723 Connecticut Ave Unit *** · Spartanburg, SC 29302

$225,000

4 bd · 2.0 ba · 1,313 sqft · MultiFamily public records · 10 Days on market

Built 1930 0.25 ac lot

---

Why this score? — see what drove the C- grade

The composite is a weighted blend of 9 inputs, each scored 0–100. Each bar is that input's sub-score; the figure is the points it added to the 100-point composite (weight × sub-score).

• Cash flow +21.3/30.0
• ARV discount +7.5/15.0
• DSCR +6.8/10.0
• 1% rule +5.7/10.0
• Livability +3.8/5.0
• Rent growth +3.1/5.0
• Schools +3.1/10.0
• Condition / age +2.5/5.0
• Appreciation +0.0/10.0

Multi-family units

County records classify this as Multi-Family (2-4 Unit). Listing-text estimate: 2 units. confirmed

Listing remarks

Investor Opportunity – Turnkey Duplex in Prime Spartanburg Location! Welcome to 723 Connecticut Avenue— a well-maintained duplex perfectly positioned . in the heart of Converse Heights offering quick access to shopping, dining, and everyday conveniences. Each unit features 1 bedroom and 1 full bathroom, with approximately 670 square feet per side, providing comfortable and functional living space for tenants. Unit’s features include: dishwasher, porch, range, refrigerator, dryer and washer connections. Whether you're looking to expand your rental portfolio or step into your first investment property, this duplex offers strong income potential in a high-demand rental area.

Key facts

• Porch
• Turnkey duplex
• Dishwasher

Tags

• TURNKEY DUPLEX
• PRIME SPARTANBURG LOCATION
• QUICK ACCESS TO SHOPPING
• DISHWASHER
• PORCH
• RANGE

Property features AI

Finance

• Other: Lot dimensions approximately 53 x 194 x 59 x 222; Lot size about 0.25 acre; Zoned: City
• Financial info: Annual tax amount reported

Exterior

• Utilities: Public water; Public sewer
• Home design: Duplex residential income property; One level
• Construction: Vinyl siding
• Exterior features: Composition roof

Interior

• Heating & cooling: Central Air (electric); Forced air heating (natural gas)
• Interior features: Electric water heater; Central electric air conditioning; Natural gas forced-air heating

What this means for you Summary

Snapshot

• This is a 2 × 1-bed/1-bath units multifamily listed at $225k.

Deal economics

• At list price, monthly cash flow is $328 ($4k/yr) — positive. Per door: $164/mo.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($2k rent vs $225k).
• Cap rate 8.0% vs local median 3.9% in Spartanburg — 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.

Location & tenants

• Location reads 76/100 on livability (#24 in SC, #3,679 nationally) — a middle-class / working-renter tenant base. Strengths: amenities A+, commute A+, cost of living A+; Watch: crime F, employment F.
• Spartanburg 07 (urban): math 34% / reading 41% proficiency, ranked #39 of 80 in SC (top 49%) — families likely to look elsewhere, expect single-tenant / working-renter base with shorter leases; 62% free/reduced lunch — lower-income household profile, screen leases tightly.
• Zoned schools: Spartanburg High (math 67% / reading 79%, grade B+, #44 of 196 statewide, top 23%, 2,056 students, 85% FRL) — zoned schools average 85% FRL vs 62% district-wide (24 pts higher); higher-poverty schools than district average — tighter screening recommended.
• Zoned-school proficiency averages 73% at this address vs 38% district-wide (+36 pts) — the actual schools serving this property are materially stronger than the Spartanburg 07 average implies; a family-tenant draw the district grade alone would hide.
• Market conditions: Rents rising (+2.5%/yr); 154 active listings in the ZIP; 7 comparable units currently listed for rent nearby; rentals at typical pace (median 22d 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).
• This rent runs 36% of the median local income ($81k/yr) — at the standard rent-burdened threshold; future hikes will face affordability resistance.

Forward outlook

• 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.
• Spartanburg County population projected at +18% by 2050 — long-run rental-demand tailwind backs the buy-and-hold thesis.

Negotiation context

• Only 10 days on market — expect competitive offers; lowballing is unlikely to land.
• Current owner paid $46k; list at $225k implies a 395% gain — meaningful room to come down on a strong offer.

Risks & watch-outs

• Watch-outs: built in 1930 — expect roof / HVAC / electrical / plumbing capex.
• Climate carrying-cost: extreme-heat days projected 7→16/yr by 2055 (HVAC capex compounding) — expect insurance premiums to compound above CPI over the hold.

Recommended offer $225,000

Questions for the listing agent

1. Can we see the unit-by-unit rent roll, current vacancy, and any below-market leases? What's the average tenancy length?
2. What capital expenditures (roof, boiler, parking lot, exteriors) have been made in the last 5 years, and what's planned in the next 2?
3. Built in 1930 — when were the roof, HVAC, electrical panel, plumbing, and water heater last replaced?
4. Is there a deadline driving the sale (1031 exchange, divorce, estate, relocation)? That informs how much negotiation room exists.
5. Schools are D-rated, which usually means shorter tenancies and higher turnover. Who's the typical renter profile here, and what's been the actual vacancy rate?
6. 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?
7. 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.
8. 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.
9. How much new apartment / multifamily construction is in the pipeline within 1–3 miles? Heavy new supply (>2% of stock underway) typically softens rents 12–24 months out; light construction supports rent growth.

Investment metrics

• 1% rule: 1.07% ✓
• Cap rate: 8.04%
• Cash-on-cash: 6.25%
• DSCR: 1.28
• GRM: 7.8

CMA / ARV

No comps found within radius.

Projected returns pro-forma

-3.0% appreciation · 2.5% rent growth · sell at horizon

5-year hold

• IRR: -7.2%
• Equity multiple: 0.73×
• Total profit: $-16,733
• Equity at exit: $33,548

10-year hold

• IRR: 1.7%
• Equity multiple: 1.12×
• Total profit: $7,620
• Equity at exit: $19,454

Cash invested: $63,000 (down + closing). Projections, not guarantees.

Landlord ↔ Tenant lean methodology

• Overall (STATE): 90 Strongly Landlord-Friendly
• State South Carolina: 90 Strongly Landlord-Friendly · R+6
• County: — inherits STATE
• City: — inherits STATE

5-day notice; preempted; landlord-favorable.

Methodology + full state rankings →

ZIP-level market 29302

• Home prices YoY: -25.3%
• Rents YoY: 2.5%
• Active inventory: 154
• Price-to-rent: 15.6×

Monthly cashflow live

• Estimated rent: $2,403 high
• Mortgage (P&I): −$1,180
• Tax from tax record: −$297 /mo · $3,562/yr
• Insurance: −$94
• HOA: −$0
• Vacancy / Maint / Mgmt: −$505
• Net cashflow: $328

Break-even live

Break-even rent $1,988

Max offer price $225,000

Occupancy floor 81%

Sensitivity live

Price	-10% $455	-5% $392	+0% $328	+5% $264	+10% $201
Rent	-10% $138	-5% $233	+0% $328	+5% $423	+10% $518
Rate	-1.0pp $441	-0.5pp $385	base $328	+0.5pp $270	+1.0pp $210

2-unit breakdown (identical units grouped — click to expand)

Units	Beds	Baths	Est. rent
▸ 2× units	1	1	$2,404
Total (2 units)			$2,403

UW: 25.0% down · 7.5% · 30yr · 1.5% tax · 5.0% vac · 8.0% maint · 8.0% mgmt

Financing live

Cash to close

• Down payment: $56,250
• Closing costs: $6,750
• Reserves months: —
• Total cash needed: —

Rent comps 7 comps

Address	Beds	Baths	Sqft	Rent	$/sqft	DOM	Units	Dist
717 Connecticut Ave Spartanburg, SC	3.0	1.0	1320	$1,895	$1.44	14d	1	0.02mi
318 Alexander Ave Spartanburg, SC	4.0	2.0	1480	$1,695	$1.15	21d	1	0.88mi
128 Oakwood Ave Spartanburg, SC	3.0	2.5	1580	$1,708	$1.08	14d	1	0.99mi
124 Lucky Penny Ln Spartanburg, SC	3.0	2.5	1580	$1,708	$1.08	21d	1	1.00mi
163 Avant St Spartanburg, SC	3.0	2.5	1580	$1,708	$1.08	21d	1	1.06mi
249 E Hampton Ave Spartanburg, SC	3.0	2.0	1450	$1,475	$1.02	21d	1	1.10mi
196 Silver Hill St Spartanburg, SC	3.0	3.0	1492	$1,900	$1.27	21d	1	1.46mi

Listing history 8 events

1. 2026-06-07
   statusdays on market $225,000 Pending 10 DOM
2. 2026-06-02
   days on market $225,000 Active 6 DOM
3. 2026-06-01
   days on market $225,000 Active 5 DOM
4. 2026-05-31
   days on market $225,000 Active 4 DOM
5. 2026-05-30
   days on market $225,000 Active 3 DOM
6. 2026-05-27
   listed $225,000 Active
7. 2022-06-22
   price $675
8. 1991-10-01
   soldstatus $45,500

ⓘ Source: listings_history table (triggers on properties + properties_extension) + one-shot backfill from property_details.listing_events for pre-trigger history.

Tax reassessment forecast SC · Resets to sale price

• Current annual tax: $3,562 · $297/mo
• Projected year-2 tax: $3,562 · $297/mo
• Expected delta: $0/yr ($0/mo · 0.0%)

ⓘ Screening estimate from a state-policy table — verify with the county assessor before closing.

Climate risk First Street

• 🌊 Flood 1/10 Low FEMA zone X (unshaded) · 0% chance over 30 yrs
• 🔥 Wildfire 3/10 Moderate
• 🌡 Heat 6/10 Major 7 d/yr ≥105°F today · 16 d/yr by 30 yrs out
• 💨 Wind 2/10 Low 2% chance of damaging wind over 30 yrs
• 🫁 Air quality 4/10 Moderate 4 unhealthy d/yr today · 4 by 30 yrs out

Taxation est. · year 1

• Rental income: $28,836
• − Mortgage interest: −$12,603
• − Property taxes: −$3,562
• − Insurance: −$1,125
• − Repairs & maintenance: −$2,307
• − Management: −$2,307
• − Depreciation: −$6,545
• Taxable income: $387
• Est. tax owed @ 24.0%: −$93
• After-tax cash flow: $3,842/yr

For passive investors: Depreciation is non-cash, so a rental often shows a tax loss while cash-flowing — sheltering income. Rental losses are passive: they offset passive income freely, and up to $25,000/yr can offset ordinary (W-2) income if you actively participate and your MAGI is under $100k (phasing out to $0 by $150k); unused losses carry forward. On sale, claimed depreciation is recaptured at up to 25%, and gains may owe capital-gains tax (a 1031 exchange can defer both). Figures are a year-1 estimate at your 24.0% rate — not tax advice; consult a CPA.

Schools (NCES district)

• District: Spartanburg 07
• NCES district ID: 4503660
• Math proficiency: 34% ▼ -1.00%
• Reading proficiency: 41% ▼ -1.00%
• Median HH income: $35,825
• Composite: 31.04/100
• National rank: #6087
• State rank: #39 of 80 in SC

Livability — Spartanburg

• Score: 76/100
• State rank: #24
• US rank: #3679

Category grades

Amenities A+ Commute A+ Cost of living A+ Crime F Employment F Housing A+ Health & safety A+ User ratings F

Schools grade is shown separately in the Schools card above.

Census & demographics

• Census place: Spartanburg, SC
• County: Spartanburg County · 258,607 people
• City population: 120,406
• Metro: Spartanburg, SC
• Population (ZIP): 19,918
• Household income: $80,819
• Rent vs Own: 29.1% rent · 70.9% own
• Severe rent burden: 619.0

Population outlook (Spartanburg County) Hauer SSP2

• Today (2025): 325,495 people
• By 2030: 338,800 · +4.1%
• By 2040: 363,471 · +11.7%
• By 2050: 384,156 · +18.0%
• By 2075: 430,137 · +32.1%
• By 2100: 442,733 · +36.0%

Race, ethnicity, and origin ACS 2023

• Neighborhood character: Predominantly White (71%)
• Race & ethnicity: White 71% Black 16% Two or more races 6% Hispanic / Latino 5% Asian 4%
• Hispanic origin (detail): Mexican 2% Puerto Rican 2%
• Common ancestry: Slovak 5% Serbian 3% Romanian 2%
• Foreign-born: 4% · Canada
• Languages at home: 93% English-only · Other Asian/Pacific 3% Spanish 2% German/W. Germanic 1%

Political lean MEDSL · Spartanburg

• 2024 margin: Solid R (+33.6) · D 32.6% · R 66.2% · Other 1.2%
• 2008→2024 swing: -12.0pp toward R · 2008: -21.6pp · 2024: -33.6pp
• All cycles: 2024: R+33.6 2020: R+27.3 2016: R+30.0 2012: R+23.1 2008: R+21.6

Not yet ingested

• Civics: —

Market trends

• HPI YoY: ▼ -80.20%
• Current HPI: 237.1002
• Rent YoY: ▲ 2.50%
• Metro: Spartanburg, SC
• State GDP YoY: ▲ 4.51%
• F500 in state: 2

Industry mix (Fortune 500 HQ in SC)

Industry	F500 HQs	Revenue
▸Packaging	1	$7B

Price history

+394.5% since first listed

3 events — show timeline

• 2026-05-27 Listed $225,000 SPMLS
• 2022-06-22 Price Changed $675 RENT.
• 1991-10-01 Sold (Public Records) $45,500 Public Records

Property tax history

+3.1%/yr

Latest (2025): $3,562 · +6.9% YoY. Source: county tax records.