1188 Shepard Ct

East Camden, SC 29032

$65,000B+

4 bd · 2.0 ba · 1,440 sqft · Built 1973 · Manufactured · Pending · 55 DOM

Cashflow @ list (25.0% down · 7.5%)

• Estimated rent: $1,239/mo
• Mortgage (P&I): −$341
• Tax + insurance: −$58
• HOA: −$0
• Vac / Maint / Mgmt: −$260
• Net cashflow: $579/mo
• Annual: $6,952/yr
• Cap rate: 16.99%
• Cash-on-cash: 38.20%
• DSCR: 2.70
• 1% rule: 1.91%
• Cash to close: $18,200

Investor read

• This is a 4-bed/2.0-bath manufactured listed at $65k.
• At list price, monthly cash flow is $579 ($7k/yr) — positive.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($1k rent vs $65k).
• It's been on market 55 days — a 3% lower offer ($63k) is reasonable based on typical stale-listing flexibility.
• Recommended offer: $63k (3.0% below list) — sets the bar for market timing.
• In year one you build about $2k of equity ($449 loan paydown + $2k appreciation (2.5% local appreciation)).
• Location reads: area grade B — affects rentability + tenant quality, not the cash-flow math above.
• Kershaw 01 (rural): math 38% / reading 51% proficiency, ranked #25 of 80 in SC (top 31%) — families likely to look elsewhere, expect single-tenant / working-renter base with shorter leases.
• Zoned schools: Midway Elementary (math 22% / reading 32%, grade F, #421 of 597 statewide, top 73%, 297 students, 100% FRL); North Central High (math 57% / reading 87%, grade B+, #48 of 196 statewide, top 26%, 586 students, 76% FRL) — zoned schools average 88% FRL vs 49% district-wide (39 pts higher); higher-poverty schools than district average — tighter screening recommended.
• Market conditions: 37 active listings in the ZIP; 491 units permitted in Kershaw County in 2024 (0 in 5+ unit buildings).
• Kershaw County population projected at +8% by 2050 — modest demand growth; plan on rents tracking national, not racing it.
• Current owner paid $40k; list at $65k implies a 62% gain — meaningful room to come down on a strong offer.
• At projected returns (2.5% appreciation + 3.0% rent growth), your $18k cash investment doubles in ~2 years — after that, you're playing with house money.
• Climate carrying-cost: major wind risk, 70% chance of damaging wind over 30y; major wildfire risk; extreme-heat days projected 7→16/yr by 2055 (HVAC capex compounding) — expect insurance premiums to compound above CPI over the hold.

Questions for listing agent

• It's been on market 55 days. Have you received any prior offers? Is the seller open to a 3% concession, seller financing, or rate buy-down credit?
• Built in 1973 — when were the roof, HVAC, electrical panel, plumbing, and water heater last replaced?
• Is there a deadline driving the sale (1031 exchange, divorce, estate, relocation)? That informs how much negotiation room exists.
• 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.