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Marion, SC 29571

$27,500B-

2 bd · 1.0 ba · 1,000 sqft · Built 1945 · Other · Active · 90 DOM

Cashflow @ list (25.0% down · 7.5%)

• Estimated rent: $762/mo
• Mortgage (P&I): −$144
• Tax + insurance: −$26
• HOA: −$0
• Vac / Maint / Mgmt: −$160
• Net cashflow: $432/mo
• Annual: $5,187/yr
• Cap rate: 25.16%
• Cash-on-cash: 67.37%
• DSCR: 4.00
• 1% rule: 2.77%
• Cash to close: $7,700

Investor read

• This is a 2-bed/1.0-bath other listed at $28k.
• At list price, monthly cash flow is $432 ($5k/yr) — positive.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($762 rent vs $28k).
• It's been on market 90 days — a 6% lower offer ($26k) is reasonable based on typical stale-listing flexibility.
• Recommended offer: $26k (6.0% below list) — sets the bar for market timing.
• Local home prices are declining (-3.0%/yr); year-one equity from $190 of loan paydown is wiped out by about $825 of value loss. Plan a longer hold.
• Location reads 55/100 on livability (#306 in SC) — a working-class tenant base; expect higher turnover. Strengths: cost of living A+, health & safety A+; Watch: crime F, amenities F, commute F.
• Marion 10 (town): math 9% / reading 23% proficiency, ranked #79 of 80 in SC (top 99%) — low school quality limits family demand, transient renter base, plan for 1-2y turnover; 79% free/reduced lunch — lower-income household profile, screen leases tightly.
• Zoned schools: Easterling Primary (477 students, 100% FRL); Johnakin Middle (math 2% / reading 16%, grade F, #224 of 229 statewide, top 98%, 456 students, 100% FRL); Marion High (math 27% / reading 67%, grade D-, #158 of 196 statewide, top 82%, 628 students, 100% FRL) — zoned schools average 100% FRL vs 79% district-wide (21 pts higher); higher-poverty schools than district average — tighter screening recommended.
• Zoned-school proficiency averages 28% at this address vs 16% district-wide (+12 pts) — the actual schools serving this property are materially stronger than the Marion 10 average implies; a family-tenant draw the district grade alone would hide.
• Watch-outs: built in 1945 — expect roof / HVAC / electrical / plumbing capex.
• Market conditions: 122 active listings in the ZIP; 2 comparable units currently listed for rent nearby; 76 units permitted in Marion County in 2024 (0 in 5+ unit buildings).
• Marion County population projected at -26% by 2050 — secular population decline; favor cash flow + early exit over multi-decade hold.
• 2 sale attempts; this cycle's ask has dropped $2k (8%) from the opening price — seller is motivated, your offer sets the floor, not the list.
• At projected returns (-3.0% appreciation + 3.0% rent growth), your $8k cash investment doubles in ~2 years — after that, you're playing with house money.
• Climate carrying-cost: severe wind risk, 80% chance of damaging wind over 30y; extreme-heat days projected 7→16/yr by 2055 (HVAC capex compounding) — expect insurance premiums to compound above CPI over the hold.
• Cap rate 25.2% vs local median 3.3% in Marion — 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.

Questions for listing agent

• It's been on market 90 days. Have you received any prior offers? Is the seller open to a 6% concession, seller financing, or rate buy-down credit?
• Built in 1945 — when were the roof, HVAC, electrical panel, plumbing, and water heater last replaced?
• 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.
• 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?
• 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?
• 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.