133 Hazelcroft Dr

Fountain Inn, SC 29644

$367,900C-

5 bd · 3.0 ba · 2,674 sqft · Built 2022 · SingleFamily · Pending · 133 DOM

Cashflow @ list (25.0% down · 7.5%)

• Estimated rent: $3,370/mo
• Mortgage (P&I): −$1,929
• Tax + insurance: −$404
• HOA: −$50
• Vac / Maint / Mgmt: −$708
• Net cashflow: $279/mo
• Annual: $3,345/yr
• Cap rate: 7.20%
• Cash-on-cash: 3.25%
• DSCR: 1.14
• 1% rule: 0.92%
• Cash to close: $103,012

Investor read

• This is a 5-bed/3.0-bath single-family listed at $368k.
• At list price, monthly cash flow is $279 ($3k/yr) — positive.
• The deal already cash-flows at list — no discount required.
• To meet the 1% rule (rent ≥ 1% of price), the offer needs to be $337k (8.4% below list).
• It's been on market 133 days — a 12% lower offer ($324k) is reasonable based on typical stale-listing flexibility.
• Recommended offer: $324k (12.0% below list) — sets the bar for market timing.
• Local home prices are declining (-3.0%/yr); year-one equity from $3k of loan paydown is wiped out by about $11k of value loss. Plan a longer hold.
• Location reads 82/100 on livability (#4 in SC, #1,162 nationally) — a professional / high-income tenant draw. Strengths: crime A+, cost of living A+, housing A+; Watch: commute F.
• Greenville 01 (suburban): math 44% / reading 54% proficiency, ranked #10 of 80 in SC (top 12%) — families likely to look elsewhere, expect single-tenant / working-renter base with shorter leases.
• Zoned schools: Bryson Elementary (math 52% / reading 52%, grade C-, #145 of 597 statewide, top 26%, 911 students, 70% FRL) — zoned schools average 70% FRL vs 42% district-wide (28 pts higher); higher-poverty schools than district average — tighter screening recommended.
• Market conditions: Rents rising fast (+4.5%/yr); 482 active listings in the ZIP; 3 comparable units currently listed for rent nearby; rentals at typical pace (median 19d on market — plan ~3-4 weeks tenant-placement turnaround); 5,595 units permitted in Greenville County in 2024 (566 in 5+ unit buildings).
• Greenville County population projected at +34% by 2050 — long-run rental-demand tailwind backs the buy-and-hold thesis.
• 7 sale attempts since 4y ago; this cycle's ask has dropped $27k (7%) from the opening price — seller is motivated, your offer sets the floor, not the list.
• 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.
• Cap rate 7.2% vs local median 4.2% in Fountain Inn — 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.
• At $3,370/mo this rent would consume 58% of the median local household income ($70k/yr) (locally 475% of renters already pay >50% of income on rent) — very limited rent-growth headroom before tenants either downsize or default.

Questions for listing agent

• It's been on market 133 days. Have you received any prior offers? Is the seller open to a 12% 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?
• 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.
• 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.