255 Limestone St · Pacolet, SC 29372

$81,000

3 bd · 2.0 ba · 1,424 sqft · SingleFamily public records · 62 Days on market

Built 1915 0.28 ac lot Est $88k · 8% under ↓ 10% since listing

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Why this score? — see what drove the B 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 +30.0/30.0
• ARV discount +11.2/15.0
• DSCR +10.0/10.0
• 1% rule +9.7/10.0
• Schools +3.7/10.0
• Livability +3.5/5.0
• Rent growth +2.5/5.0
• Condition / age +2.5/5.0
• Appreciation +0.0/10.0

Listing remarks

Great opportunity for a first time buyer. 255 Limestone Street offers a 2-bedroom 2 bath home with a spacious den and living room. Home has a 0.28 acre lot. Property Sold AS IS. HUD case # 461-482455 In. Home was built in 1915 and has approx. 1424 square feet. THIS PROPERTY IS AN EQUAL HOUSING OPPORTUNITY

Key facts

• 0.28 acre lot
• Built 1915
• Listed 62 days

Property features AI

Finance

• HOA & community: No HOA amenities or fees

Exterior

• Parking: Unpaved driveway; Other/see remarks for garage/parking details
• Utilities: Public water; Public sewer; Private garbage pickup
• Home design: Single-story home; Built around 1915; Residential property disclosure required; Lead-based paint disclosure required
• Construction: Asbestos shingle exterior; Composition shingle roof; Crawl space foundation; Outbuilding for storage
• Exterior features: Porch (other); Level lot

Interior

• Kitchen: 13 x 9 kitchen; Dishwasher
• Bedrooms: Primary bedroom on main level (11 x 15); Second bedroom on main level (11 x 15)
• Flooring: Hardwood flooring; Vinyl flooring
• Bathrooms: Two full bathrooms on the main level
• Heating & cooling: Forced air heating (natural gas); Central forced cooling; Gas water heater
• Interior features: Ceiling fan
• Laundry & utility: Laundry on the 1st floor

What this means for you Summary

Snapshot

• This is a 3-bed/2.0-bath single-family listed at $81k.

Deal economics

• At list price, monthly cash flow is $455 ($5k/yr) — positive.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($1k rent vs $81k).
• Recommended offer: $76k (6.0% below list) — sets the bar for market timing.
• Cap rate 13.0% vs local median 3.6% in Pacolet — 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 69/100 on livability (#69 in SC) — a middle-class / working-renter tenant base. Strengths: cost of living A+, housing A+; Watch: employment D, amenities F, commute F.
• Spartanburg 03 (suburban): math 39% / reading 49% proficiency, ranked #28 of 80 in SC (top 35%) — families likely to look elsewhere, expect single-tenant / working-renter base with shorter leases.
• Zoned schools: Pacolet Elementary (math 52% / reading 47%, grade D, #168 of 597 statewide, top 31%, 410 students, 100% FRL); Clifdale Middle (695 students, 78% FRL); Broome High (math 42% / reading 80%, grade C+, #105 of 196 statewide, top 54%, 825 students, 68% FRL) — zoned schools average 82% FRL vs 57% district-wide (25 pts higher); higher-poverty schools than district average — tighter screening recommended.
• Market conditions: 42 active listings in the ZIP; 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 $560 of loan paydown is wiped out by about $2k 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.
• At projected returns (-3.0% appreciation + 3.0% rent growth), your $23k cash investment doubles in ~6 years — after that, you're playing with house money.

Negotiation context

• It's been on market 62 days — a 6% lower offer ($76k) is reasonable based on typical stale-listing flexibility.

Risks & watch-outs

• Watch-outs: built in 1915 — 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 $76,140 (6.0% below list)

Questions for the listing agent

1. It's been on market 62 days. Have you received any prior offers? Is the seller open to a 6% concession, seller financing, or rate buy-down credit?
2. Built in 1915 — when were the roof, HVAC, electrical panel, plumbing, and water heater last replaced?
3. Why hasn't it sold? Are there any deal-killer items the seller is aware of (foundation, flood, title, zoning, code violations)?
4. Is there a deadline driving the sale (1031 exchange, divorce, estate, relocation)? That informs how much negotiation room exists.
5. 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?
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: 1.47% ✓
• Cap rate: 13.03%
• Cash-on-cash: 24.06%
• DSCR: 2.07
• GRM: 5.7

CMA / ARV

• ARV (on-the-fly): $88,288
• Comps found: 7

Show comp detail 7 sales within ~0.75 mi

Address	Dist	Beds/Ba	Sqft	Sold	Price	$/sf	Match
1130 Cleveland St	0.17mi	3/1.0	1,388 (-2%)	1mo	$65,000	$47	83
235 Green St	0.07mi	3/2.0	1,464 (+3%)	13mo	$79,000	$54	81
215 Limestone St	0.08mi	2/2.0 (-1)	1,444 (+1%)	12mo	$90,000	$62	79
236 Walker St	0.35mi	3/1.0	1,388 (-2%)	10mo	$90,000	$65	68
225 Montgomery Ave	0.34mi	3/1.0	1,388 (-2%)	15mo	$143,000	$103	63
268 Walker St	0.42mi	3/1.5	1,388 (-2%)	14mo	$40,000	$29	63
173 Fleming Ave	0.43mi	3/1.5	1,440 (+1%)	17mo	$104,000	$72	62

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 · 3.0% rent growth · sell at horizon

5-year hold

• IRR: 17.3%
• Equity multiple: 1.70×
• Total profit: $15,802
• Equity at exit: $12,077

10-year hold

• IRR: 25.7%
• Equity multiple: 3.25×
• Total profit: $50,927
• Equity at exit: $7,003

Cash invested: $22,680 (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 29372

• Home prices YoY: -12.1%
• Active inventory: 42
• Price-to-rent: 5.7×

Monthly cashflow live

• Estimated rent: $1,187 medium
• Mortgage (P&I): −$425
• Tax from tax record: −$24 /mo · $291/yr
• Insurance: −$34
• HOA: −$0
• Vacancy / Maint / Mgmt: −$249
• Net cashflow: $455

Break-even live

Break-even rent $611

Max offer price $81,000

Occupancy floor 57%

Sensitivity live

Price	-10% $501	-5% $478	+0% $455	+5% $432	+10% $409
Rent	-10% $361	-5% $408	+0% $455	+5% $502	+10% $548
Rate	-1.0pp $495	-0.5pp $475	base $455	+0.5pp $434	+1.0pp $412

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: $20,250
• Closing costs: $2,430
• Reserves months: —
• Total cash needed: —

Listing history 3 events

1. 2026-05-12
   status Pending
2. 2026-04-15
   price $81,000
3. 2026-03-11
   listed $90,000 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: $291 · $24/mo
• Projected year-2 tax: $462 · $38/mo
• Expected delta: +$170/yr (+$14/mo · 58.4%)

ⓘ 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 4/10 Moderate
• 🌡 Heat 6/10 Major 7 d/yr ≥105°F today · 16 d/yr by 30 yrs out
• 💨 Wind 3/10 Moderate 4% chance of damaging wind over 30 yrs
• 🫁 Air quality 3/10 Moderate 3 unhealthy d/yr today · 3 by 30 yrs out

Taxation est. · year 1

• Rental income: $14,240
• − Mortgage interest: −$4,537
• − Property taxes: −$291
• − Insurance: −$405
• − Repairs & maintenance: −$1,139
• − Management: −$1,139
• − Depreciation: −$2,356
• Taxable income: $4,371
• Est. tax owed @ 24.0%: −$1,049
• After-tax cash flow: $4,407/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 03
• NCES district ID: 4503540
• Math proficiency: 39% ▼ -5.00%
• Reading proficiency: 49% ▲ 6.00%
• Median HH income: $36,898
• Composite: 36.52/100
• National rank: #4645
• State rank: #28 of 80 in SC

Livability — Pacolet

• Score: 69/100
• State rank: #69
• US rank: #8417

Category grades

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

Schools grade is shown separately in the Schools card above.

Census & demographics

• Census place: Pacolet, SC
• City population: 293
• Population (ZIP): 3,440

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 (79%)
• Race & ethnicity: White 79% Black 16% Hispanic / Latino 3% Two or more races 2%
• Common ancestry: Lithuanian 1% Slovak 1% Iranian 1%
• Foreign-born: 2% · Canada
• Languages at home: 95% English-only · Spanish 4% 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: ▼ -30.46%
• Current HPI: 222.0245
• Rent YoY: —
• Metro: —
• 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

-10.0% since first listed

3 events — show timeline

• 2026-05-12 Pending — Greater Greenville MLS
• 2026-04-15 Price Changed $81,000 Greater Greenville MLS
• 2026-03-11 Listed $90,000 Greater Greenville MLS

Property tax history

+10.8%/yr

Latest (2025): $291 · +3.6% YoY. Source: county tax records.