108 Faulkner St

Clover, SC 29710

$274,000D

3 bd · 1.0 ba · 1,354 sqft · Built 1950 · SingleFamily · Active · 63 DOM

Cashflow @ list (25.0% down · 7.5%)

• Estimated rent: $2,140/mo
• Mortgage (P&I): −$1,437
• Tax + insurance: −$285
• HOA: −$0
• Vac / Maint / Mgmt: −$449
• Net cashflow: $-32/mo
• Annual: $-381/yr
• Cap rate: 6.15%
• Cash-on-cash: -0.50%
• DSCR: 0.98
• 1% rule: 0.78%
• Cash to close: $76,720

Investor read

• This is a 3-bed/1.0-bath single-family listed at $274k.
• At list price, monthly cash flow is $-32 ($-381/yr) — negative.
• To cash-flow at today's rent, offer at most $268k (2.0% below list).
• To meet the 1% rule (rent ≥ 1% of price), the offer needs to be $214k (21.9% below list).
• It's been on market 63 days — a 6% lower offer ($258k) is reasonable based on typical stale-listing flexibility.
• Recommended offer: $214k (21.9% 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 $8k of value loss. Plan a longer hold.
• Location reads 70/100 on livability (#63 in SC) — a middle-class / working-renter tenant base. Strengths: cost of living A+, housing A+, crime A; Watch: health & safety D+, employment D, amenities F.
• York 02 (rural): math 61% / reading 63% proficiency, ranked #2 of 80 in SC (top 2%) — acceptable for families but not a draw, mixed tenant base, ~2y average lease.
• Zoned schools: Kinard Elementary (math 47% / reading 42%, grade F, #226 of 597 statewide, top 40%, 441 students, 61% FRL); Clover Middle (math 44% / reading 49%, grade D+, #44 of 229 statewide, top 19%, 988 students, 52% FRL); Clover High (math 86% / reading 94%, grade A+, #4 of 196 statewide, top 2%, 2,685 students, 35% FRL) — zoned schools average 49% FRL vs 26% district-wide (24 pts higher); higher-poverty schools than district average — tighter screening recommended.
• Watch-outs: built in 1950 — expect roof / HVAC / electrical / plumbing capex.
• Market conditions: Rents flat; 359 active listings in the ZIP; 5 comparable units currently listed for rent nearby; rentals leasing fast (median 5d on market — plan ~1-2 weeks tenant-placement turnaround); solid renter incomes; 2,550 units permitted in York County in 2024 (350 in 5+ unit buildings).
• York County population projected at +44% by 2050 — long-run rental-demand tailwind backs the buy-and-hold thesis.
• 4 sale attempts since 10y ago; this cycle's ask has dropped $16k (6%) from the opening price — seller is motivated, your offer sets the floor, not the list.
• Current owner paid $190k; 44% above their basis — modest negotiation headroom, anchor on the comps not their cost.
• Climate carrying-cost: moderate wind risk, 22% 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 6.2% vs local median 4.2% in Clover — 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?
• It's been on market 63 days. Have you received any prior offers? Is the seller open to a 22% concession, seller financing, or rate buy-down credit?
• Built in 1950 — when were the roof, HVAC, electrical panel, plumbing, and water heater last replaced?
• 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.
• 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.