283 Spruce St

Allendale, SC 29810

$150,000D

3 bd · 2.0 ba · 2,041 sqft · Built 1951 · SingleFamily · Active · 12 DOM

Cashflow @ list (25.0% down · 7.5%)

• Estimated rent: $1,241/mo
• Mortgage (P&I): −$787
• Tax + insurance: −$250
• HOA: −$0
• Vac / Maint / Mgmt: −$261
• Net cashflow: $-56/mo
• Annual: $-677/yr
• Cap rate: 5.84%
• Cash-on-cash: -1.61%
• DSCR: 0.93
• 1% rule: 0.83%
• Cash to close: $42,000

Investor read

• This is a 3-bed/2.0-bath single-family listed at $150k.
• At list price, monthly cash flow is $-56 ($-677/yr) — negative.
• To cash-flow at today's rent, offer at most $142k (5.4% below list).
• To meet the 1% rule (rent ≥ 1% of price), the offer needs to be $124k (17.3% below list).
• Only 12 days on market — expect competitive offers; lowballing is unlikely to land.
• Recommended offer: $124k (17.3% below list) — sets the bar for 1% rule.
• In year one you build about $6k of equity ($1k loan paydown + $5k appreciation (3.2% local appreciation)).
• Location reads 53/100 on livability (#337 in SC) — a working-class tenant base; expect higher turnover. Strengths: cost of living A+, health & safety A+; Watch: housing C-, crime F, amenities F.
• Allendale 01 (rural): math 14% / reading 25% proficiency, ranked #75 of 80 in SC (top 94%) — low school quality limits family demand, transient renter base, plan for 1-2y turnover; 91% free/reduced lunch — lower-income household profile, screen leases tightly.
• Zoned schools: Allendale-Fairfax Elementary (math 22% / reading 22%, grade F, #475 of 597 statewide, top 81%, 451 students, 100% FRL); Allendale-Fairfax Middle (math 2% / reading 12%, grade F, #228 of 229 statewide, top 100%, 212 students, 100% FRL); Allendale Fairfax High (math 24% / reading 74%, grade D, #151 of 196 statewide, top 79%, 311 students, 100% FRL).
• Watch-outs: built in 1951 — expect roof / HVAC / electrical / plumbing capex.
• Market conditions: 18 active listings in the ZIP; 8 units permitted in Allendale County in 2024 (0 in 5+ unit buildings).
• Allendale County population projected at -35% by 2050 — secular population decline; favor cash flow + early exit over multi-decade hold.
• 2 sale attempts since 5y ago 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 $74k; list at $150k implies a 103% gain — meaningful room to come down on a strong offer.
• At projected returns (3.2% appreciation + 3.0% rent growth), your $42k cash investment doubles in ~7 years — after that, you're playing with house money.
• By year 6, paydown + projected appreciation supports a ~$31k cash-out refi (75% LTV) — recoverable capital for the next deal without selling this one.
• Climate carrying-cost: severe wind risk, 80% chance of damaging wind over 30y; extreme-heat days projected 7→17/yr by 2055 (HVAC capex compounding) — expect insurance premiums to compound above CPI over the hold.

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?
• Built in 1951 — 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.
• Schools are F-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?
• 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.