556 Gadsden Ct · Spartanburg, SC 29302

$135,000

2 bd · 1.0 ba · 1,023 sqft · SingleFamily public records · 3 Days on market

Built 1924 6,534 sqft lot Est $95k · 42% over

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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 +19.6/30.0
• DSCR +6.2/10.0
• 1% rule +5.3/10.0
• Livability +3.8/5.0
• Rent growth +3.1/5.0
• Schools +3.1/10.0
• Condition / age +2.5/5.0
• ARV discount +0.0/15.0
• Appreciation +0.0/10.0

Listing remarks

Converse Heights bungalow with 2 bedrooms, one bath on lovely, quiet street. With some updating, this house will be a showplace.

Key facts

• 6,534 sq ft lot
• Built 1924
• Listed 3 days

Property features AI

Exterior

• Parking: Gravel parking; Covered parking; Shared driveway; On-street parking
• Utilities: Public water; Public sewer; Cable available
• Home design: Single-family residence; One level
• Construction: Vinyl siding; Composition roof; Built with a basement
• Exterior features: Front porch; Wooded lot; Sidewalks in the community; Porch

Interior

• Kitchen: Refrigerator; Electric oven; Free‑standing range; Electric water heater
• Bedrooms: 2 bedrooms on the main level
• Flooring: Hardwood; Vinyl
• Bathrooms: 1 full bathroom on the main level
• Heating & cooling: Central air; Ceiling fans (cooling); Electric heating; Floor furnace
• Interior features: Ceiling fans; Fireplace; Unfinished basement
• Laundry & utility: Washer hookup; Electric dryer hookup; Laundry located in the kitchen

What this means for you Summary

Snapshot

• This is a 2-bed/1.0-bath single-family listed at $135k.

Deal economics

• At list price, monthly cash flow is $156 ($2k/yr) — positive.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($1k rent vs $135k).
• Cap rate 7.7% 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: Mccracken Middle (math 41% / reading 49%, grade D, #48 of 229 statewide, top 22%, 926 students, 78% FRL); Spartanburg High (math 67% / reading 79%, grade B+, #44 of 196 statewide, top 23%, 2,056 students, 85% FRL) — zoned schools average 82% FRL vs 62% district-wide (20 pts higher); higher-poverty schools than district average — tighter screening recommended.
• Zoned-school proficiency averages 59% at this address vs 38% district-wide (+22 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; 29 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).

Forward outlook

• Local home prices are declining (-3.0%/yr); year-one equity from $933 of loan paydown is wiped out by about $4k 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 3 days on market — expect competitive offers; lowballing is unlikely to land.

Risks & watch-outs

• Watch-outs: built in 1924 — 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 $135,000

Questions for the listing agent

1. Built in 1924 — when were the roof, HVAC, electrical panel, plumbing, and water heater last replaced?
2. Is there a deadline driving the sale (1031 exchange, divorce, estate, relocation)? That informs how much negotiation room exists.
3. 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?
4. 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?
5. 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?
6. 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.
7. 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.
8. 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: 1.03% ✓
• Cap rate: 7.68%
• Cash-on-cash: 4.97%
• DSCR: 1.22
• GRM: 8.1

CMA / ARV

• ARV (on-the-fly): $95,139
• Comps found: 4

Show comp detail 4 sales within ~0.75 mi

Address	Dist	Beds/Ba	Sqft	Sold	Price	$/sf	Match
810 Maple St	0.49mi	2/1.0	1,060 (+4%)	12mo	$81,000	$76	60
260 N Dean St	0.62mi	2/1.0	960 (-6%)	8mo	$80,000	$83	54
206 Converse Cir	0.52mi	2/1.0	900 (-12%)	16mo	$84,000	$93	42
338 Ridgewood Ave	0.59mi	3/1.0 (+1)	1,103 (+8%)	15mo	$186,500	$169	42

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 · 2.5% rent growth · sell at horizon

5-year hold

• IRR: -9.1%
• Equity multiple: 0.67×
• Total profit: $-12,583
• Equity at exit: $20,129

10-year hold

• IRR: -0.3%
• Equity multiple: 0.98×
• Total profit: $-848
• Equity at exit: $11,672

Cash invested: $37,800 (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: 8.1×

Monthly cashflow live

• Estimated rent: $1,395 high
• Mortgage (P&I): −$708
• Tax from tax record: −$181 /mo · $2,173/yr
• Insurance: −$56
• HOA: −$0
• Vacancy / Maint / Mgmt: −$293
• Net cashflow: $156

Break-even live

Break-even rent $1,197

Max offer price $135,000

Occupancy floor 84%

Sensitivity live

Price	-10% $233	-5% $195	+0% $156	+5% $118	+10% $80
Rent	-10% $46	-5% $101	+0% $156	+5% $212	+10% $267
Rate	-1.0pp $224	-0.5pp $191	base $156	+0.5pp $121	+1.0pp $86

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: $33,750
• Closing costs: $4,050
• Reserves months: —
• Total cash needed: —

Rent comps 29 comps

Address	Beds	Baths	Sqft	Rent	$/sqft	DOM	Units	Dist
152 Avant St Unit A Spartanburg, SC	2.0	1.0	850	$1,250	$1.47	14d	1	0.26mi
152 Avant St Unit B Spartanburg, SC	1.0	1.0	750	$1,450	$1.93	21d	1	0.26mi
135 Oakwood Ave Spartanburg, SC	1.0–2.0	1.0–1.5	850	$995	$1.17	21d	2	0.34mi
327 E Kennedy St Spartanburg, SC	1.0–2.0	1.0–2.0	806	$1,654	$2.05	14d	7	0.54mi
196 Silver Hill St Spartanburg, SC	3.0	3.0	1492	$1,900	$1.27	21d	1	0.63mi
174 E Main St Spartanburg, SC	1.0–2.0	1.0–2.0	760	$2,295	$3.02	14d	8	0.77mi
200 Heywood Ave Spartanburg, SC	1.0–2.0	1.0–2.0	829	$1,425	$1.72	14d	14	0.78mi
692 Southern St Spartanburg, SC	2.0	1.0	1000	$1,100	$1.10	14d	1	0.78mi
201 N Liberty St Spartanburg, SC	3.0	1.0–2.0	1153	$1,982	$1.72	14d	32	0.83mi
249 E Hampton Ave Spartanburg, SC	3.0	2.0	1450	$1,475	$1.02	21d	1	0.84mi
717 Connecticut Ave Spartanburg, SC	3.0	1.0	1320	$1,895	$1.44	14d	1	0.86mi
630 S Converse St Spartanburg, SC	2.0	1.0	912	$995	$1.09	21d	1	0.89mi
1000 E Main St Spartanburg, SC	2.0	1.5	938	$950	$1.01	14d	2	0.96mi
102 Harvard Dr Spartanburg, SC	2.0	1.0	1000	$1,300	$1.30	14d	1	1.00mi
225 Milliken St Spartanburg, SC	1.0–3.0	1.0–2.0	1020	$1,729	$1.70	14d	20	1.02mi
142 Magnolia St Unit 301 Spartanburg, SC	2.0	2.0	937	$1,850	$1.97	21d	1	1.04mi
142 Magnolia St Unit 104 Spartanburg, SC	1.0	1.0	892	$1,600	$1.79	21d	1	1.04mi
149 S Daniel Morgan Ave Unit 2B Spartanburg, SC	1.0	1.0	750	$1,195	$1.59	21d	1	1.10mi
149 S Daniel Morgan Ave Unit 2A Spartanburg, SC	1.0	1.0	800	$1,150	$1.44	21d	1	1.10mi
88 W Park Dr Unit H Spartanburg, SC	2.0	1.0	950	$875	$0.92	21d	1	1.16mi
103 Drayton Crossing Dr Drayton, SC	1.0–2.0	1.0–2.0	1054	$1,728	$1.64	14d	21	1.26mi
131 College St Spartanburg, SC	2.0	1.0	700	$1,195	$1.71	21d	1	1.29mi
121 Garner Rd Spartanburg, SC	1.0–2.0	1.0–2.0	940	$1,465	$1.56	21d	32	1.36mi
334 W Hampton Ave Unit 1 Spartanburg, SC	2.0	1.0	895	$1,100	$1.23	21d	1	1.37mi
1097 Union St Spartanburg, SC	1.0–2.0	1.0–2.0	951	$2,009	$2.11	14d	21	1.45mi
500 Howard St Spartanburg, SC	1.0–3.0	1.0–2.0	999	$1,292	$1.29	14d	1	1.46mi
320 Spruce St Spartanburg, SC	1.0–3.0	1.0–1.5	830	$962	$1.16	21d	1	1.46mi
1214 Spring St Spartanburg, SC	3.0	1.0	1362	$1,395	$1.02	14d	1	1.47mi
111 Timothy St Spartanburg, SC	2.0	1.0	1100	$1,600	$1.45	21d	1	1.48mi

Listing history 2 events

1. 2026-05-11
   status Pending
2. 2026-05-08
   listed $135,000 Active

ⓘ 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: $2,173 · $181/mo
• Projected year-2 tax: $2,173 · $181/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 1/10 Low
• 🌡 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 3 unhealthy d/yr today · 4 by 30 yrs out

Taxation est. · year 1

• Rental income: $16,735
• − Mortgage interest: −$7,562
• − Property taxes: −$2,173
• − Insurance: −$675
• − Repairs & maintenance: −$1,339
• − Management: −$1,339
• − Depreciation: −$3,927
• Taxable loss: −$280
• Est. tax savings @ 24.0%: +$67
• After-tax cash flow: $1,944/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

2 events — show timeline

• 2026-05-11 Pending — SPMLS
• 2026-05-08 Listed $135,000 SPMLS

Property tax history

-1.1%/yr

Latest (2025): $2,173 · +0.6% YoY. Source: county tax records.