220 Elm St Unit 104

Clemson, SC 29631

$199,000F

2 bd · 1.0 ba · 995 sqft · Built 1990 · Condo · Active · 209 DOM

Cashflow @ list (25.0% down · 7.5%)

• Estimated rent: $1,480/mo
• Mortgage (P&I): −$1,044
• Tax + insurance: −$203
• HOA: −$350
• Vac / Maint / Mgmt: −$311
• Net cashflow: $-428/mo
• Annual: $-5,130/yr
• Cap rate: 3.71%
• Cash-on-cash: -9.21%
• DSCR: 0.59
• 1% rule: 0.74%
• Cash to close: $55,720

Investor read

• This is a 2-bed/1.0-bath condo listed at $199k.
• At list price, monthly cash flow is $-428 ($-5k/yr) — negative.
• To cash-flow at today's rent, offer at most $123k (38.0% below list).
• To meet the 1% rule (rent ≥ 1% of price), the offer needs to be $148k (25.6% below list).
• It's been on market 209 days — a 12% lower offer ($175k) is reasonable based on typical stale-listing flexibility.
• Recommended offer: $123k (38.0% below list) — sets the bar for cash-flow.
• Local home prices are declining (-3.0%/yr); year-one equity from $1k of loan paydown is wiped out by about $6k of value loss. Plan a longer hold.
• Location reads 83/100 on livability (#3 in SC, #1,044 nationally) — a professional / high-income tenant draw. Strengths: commute A+, health & safety A+, crime B.
• Pickens 01 (rural): math 42% / reading 50% proficiency, ranked #21 of 80 in SC (top 26%) — families likely to look elsewhere, expect single-tenant / working-renter base with shorter leases.
• Zoned schools: Clemson Elementary (math 76% / reading 75%, grade A, #14 of 597 statewide, top 2%, 794 students, 40% FRL) — zoned schools at 40% FRL track the district average.
• Zoned-school proficiency averages 76% at this address vs 46% district-wide (+30 pts) — the actual schools serving this property are materially stronger than the Pickens 01 average implies; a family-tenant draw the district grade alone would hide.
• Watch-outs: HOA is 24% of rent.
• Market conditions: Rents rising fast (+6.3%/yr); 109 active listings in the ZIP; 3 comparable units currently listed for rent nearby; rentals leasing fast (median 3d on market — plan ~1-2 weeks tenant-placement turnaround); 1,440 units permitted in Pickens County in 2024 (245 in 5+ unit buildings).
• Pickens County population projected at +6% by 2050 — modest demand growth; plan on rents tracking national, not racing it.
• 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.
• Current owner paid $66k; list at $199k implies a 202% gain — meaningful room to come down on a strong offer.
• Climate carrying-cost: extreme-heat days projected 8→19/yr by 2055 (HVAC capex compounding) — expect insurance premiums to compound above CPI over the hold.
• Cap rate 3.7% vs local median 2.4% in Clemson — 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 209 days. Have you received any prior offers? Is the seller open to a 38% concession, seller financing, or rate buy-down credit?
• What does the HOA fee cover, when was the last increase, and are there any pending special assessments or reserve-fund shortfalls?
• Any open or pending special assessments — roof, HVAC, plumbing, elevator, façade? What's the per-unit balance and payoff schedule, and is the seller paying it off at close or rolling it to the buyer?
• 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 A-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?