404 Spike Ct · Florence, SC 29505

$245,000

4 bd · 2.0 ba · 1,821 sqft · SingleFamily public records · 61 Days on market

Built 2006 0.27 ac lot Est $271k · 10% under $30/mo HOA · 2% of rent

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Why this score? — see what drove the D 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 +12.4/30.0
• ARV discount +11.9/15.0
• Rent growth +4.2/5.0
• DSCR +3.7/10.0
• Schools +3.2/10.0
• Livability +3.1/5.0
• 1% rule +2.6/10.0
• Condition / age +2.5/5.0
• Appreciation +0.0/10.0

Listing remarks

Welcome to this well-maintained 4-bedroom, 2-bath home located on a quiet cul-de-sac in the desirable Southbrook subdivision. Offering 1,821 square feet of comfortable living space on a . 27-acre lot, this home combines functionality with thoughtful upgrades. Inside, you’ll find a spacious layout featuring a separate dining room, perfect for gatherings and entertaining. The living area is anchored by a cozy gas fireplace, creating a warm and inviting atmosphere. The home offers generously sized bedrooms, including walk-in closets that provide ample storage. The primary suite is designed for relaxation, complete with a Jacuzzi tub for unwinding after a long day. Additional highlights i

Key facts

• Walk-in closets
• Jacuzzi tub
• New roof

Tags

• JACUZZI TUB
• TANKLESS HOT WATER HEATER
• NEW ROOF
• WALK-IN CLOSETS

Property features AI

Finance

• Other: Subdivision: Southbrook
• HOA & community: Homeowners association with $30 monthly fee

Exterior

• Parking: Attached 2-car garage
• Utilities: Public water; Public sewer
• Home design: Single-family residence; Residential property; Vinyl siding
• Construction: Shingle roof; Vinyl siding construction; Crawl space foundation
• Exterior features: Patio; Cul-de-sac lot

Interior

• Kitchen: Dishwasher; Microwave; Range; Refrigerator
• Flooring: Tile; Wood / Hardwood
• Bathrooms: 2 full bathrooms
• Heating & cooling: Central heating; Central air; Ceiling fans
• Interior features: Cathedral ceilings; Vaulted ceilings; Walk-in closets; Gas log fireplace (1)

What this means for you Summary

Snapshot

• This is a 4-bed/2.0-bath single-family listed at $245k.

Deal economics

• At list price, monthly cash flow is $-40 ($-477/yr) — negative.
• To cash-flow at today's rent, offer at most $238k (2.9% below list).
• To meet the 1% rule (rent ≥ 1% of price), the offer needs to be $185k (24.4% below list).
• Recommended offer: $185k (24.4% below list) — sets the bar for 1% rule.
• Cap rate 6.1% vs local median 3.5% in Florence — 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 62/100 on livability (#196 in SC) — a middle-class / working-renter tenant base. Strengths: cost of living A+, housing A+, health & safety B+; Watch: employment C-, crime F, amenities F.
• Florence 01 (urban): math 29% / reading 47% proficiency, ranked #34 of 80 in SC (top 42%) — families likely to look elsewhere, expect single-tenant / working-renter base with shorter leases.
• Zoned schools: Savannah Grove Elementary (math 24% / reading 29%, grade F, #435 of 597 statewide, top 73%, 432 students, 100% FRL); Henry L. Sneed Middle (math 16% / reading 35%, grade F, #162 of 229 statewide, top 71%, 693 students, 94% FRL); South Florence High (math 58% / reading 86%, grade B+, #48 of 196 statewide, top 26%, 1,643 students, 77% FRL) — zoned schools average 90% FRL vs 57% district-wide (33 pts higher); higher-poverty schools than district average — tighter screening recommended.
• Market conditions: Rents rising fast (+7.0%/yr); 185 active listings in the ZIP; 657 units permitted in Florence County in 2024 (40 in 5+ unit buildings).
• This rent runs 33% of the median local income ($67k/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.

Negotiation context

• It's been on market 61 days — a 6% lower offer ($230k) is reasonable based on typical stale-listing flexibility.
• Current owner paid $180k; 36% above their basis — modest negotiation headroom, anchor on the comps not their cost.

Risks & watch-outs

• Climate carrying-cost: severe wind risk, 80% chance of damaging wind over 30y; moderate wildfire risk; extreme-heat days projected 7→16/yr by 2055 (HVAC capex compounding) — expect insurance premiums to compound above CPI over the hold.

Recommended offer $185,301 (24.4% below list)

Questions for the listing agent

1. 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?
2. It's been on market 61 days. Have you received any prior offers? Is the seller open to a 24% concession, seller financing, or rate buy-down credit?
3. What does the HOA fee cover, when was the last increase, and are there any pending special assessments or reserve-fund shortfalls?
4. Why hasn't it sold? Are there any deal-killer items the seller is aware of (foundation, flood, title, zoning, code violations)?
5. Is there a deadline driving the sale (1031 exchange, divorce, estate, relocation)? That informs how much negotiation room exists.
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. 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?
8. 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.
9. 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.
10. 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.

Investment metrics

• 1% rule: 0.76% ✗
• Cap rate: 6.10%
• Cash-on-cash: -0.70%
• DSCR: 0.97
• GRM: 11.0

CMA / ARV

• ARV (on-the-fly): $271,329
• Comps found: 12

Show comp detail 12 sales within ~0.75 mi

Address	Dist	Beds/Ba	Sqft	Sold	Price	$/sf	Match
3582 Breckridge Cir	0.16mi	3/2.0 (-1)	1,800 (-1%)	9mo	$209,000	$116	78
329 Spring Farm Rd	0.24mi	4/2.5	1,830 (+0%)	11mo	$290,000	$158	77
3828 Breckridge Cir	0.55mi	3/2.5 (-1)	1,850 (+2%)	2mo	$295,000	$159	63
413 Pilchard Ct	0.24mi	3/2.0 (-1)	1,670 (-8%)	9mo	$270,000	$162	62
421 Chomper Ct	0.28mi	3/2.0 (-1)	1,911 (+5%)	15mo	$245,000	$128	61
3820 Brookfield Rd	0.51mi	3/1.0 (-1)	1,804 (-1%)	10mo	$200,000	$111	58
420 Peatree Ct	0.15mi	3/2.0 (-1)	1,592 (-13%)	16mo	$147,500	$93	54
180 Rigging Guard Way	0.26mi	3/2.0 (-1)	1,560 (-14%)	10mo	$266,000	$171	50
3425 Mater Ln	0.45mi	3/2.0 (-1)	1,640 (-10%)	15mo	$245,000	$149	45
3403 Shadow Birch Rd	0.51mi	3/2.0 (-1)	1,582 (-13%)	6mo	$235,000	$149	44
273 E Thorncliff Rd	0.51mi	3/2.0 (-1)	1,604 (-12%)	10mo	$239,000	$149	43
107 Branford Rd	0.57mi	3/3.0 (-1)	2,072 (+14%)	18mo	$315,000	$152	27

Match score weights: distance 35% · size 25% · config 20% · recency 20%. Top-matched comps best support the ARV.

Projected returns pro-forma

-3.0% appreciation · 6.97% rent growth · sell at horizon

5-year hold

• IRR: -13.6%
• Equity multiple: 0.50×
• Total profit: $-34,624
• Equity at exit: $36,530

10-year hold

• IRR: 0.1%
• Equity multiple: 1.01×
• Total profit: $510
• Equity at exit: $21,183

Cash invested: $68,600 (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 29505

• Rents YoY: 7.0%
• Active inventory: 185
• Price-to-rent: 11.0×

Monthly cashflow live

• Estimated rent: $1,853 medium
• Mortgage (P&I): −$1,285
• Tax from tax record: −$87 /mo · $1,041/yr
• Insurance: −$102
• HOA: −$30
• Vacancy / Maint / Mgmt: −$389
• Net cashflow: $-40

Break-even live

Break-even rent $1,903

Max offer price $237,977

Occupancy floor 97%

Sensitivity live

Price	-10% $99	-5% $30	+0% $-40	+5% $-109	+10% $-178
Rent	-10% $-186	-5% $-113	+0% $-40	+5% $33	+10% $107
Rate	-1.0pp $84	-0.5pp $23	base $-40	+0.5pp $-103	+1.0pp $-168

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: $61,250
• Closing costs: $7,350
• Reserves months: —
• Total cash needed: —

HOA detail

• Monthly dues: $30 · $360/yr
• Likely covers: gas

Listing history 21 events

1. 2026-06-22
   statusdays on market $245,000 Active Under Contract 61 DOM
2. 2026-06-19
   days on market $245,000 Active 59 DOM
3. 2026-06-18
   days on market $245,000 Active 58 DOM
4. 2026-06-17
   days on market $245,000 Active 57 DOM
5. 2026-06-16
   days on market $245,000 Active 56 DOM
6. 2026-06-15
   days on market $245,000 Active 55 DOM
7. 2026-06-14
   days on market $245,000 Active 53 DOM
8. 2026-06-13
   days on market $245,000 Active 52 DOM
9. 2026-06-10
   days on market $245,000 Active 50 DOM
10. 2026-06-09
    days on market $245,000 Active 49 DOM
11. 2026-06-09
    price $245,000 Active 48 DOM
12. 2026-06-08
    days on market $248,000 Active 48 DOM
13. 2026-06-07
    days on market $248,000 Active 47 DOM
14. 2026-06-05
    days on market $248,000 Active 44 DOM
15. 2026-06-02
    days on market $248,000 Active 42 DOM
16. 2026-06-01
    days on market $248,000 Active 41 DOM
17. 2026-05-31
    days on market $248,000 Active 40 DOM
18. 2026-05-30
    days on market $248,000 Active 39 DOM
19. 2026-05-06
    price $248,000
20. 2026-04-21
    listed $260,000 Active
21. 2008-06-27
    soldstatus $179,900

ⓘ 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: $1,041 · $87/mo
• Projected year-2 tax: $1,396 · $116/mo
• Expected delta: +$356/yr (+$30/mo · 34.2%)

ⓘ 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 5/10 Major
• 🌡 Heat 7/10 Severe 7 d/yr ≥108°F today · 16 d/yr by 30 yrs out
• 💨 Wind 8/10 Severe 80% chance of damaging wind over 30 yrs
• 🫁 Air quality 1/10 Low 0 unhealthy d/yr today · 0 by 30 yrs out

Taxation est. · year 1

• Rental income: $22,236
• − Mortgage interest: −$13,724
• − Property taxes: −$1,041
• − Insurance: −$1,225
• − Repairs & maintenance: −$1,779
• − Management: −$1,779
• − HOA: −$360
• − Depreciation: −$7,127
• Taxable loss: −$4,799
• Est. tax savings @ 24.0%: +$1,152
• After-tax cash flow: $675/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: Florence 01
• NCES district ID: 4502130
• Math proficiency: 29% ▼ -10.00%
• Reading proficiency: 47% ▬ 0.00%
• Median HH income: $45,782
• Composite: 32.36/100
• National rank: #5737
• State rank: #34 of 80 in SC

Livability — Florence

• Score: 62/100
• State rank: #196
• US rank: #17076

Category grades

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

Schools grade is shown separately in the Schools card above.

Census & demographics

• Census place: Florence, SC
• County: Florence County · 93,345 people
• City population: 93,345
• Metro: Florence, SC
• Population (ZIP): 23,895
• Household income: $67,343
• Rent vs Own: 29.4% rent · 70.6% own
• Severe rent burden: 559.0

Population outlook (Florence County) Hauer SSP2

• Today (2025): 141,714 people
• By 2030: 142,121 · +0.3%
• By 2040: 141,344 · -0.3%
• By 2050: 139,478 · -1.6%
• By 2075: 132,275 · -6.7%
• By 2100: 118,374 · -16.5%

Race, ethnicity, and origin ACS 2023

• Neighborhood character: Diverse neighborhood (Simpson 0.57)
• Race & ethnicity: White 53% Black 38% Hispanic / Latino 5% Two or more races 3% Asian 1%
• Common ancestry: Slovak 2% Lithuanian 1% Serbian 1%
• Foreign-born: 3% · Canada, China
• Languages at home: 96% English-only · Spanish 2% Other Indo-European 1%

Political lean MEDSL · Florence

• 2024 margin: Lean R (+8.0) · D 45.3% · R 53.3% · Other 1.3%
• 2008→2024 swing: -4.8pp toward R · 2008: -3.2pp · 2024: -8.0pp
• All cycles: 2024: R+8.0 2020: R+2.3 2016: R+5.0 2012: R+0.5 2008: R+3.2

Not yet ingested

• Civics: —

Market trends

• HPI YoY: ▼ -138.13%
• Current HPI: 177.9352
• Rent YoY: ▲ 6.97%
• Metro: Florence, 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

+37.9% since first listed

3 events — show timeline

• 2026-05-06 Price Changed $248,000 RAGPD
• 2026-04-21 Listed $260,000 RAGPD
• 2008-06-27 Sold (Public Records) $179,900 Public Records

Property tax history

+4.0%/yr

Latest (2025): $1,041 · +22.9% YoY. Source: county tax records.