recommended.
• Market conditions: Rents rising (+1.6%/yr); 514 active listings in the ZIP; 8 comparable units currently listed for rent nearby; rentals at typical pace (median 16d on market — plan ~3-4 weeks tenant-placement turnaround); solid renter incomes; 3,129 units permitted in Spartanburg County in 2024 (40 in 5+ unit buildings).
• Spartanburg County population projected at +18% by 2050 — long-run rental-demand tailwind backs the buy-and-hold thesis.
• 2 sale attempts with the ask held roughly flat each time — persistent listings suggest the price (not the market) is what's stuck; bring a comps-based counter.
• Cap rate 6.2% vs local median 3.2% in Greer — 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

• 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?
• What does the HOA fee cover, when was the last increase, and are there any pending special assessments or reserve-fund shortfalls?
• Is there a deadline driving the sale (1031 exchange, divorce, estate, relocation)? That informs how much negotiation room exists.
• Schools are B-rated — typically a magnet for longer-tenancy family renters. What's the average tenant stay here, and is there a school-zone premium baked into asking?
• 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.