202 Heron Dr · Columbia, SC 29203

$129,900

4 bd · 2.0 ba · 2,418 sqft · Manufactured public records · 37 Days on market

Built 2002 0.29 ac 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
• DSCR +10.0/10.0
• 1% rule +8.8/10.0
• ARV discount +7.5/15.0
• Livability +3.9/5.0
• Rent growth +3.1/5.0
• Schools +2.6/10.0
• Condition / age +2.5/5.0
• Appreciation +0.0/10.0

Listing remarks

Turnkey investment opportunity with immediate income! 202 Heron Drive offers an established tenant already in place, making this an ideal addition to any investor’s portfolio. Recently renovated, this property features a new roof, a refreshed interior and all new appliances, providing a low-maintenance ownership opportunity. Conveniently located with quick access to the interstate for easy commuting while still tucked away in a more private setting, offering the best of both accessibility and seclusion. Whether you're expanding your rental portfolio or securing your next income-producing asset, this property is a smart investment opportunity. Disclaimer: CMLS has not reviewed and, th

Key facts

• Refreshed interior
• Established tenant
• New appliances

Tags

• TURNKEY INVESTMENT OPPORTUNITY
• ESTABLISHED TENANT
• REFRESHED INTERIOR
• NEW APPLIANCES
• QUICK ACCESS TO INTERSTATE
• PRIVATE SETTING

Property features AI

Exterior

• Utilities: Public water; Public sewer
• Construction: Crawlspace foundation
• Exterior features: Vinyl exterior; Paved road access; Approximately 0.29-acre lot

Interior

• Bedrooms: Master bedroom on the main level
• Bathrooms: Two full bathrooms
• Heating & cooling: Central heating; Central air
• Interior features: Central heating and central air

What this means for you Summary

Snapshot

• This is a 4-bed/2.0-bath manufactured listed at $130k.

Deal economics

• At list price, monthly cash flow is $517 ($6k/yr) — positive.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($2k rent vs $130k).
• Recommended offer: $126k (3.0% below list) — sets the bar for market timing.
• Cap rate 11.1% 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.

Location & tenants

• 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: 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.
• Zoned schools: Forest Heights Elementary (math 12% / reading 12%, grade F, #572 of 597 statewide, top 97%, 441 students, 100% FRL); Eau Claire High (math 22% / reading 84%, grade C-, #139 of 196 statewide, top 71%, 627 students, 100% FRL) — zoned schools average 100% FRL vs 64% district-wide (36 pts higher); higher-poverty schools than district average — tighter screening recommended.
• Market conditions: Rents rising (+2.5%/yr); 240 active listings in the ZIP; 3,472 units permitted in Richland County in 2024 (1,096 in 5+ unit buildings).
• At $1,791/mo this rent would consume 47% of the median local household income ($46k/yr) (locally 1980% of renters already pay >50% of income on rent) — very limited rent-growth headroom before tenants either downsize or default.

Forward outlook

• Local home prices are declining (-3.0%/yr); year-one equity from $898 of loan paydown is wiped out by about $4k of value loss. Plan a longer hold.
• Richland County population projected at +30% by 2050 — long-run rental-demand tailwind backs the buy-and-hold thesis.
• At projected returns (-3.0% appreciation + 2.5% rent growth), your $36k cash investment doubles in ~8 years — after that, you're playing with house money.

Negotiation context

• It's been on market 37 days — a 3% lower offer ($126k) is reasonable based on typical stale-listing flexibility.
• 8 sale attempts since 2y 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.

Risks & watch-outs

• Climate carrying-cost: major wind risk, 60% chance of damaging wind over 30y; moderate wildfire risk; extreme-heat days projected 7→16/yr by 2055 (HVAC capex compounding) — expect insurance premiums to compound above CPI over the hold.

Recommended offer $126,003 (3.0% below list)

Questions for the listing agent

1. It's been on market 37 days. Have you received any prior offers? Is the seller open to a 3% concession, seller financing, or rate buy-down credit?
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. 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.
6. 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.
7. 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: 1.38% ✓
• Cap rate: 11.07%
• Cash-on-cash: 17.05%
• DSCR: 1.76
• GRM: 6.0

CMA / ARV

No comps found within radius.

Projected returns pro-forma

-3.0% appreciation · 2.5% rent growth · sell at horizon

5-year hold

• IRR: 7.8%
• Equity multiple: 1.30×
• Total profit: $11,001
• Equity at exit: $19,369

10-year hold

• IRR: 16.6%
• Equity multiple: 2.33×
• Total profit: $48,436
• Equity at exit: $11,231

Cash invested: $36,372 (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 29203

• Home prices YoY: -31.6%
• Rents YoY: 2.5%
• Active inventory: 240
• Price-to-rent: 6.0×

Monthly cashflow live

• Estimated rent: $1,791 medium
• Mortgage (P&I): −$681
• Tax from tax record: −$163 /mo · $1,956/yr
• Insurance: −$54
• HOA: −$0
• Vacancy / Maint / Mgmt: −$376
• Net cashflow: $517

Break-even live

Break-even rent $1,137

Max offer price $129,900

Occupancy floor 66%

Sensitivity live

Price	-10% $590	-5% $554	+0% $517	+5% $480	+10% $443
Rent	-10% $375	-5% $446	+0% $517	+5% $588	+10% $658
Rate	-1.0pp $582	-0.5pp $550	base $517	+0.5pp $483	+1.0pp $449

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: $32,475
• Closing costs: $3,897
• Reserves months: —
• Total cash needed: —

Listing history 37 events

1. 2026-06-21
   days on market $129,900 Active 37 DOM
2. 2026-06-18
   days on market $129,900 Active 34 DOM
3. 2026-06-17
   days on market $129,900 Active 33 DOM
4. 2026-06-16
   days on market $129,900 Active 32 DOM
5. 2026-06-15
   days on market $129,900 Active 31 DOM
6. 2026-06-14
   days on market $129,900 Active 29 DOM
7. 2026-06-10
   days on market $129,900 Active 26 DOM
8. 2026-06-09
   days on market $129,900 Active 25 DOM
9. 2026-06-08
   days on market $129,900 Active 24 DOM
10. 2026-06-07
    days on market $129,900 Active 23 DOM
11. 2026-06-03
    days on market $129,900 Active 19 DOM
12. 2026-06-03
    days on market $129,900 Active 18 DOM
13. 2026-06-01
    days on market $129,900 Active 17 DOM
14. 2026-05-31
    days on market $129,900 Active 16 DOM
15. 2026-05-15
    listed $129,900 Active
16. 2024-11-02
    historical $1,395
17. 2024-10-19
    listed $1,395
18. 2024-10-04
    historical $1,500
19. 2024-09-30
    status Pending
20. 2024-09-18
    listed $1,500
21. 2024-08-21
    price $129,900
22. 2024-08-02
    listed $139,900 Active
23. 2024-07-05
    historical $1,695
24. 2024-07-02
    status Pending
25. 2024-06-21
    price $139,900
26. 2024-05-29
    listed $1,695
27. 2024-05-25
    price $144,900
28. 2024-05-22
    status Active
29. 2024-05-19
    status Pending
30. 2024-05-19
    status Active
31. 2024-05-19
    status Pending
32. 2024-05-06
    price $149,900
33. 2024-04-29
    listed $169,900 Active
34. 2023-07-03
    soldstatus $725,000
35. 2013-06-05
    soldstatus $378,000
36. 2006-03-27
    soldstatus $29,000
37. 1997-04-11
    soldstatus $708,000

ⓘ 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: $1,956 · $163/mo
• Projected year-2 tax: $1,956 · $163/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 5/10 Major
• 🌡 Heat 6/10 Major 7 d/yr ≥108°F today · 16 d/yr by 30 yrs out
• 💨 Wind 6/10 Major 60% chance of damaging wind over 30 yrs
• 🫁 Air quality 3/10 Moderate 2 unhealthy d/yr today · 2 by 30 yrs out

Taxation est. · year 1

• Rental income: $21,497
• − Mortgage interest: −$7,276
• − Property taxes: −$1,956
• − Insurance: −$650
• − Repairs & maintenance: −$1,720
• − Management: −$1,720
• − Depreciation: −$3,779
• Taxable income: $4,396
• Est. tax owed @ 24.0%: −$1,055
• After-tax cash flow: $5,147/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: Richland 01
• NCES district ID: 4503360
• Math proficiency: 26% ▼ -7.00%
• Reading proficiency: 36% ▼ -5.00%
• Median HH income: $38,931
• Composite: 25.94/100
• National rank: #7335
• State rank: #54 of 80 in SC

Livability — Columbia

• Score: 78/100
• State rank: #18
• US rank: #2436

Category grades

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

Schools grade is shown separately in the Schools card above.

Census & demographics

• County: Richland County · 389,530 people
• City population: 335,994
• Metro: Columbia, SC
• Population (ZIP): 40,653
• Household income: $46,054
• Rent vs Own: 51.3% rent · 48.7% own
• Severe rent burden: 1980.0

Population outlook (Richland County) Hauer SSP2

• Today (2025): 459,667 people
• By 2030: 487,524 · +6.1%
• By 2040: 542,035 · +17.9%
• By 2050: 595,371 · +29.5%
• By 2075: 732,998 · +59.5%
• By 2100: 820,415 · +78.5%

Race, ethnicity, and origin ACS 2023

• Neighborhood character: Predominantly Black (80%)
• Race & ethnicity: Black 80% White 13% Hispanic / Latino 5% Two or more races 2%
• Common ancestry: Serbian 1%
• Foreign-born: 3% · Canada
• Languages at home: 93% English-only · Spanish 5%

Political lean MEDSL · Richland

• 2024 margin: Solid D (+34.6) · D 66.4% · R 31.8% · Other 1.8%
• 2008→2024 swing: +5.7pp toward D · 2008: 28.9pp · 2024: 34.6pp
• All cycles: 2024: D+34.6 2020: D+38.3 2016: D+32.9 2012: D+33.3 2008: D+28.9

Not yet ingested

• Civics: —

Market trends

• HPI YoY: ▼ -77.52%
• Current HPI: 168.2114
• Rent YoY: ▲ 2.50%
• Metro: Columbia, 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

-81.7% since first listed

23 events — show timeline

• 2026-05-15 Listed $129,900 Consolidated MLS
• 2024-11-02 Rental Removed $1,395 APPFOLIO
• 2024-10-19 Listed for Rent $1,395 APPFOLIO
• 2024-10-04 Rental Removed $1,500 APPFOLIO
• 2024-09-30 Pending — Consolidated MLS
• 2024-09-18 Listed for Rent $1,500 APPFOLIO
• 2024-08-21 Price Changed $129,900 Consolidated MLS
• 2024-08-02 Listed $139,900 Consolidated MLS
• 2024-07-05 Rental Removed $1,695 APPFOLIO
• 2024-07-02 Pending — Consolidated MLS
• 2024-06-21 Price Changed $139,900 Consolidated MLS
• 2024-05-29 Listed for Rent $1,695 APPFOLIO
• 2024-05-25 Price Changed $144,900 Consolidated MLS
• 2024-05-22 Relisted — Consolidated MLS
• 2024-05-19 Pending — Consolidated MLS
• 2024-05-19 Relisted — Consolidated MLS
• 2024-05-19 Pending — Consolidated MLS
• 2024-05-06 Price Changed $149,900 Consolidated MLS
• 2024-04-29 Listed $169,900 Consolidated MLS
• 2023-07-03 Sold (Public Records) $725,000 Public Records
• 2013-06-05 Sold (Public Records) $378,000 Public Records
• 2006-03-27 Sold (Public Records) $29,000 Public Records
• 1997-04-11 Sold (Public Records) $708,000 Public Records

Property tax history

+3.1%/yr

Latest (2025): $1,956 · +2.6% YoY. Source: county tax records.