1600 Park Cir

Columbia, SC 29201

$92,500C+

2 bd · 2.0 ba · 745 sqft · Built 1985 · Condo · Active · 9 DOM

Cashflow @ list (25.0% down · 7.5%)

• Estimated rent: $1,408/mo
• Mortgage (P&I): −$485
• Tax + insurance: −$692
• HOA: −$194
• Vac / Maint / Mgmt: −$296
• Net cashflow: $-258/mo
• Annual: $-3,096/yr
• Cap rate: 8.48%
• Cash-on-cash: 7.81%
• DSCR: 1.35
• 1% rule: 1.52%
• Cash to close: $25,900

Investor read

• This is a 2-bed/2.0-bath condo listed at $92k.
• At list price, monthly cash flow is $-258 ($-3k/yr) — negative.
• To cash-flow at today's rent, offer at most $81k (12.2% below list).
• Meets the 1% rule at list price ($1k rent vs $92k).
• Only 9 days on market — expect competitive offers; lowballing is unlikely to land.
• Recommended offer: $81k (12.2% below list) — sets the bar for cash-flow.
• Local home prices are declining (-3.0%/yr); year-one equity from $640 of loan paydown is wiped out by about $3k of value loss. Plan a longer hold.
• Location reads 78/100 on livability (#18 in SC, #2,436 nationally) — a middle-class / working-renter tenant base. Strengths: amenities A+, commute A+, cost of living A+; Watch: schools D+, employment D, crime F.
• Richland 01 (urban): math 26% / reading 36% proficiency, ranked #54 of 80 in SC (top 68%) — families likely to look elsewhere, expect single-tenant / working-renter base with shorter leases; 64% free/reduced lunch — lower-income household profile, screen leases tightly.
• Watch-outs: property tax is 2.9% of price; flood insurance adds $427/mo.
• Market conditions: Rents rising (+3.2%/yr); 114 active listings in the ZIP; 14 comparable units currently listed for rent nearby; rentals at typical pace (median 19d on market — plan ~3-4 weeks tenant-placement turnaround); lower-income renter base — watch delinquency; 3,472 units permitted in Richland County in 2024 (1,096 in 5+ unit buildings).
• Richland County population projected at +30% by 2050 — long-run rental-demand tailwind backs the buy-and-hold thesis.
• 11 sale attempts since 4y ago 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.
• Current owner paid $60k; list at $92k implies a 54% gain — meaningful room to come down on a strong offer.
• Climate carrying-cost: in FEMA flood zone AE (mandatory federal flood insurance); major wind risk, 68% 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 8.5% vs local median 5.0% in Columbia — 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.
• At $1,408/mo this rent would consume 52% of the median local household income ($32k/yr) (locally 3456% of renters already pay >50% of income on rent) — very limited rent-growth headroom before tenants either downsize or default.

Questions for listing agent

• 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?
• Property tax is high relative to price — has the assessment been appealed recently, and will the sale trigger a re-assessment?
• What's the actual annual flood-insurance premium (NFIP or private), and is the property in a SFHA with mandatory coverage?
• What does the HOA fee cover, when was the last increase, and are there any pending special assessments or reserve-fund shortfalls?
• Any open or pending special assessments — roof, HVAC, plumbing, elevator, façade? What's the per-unit balance and payoff schedule, and is the seller paying it off at close or rolling it to the buyer?
• Is there a deadline driving the sale (1031 exchange, divorce, estate, relocation)? That informs how much negotiation room exists.
• 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?
• 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?