308 Lexington St · Chesnee, SC 29323

$145,000

5 bd · 2.0 ba · 3,922 sqft · MultiFamily public records · 47 Days on market

Built 1962 8,712 sqft lot

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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
• 1% rule +10.0/10.0
• DSCR +10.0/10.0
• ARV discount +7.5/15.0
• Schools +4.5/10.0
• Livability +3.4/5.0
• Rent growth +2.5/5.0
• 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: 1 unit. estimate disagrees with records

Listing remarks MLS

INVESTOR ALERT: Triplex available! Excellent rental area just 3 blocks from Bantam Chef and other shopping in Chesnee! In process of being worked on and can be negotiated. Photos done prior to cleaning up! Unit A was rented for $875 per month and is basically ready except for cleaning! DETAILS UNIT A: 2BR/1BA, Large patio area at side entry door into Kitchen 12x10, Dining 12x10, Den 19x14 with sliding glass doors to large patio area, Laundry Room 6x4, Large Front Bedroom 19x11, Side Small Bedroom 11x10, bathroom with Shower and Linen Closet, about half of unit has hardwood floors and rest has luxury vinyl plank floors. DETAILS UNIT B: 2BR/1BA, Upstairs with newer 10x8 deck, is in process of being renovated (installing new vinyl plank flooring in kitchen, bedroom, bathroom, will have new bathroom components, etc. ), Living Room 19x12, Kitchen 15x7, Front Bedroom 11x9, Rear Bedroom 15x10, Laundry/Closet to be 10x6. DETAILS UNIT C: 1BR/1BA, Unit C is on the Right side and needs renovations (only started). It is an open floor plan with Kitchen area 17x14, Den 17x24, Bedroom 17x11 (has access to crawl space like a basement), with a back porch, then it has an upper level large bathroom (14x11) with shower, closet and a laundry, plus a storage room (16x8). For INVESTORS looking for estimated rent income, $1,000, $900 and $800. Total: $2,700/month. Keep in mind that this is variable according to extent of renovations. All units have separate power and gas connections. Owner had new drainage system installed under house about 2 years ago. Located in the City of Chesnee and Trash Collection is included (see 3 trash receptacles).

Key facts

• Cash flow potential
• Separate utilities
• Multifamily property

Tags

• MULTIFAMILY PROPERTY
• SEPARATE ENTRANCES
• SEPARATE UTILITIES
• RENTAL INCOME
• CASH FLOW POTENTIAL
• LONG-TERM APPRECIATION

Property features AI

Finance

• Other: Property sits on approximately 0.2 acres

Exterior

• Home design: Single-family residence; Residential property; Two-story
• Construction: Above-grade finished area approximately 3,922
• Exterior features: Located in the Maxwell Hills subdivision; Directions: Hwy 221 North West to Chesnee, Left at Bantum Chef onto E Manning St, continue about 960 feet, cross railroad tracks, immediate right onto Lexington St, go just over 1 block

Interior

• Bathrooms: 2 full bathrooms
• Interior features: Two levels

What this means for you Summary

Snapshot

• This is a 5-bed/2.0-bath multifamily listed at $145k.

Deal economics

• At list price, monthly cash flow is $2k ($27k/yr) — positive.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($4k rent vs $145k).
• Recommended offer: $141k (3.0% below list) — sets the bar for market timing.
• Cap rate 24.9% vs local median 2.8% in Chesnee — 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 67/100 on livability (#107 in SC) — a middle-class / working-renter tenant base. Strengths: cost of living A+, health & safety A+, housing B+; Watch: crime F, amenities F, commute F.
• Spartanburg 02 (suburban): math 49% / reading 56% proficiency, ranked #6 of 80 in SC (top 8%) — acceptable for families but not a draw, mixed tenant base, ~2y average lease.
• Zoned schools: Chesnee Elementary (math 62% / reading 52%, grade C+, #102 of 597 statewide, top 18%, 606 students, 71% FRL); Chesnee Middle (math 36% / reading 48%, grade D-, #64 of 229 statewide, top 29%, 534 students, 69% FRL); Chesnee High (math 62% / reading 87%, grade B+, #38 of 196 statewide, top 20%, 704 students, 63% FRL) — zoned schools average 68% FRL vs 44% district-wide (23 pts higher); higher-poverty schools than district average — tighter screening recommended.
• Market conditions: 308 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 $1k 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.
• At projected returns (-3.0% appreciation + 3.0% rent growth), your $41k cash investment doubles in ~2 years — after that, you're playing with house money.

Negotiation context

• It's been on market 47 days — a 3% lower offer ($141k) is reasonable based on typical stale-listing flexibility.
• 4 sale attempts with the ask held roughly flat each time — persistent listings suggest the price (not the market) is what's stuck; bring a comps-based counter.

Risks & watch-outs

• 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 $140,650 (3.0% below list)

Questions for the listing agent

1. It's been on market 47 days. Have you received any prior offers? Is the seller open to a 3% concession, seller financing, or rate buy-down credit?
2. Built in 1962 — when were the roof, HVAC, electrical panel, plumbing, and water heater last replaced?
3. Is there a deadline driving the sale (1031 exchange, divorce, estate, relocation)? That informs how much negotiation room exists.
4. 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?
5. 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?
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 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: 2.93% ✓
• Cap rate: 24.86%
• Cash-on-cash: 66.31%
• DSCR: 3.95
• GRM: 2.8

CMA / ARV

No comps found within radius.

Projected returns pro-forma

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

5-year hold

• IRR: 65.6%
• Equity multiple: 3.94×
• Total profit: $119,524
• Equity at exit: $21,620

10-year hold

• IRR: 69.9%
• Equity multiple: 8.11×
• Total profit: $288,615
• Equity at exit: $12,537

Cash invested: $40,600 (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 29323

• Home prices YoY: -8.0%
• Active inventory: 308
• Price-to-rent: 8.3×

Monthly cashflow live

• Estimated rent: $4,254 medium
• Mortgage (P&I): −$760
• Tax from tax record: −$296 /mo · $3,557/yr
• Insurance: −$60
• HOA: −$0
• Vacancy / Maint / Mgmt: −$893
• Net cashflow: $2,243

Break-even live

Break-even rent $1,414

Max offer price $145,000

Occupancy floor 42%

Sensitivity live

Price	-10% $2,326	-5% $2,284	+0% $2,243	+5% $2,202	+10% $2,161
Rent	-10% $1,907	-5% $2,075	+0% $2,243	+5% $2,411	+10% $2,579
Rate	-1.0pp $2,316	-0.5pp $2,280	base $2,243	+0.5pp $2,206	+1.0pp $2,168

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

Units	Beds	Baths	Est. rent
▸ 2× units	2	1	$2,920
1× unit	1	1	$1,334
Total (3 units)			$4,254

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: $36,250
• Closing costs: $4,350
• Reserves months: —
• Total cash needed: —

Listing history 28 events

1. 2026-06-21
   days on market $145,000 Active 47 DOM
2. 2026-06-18
   days on market $145,000 Active 44 DOM
3. 2026-06-17
   days on market $145,000 Active 43 DOM
4. 2026-06-16
   days on market $145,000 Active 42 DOM
5. 2026-06-15
   days on market $145,000 Active 41 DOM
6. 2026-06-14
   days on market $145,000 Active 39 DOM
7. 2026-06-13
   days on market $145,000 Active 38 DOM
8. 2026-06-10
   days on market $145,000 Active 36 DOM
9. 2026-06-09
   days on market $145,000 Active 35 DOM
10. 2026-06-08
    days on market $145,000 Active 34 DOM
11. 2026-06-07
    days on market $145,000 Active 33 DOM
12. 2026-06-05
    days on market $145,000 Active 30 DOM
13. 2026-06-02
    days on market $145,000 Active 28 DOM
14. 2026-06-01
    days on market $145,000 Active 27 DOM
15. 2026-05-31
    days on market $145,000 Active 26 DOM
16. 2026-05-30
    days on market $145,000 Active 25 DOM
17. 2026-05-05
    listed $145,000 Active
18. 2026-02-09
    price $145,000
19. 2025-11-14
    status Active
20. 2025-10-30
    status Pending
21. 2025-10-15
    listed $155,000 Active
22. 2025-04-03
    soldstatus $132,500 Closed 1652-char remark

    Show marketing remark (1652 chars)

    INVESTOR ALERT: Triplex available! Excellent rental area just 3 blocks from Bantam Chef and other shopping in Chesnee! In process of being worked on and can be negotiated. Photos done prior to cleaning up! Unit A was rented for $875 per month and is basically ready except for cleaning! DETAILS UNIT A: 2BR/1BA, Large patio area at side entry door into Kitchen 12x10, Dining 12x10, Den 19x14 with sliding glass doors to large patio area, Laundry Room 6x4, Large Front Bedroom 19x11, Side Small Bedroom 11x10, bathroom with Shower and Linen Closet, about half of unit has hardwood floors and rest has luxury vinyl plank floors. DETAILS UNIT B: 2BR/1BA, Upstairs with newer 10x8 deck, is in process of being renovated (installing new vinyl plank flooring in kitchen, bedroom, bathroom, will have new bathroom components, etc. ), Living Room 19x12, Kitchen 15x7, Front Bedroom 11x9, Rear Bedroom 15x10, Laundry/Closet to be 10x6. DETAILS UNIT C: 1BR/1BA, Unit C is on the Right side and needs renovations (only started). It is an open floor plan with Kitchen area 17x14, Den 17x24, Bedroom 17x11 (has access to crawl space like a basement), with a back porch, then it has an upper level large bathroom (14x11) with shower, closet and a laundry, plus a storage room (16x8). For INVESTORS looking for estimated rent income, $1,000, $900 and $800. Total: $2,700/month. Keep in mind that this is variable according to extent of renovations. All units have separate power and gas connections. Owner had new drainage system installed under house about 2 years ago. Located in the City of Chesnee and Trash Collection is included (see 3 trash receptacles).

23. 2025-04-03
    soldstatus $132,500

    Show marketing remark (1652 chars)

    INVESTOR ALERT: Triplex available! Excellent rental area just 3 blocks from Bantam Chef and other shopping in Chesnee! In process of being worked on and can be negotiated. Photos done prior to cleaning up! Unit A was rented for $875 per month and is basically ready except for cleaning! DETAILS UNIT A: 2BR/1BA, Large patio area at side entry door into Kitchen 12x10, Dining 12x10, Den 19x14 with sliding glass doors to large patio area, Laundry Room 6x4, Large Front Bedroom 19x11, Side Small Bedroom 11x10, bathroom with Shower and Linen Closet, about half of unit has hardwood floors and rest has luxury vinyl plank floors. DETAILS UNIT B: 2BR/1BA, Upstairs with newer 10x8 deck, is in process of being renovated (installing new vinyl plank flooring in kitchen, bedroom, bathroom, will have new bathroom components, etc. ), Living Room 19x12, Kitchen 15x7, Front Bedroom 11x9, Rear Bedroom 15x10, Laundry/Closet to be 10x6. DETAILS UNIT C: 1BR/1BA, Unit C is on the Right side and needs renovations (only started). It is an open floor plan with Kitchen area 17x14, Den 17x24, Bedroom 17x11 (has access to crawl space like a basement), with a back porch, then it has an upper level large bathroom (14x11) with shower, closet and a laundry, plus a storage room (16x8). For INVESTORS looking for estimated rent income, $1,000, $900 and $800. Total: $2,700/month. Keep in mind that this is variable according to extent of renovations. All units have separate power and gas connections. Owner had new drainage system installed under house about 2 years ago. Located in the City of Chesnee and Trash Collection is included (see 3 trash receptacles).

24. 2025-03-08
    status Pending 1652-char remark

    Show marketing remark (1652 chars)

    INVESTOR ALERT: Triplex available! Excellent rental area just 3 blocks from Bantam Chef and other shopping in Chesnee! In process of being worked on and can be negotiated. Photos done prior to cleaning up! Unit A was rented for $875 per month and is basically ready except for cleaning! DETAILS UNIT A: 2BR/1BA, Large patio area at side entry door into Kitchen 12x10, Dining 12x10, Den 19x14 with sliding glass doors to large patio area, Laundry Room 6x4, Large Front Bedroom 19x11, Side Small Bedroom 11x10, bathroom with Shower and Linen Closet, about half of unit has hardwood floors and rest has luxury vinyl plank floors. DETAILS UNIT B: 2BR/1BA, Upstairs with newer 10x8 deck, is in process of being renovated (installing new vinyl plank flooring in kitchen, bedroom, bathroom, will have new bathroom components, etc. ), Living Room 19x12, Kitchen 15x7, Front Bedroom 11x9, Rear Bedroom 15x10, Laundry/Closet to be 10x6. DETAILS UNIT C: 1BR/1BA, Unit C is on the Right side and needs renovations (only started). It is an open floor plan with Kitchen area 17x14, Den 17x24, Bedroom 17x11 (has access to crawl space like a basement), with a back porch, then it has an upper level large bathroom (14x11) with shower, closet and a laundry, plus a storage room (16x8). For INVESTORS looking for estimated rent income, $1,000, $900 and $800. Total: $2,700/month. Keep in mind that this is variable according to extent of renovations. All units have separate power and gas connections. Owner had new drainage system installed under house about 2 years ago. Located in the City of Chesnee and Trash Collection is included (see 3 trash receptacles).

25. 2025-03-06
    price $165,000 1652-char remark

    Show marketing remark (1652 chars)

    INVESTOR ALERT: Triplex available! Excellent rental area just 3 blocks from Bantam Chef and other shopping in Chesnee! In process of being worked on and can be negotiated. Photos done prior to cleaning up! Unit A was rented for $875 per month and is basically ready except for cleaning! DETAILS UNIT A: 2BR/1BA, Large patio area at side entry door into Kitchen 12x10, Dining 12x10, Den 19x14 with sliding glass doors to large patio area, Laundry Room 6x4, Large Front Bedroom 19x11, Side Small Bedroom 11x10, bathroom with Shower and Linen Closet, about half of unit has hardwood floors and rest has luxury vinyl plank floors. DETAILS UNIT B: 2BR/1BA, Upstairs with newer 10x8 deck, is in process of being renovated (installing new vinyl plank flooring in kitchen, bedroom, bathroom, will have new bathroom components, etc. ), Living Room 19x12, Kitchen 15x7, Front Bedroom 11x9, Rear Bedroom 15x10, Laundry/Closet to be 10x6. DETAILS UNIT C: 1BR/1BA, Unit C is on the Right side and needs renovations (only started). It is an open floor plan with Kitchen area 17x14, Den 17x24, Bedroom 17x11 (has access to crawl space like a basement), with a back porch, then it has an upper level large bathroom (14x11) with shower, closet and a laundry, plus a storage room (16x8). For INVESTORS looking for estimated rent income, $1,000, $900 and $800. Total: $2,700/month. Keep in mind that this is variable according to extent of renovations. All units have separate power and gas connections. Owner had new drainage system installed under house about 2 years ago. Located in the City of Chesnee and Trash Collection is included (see 3 trash receptacles).

26. 2025-03-03
    listed $190,000 Active 1652-char remark

    Show marketing remark (1652 chars)

    INVESTOR ALERT: Triplex available! Excellent rental area just 3 blocks from Bantam Chef and other shopping in Chesnee! In process of being worked on and can be negotiated. Photos done prior to cleaning up! Unit A was rented for $875 per month and is basically ready except for cleaning! DETAILS UNIT A: 2BR/1BA, Large patio area at side entry door into Kitchen 12x10, Dining 12x10, Den 19x14 with sliding glass doors to large patio area, Laundry Room 6x4, Large Front Bedroom 19x11, Side Small Bedroom 11x10, bathroom with Shower and Linen Closet, about half of unit has hardwood floors and rest has luxury vinyl plank floors. DETAILS UNIT B: 2BR/1BA, Upstairs with newer 10x8 deck, is in process of being renovated (installing new vinyl plank flooring in kitchen, bedroom, bathroom, will have new bathroom components, etc. ), Living Room 19x12, Kitchen 15x7, Front Bedroom 11x9, Rear Bedroom 15x10, Laundry/Closet to be 10x6. DETAILS UNIT C: 1BR/1BA, Unit C is on the Right side and needs renovations (only started). It is an open floor plan with Kitchen area 17x14, Den 17x24, Bedroom 17x11 (has access to crawl space like a basement), with a back porch, then it has an upper level large bathroom (14x11) with shower, closet and a laundry, plus a storage room (16x8). For INVESTORS looking for estimated rent income, $1,000, $900 and $800. Total: $2,700/month. Keep in mind that this is variable according to extent of renovations. All units have separate power and gas connections. Owner had new drainage system installed under house about 2 years ago. Located in the City of Chesnee and Trash Collection is included (see 3 trash receptacles).

27. 2021-12-16
    soldstatus $100,000
28. 1991-05-01
    soldstatus $27,920

ⓘ 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: $3,557 · $296/mo
• Projected year-2 tax: $3,557 · $296/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 4/10 Moderate
• 🌡 Heat 5/10 Major 7 d/yr ≥104°F today · 16 d/yr by 30 yrs out
• 💨 Wind 2/10 Low 2% 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: $51,048
• − Mortgage interest: −$8,122
• − Property taxes: −$3,557
• − Insurance: −$725
• − Repairs & maintenance: −$4,084
• − Management: −$4,084
• − Depreciation: −$4,218
• Taxable income: $26,258
• Est. tax owed @ 24.0%: −$6,302
• After-tax cash flow: $20,619/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 02
• NCES district ID: 4503510
• Math proficiency: 49% ▼ -7.00%
• Reading proficiency: 56% ▲ 2.00%
• Median HH income: $49,591
• Composite: 44.79/100
• National rank: #2742
• State rank: #6 of 80 in SC

Livability — Chesnee

• Score: 67/100
• State rank: #107
• US rank: #11076

Category grades

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

Schools grade is shown separately in the Schools card above.

Census & demographics

• Census place: Chesnee, SC
• Population (ZIP): 15,087

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 (82%)
• Race & ethnicity: White 82% Hispanic / Latino 7% Black 5% Two or more races 4% Asian 3%
• Hispanic origin (detail): Mexican 6%
• Common ancestry: Slovak 4% Romanian 2% Serbian 2%
• Foreign-born: 6% · Canada, Jamaica
• Languages at home: 90% English-only · Spanish 5% Russian/Polish/Slavic 3% Other Asian/Pacific 2%

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: ▼ -25.81%
• Current HPI: 297.6589
• 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

+419.3% since first listed

12 events — show timeline

• 2026-05-05 Listed $145,000 SPMLS
• 2026-02-09 Price Changed $145,000 SPMLS
• 2025-11-14 Relisted — SPMLS
• 2025-10-30 Pending — SPMLS
• 2025-10-15 Listed $155,000 SPMLS
• 2025-04-03 Sold (Public Records) $132,500 Public Records
• 2025-04-03 Sold (MLS) $132,500 SPMLS
• 2025-03-08 Pending — SPMLS
• 2025-03-06 Price Changed $165,000 SPMLS
• 2025-03-03 Listed $190,000 SPMLS
• 2021-12-16 Sold (Public Records) $100,000 Public Records
• 1991-05-01 Sold (Public Records) $27,920 Public Records

Property tax history

+10.1%/yr

Latest (2025): $3,557 · +1.0% YoY. Source: county tax records.