662 E Lamorak Pl E

Richburg, SC 29729

$269,000C+

3 bd · 1.0 ba · 1,172 sqft · Built 2023 · Other · Active · 81 DOM

Cashflow @ list (25.0% down · 7.5%)

• Estimated rent: $2,785/mo
• Mortgage (P&I): −$1,411
• Tax + insurance: −$274
• HOA: −$38
• Vac / Maint / Mgmt: −$585
• Net cashflow: $478/mo
• Annual: $5,732/yr
• Cap rate: 8.42%
• Cash-on-cash: 7.61%
• DSCR: 1.34
• 1% rule: 1.04%
• Cash to close: $75,320

Investor read

• This is a 3-bed/1.0-bath other listed at $269k. Condition is rated excellent.
• At list price, monthly cash flow is $478 ($6k/yr) — positive.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($3k rent vs $269k).
• It's been on market 81 days — a 6% lower offer ($253k) is reasonable based on typical stale-listing flexibility.
• Recommended offer: $253k (6.0% below list) — sets the bar for market timing.
• In year one you build about $10k of equity ($2k loan paydown + $8k appreciation (3.0% local appreciation)).
• Location reads 63/100 on livability (#182 in SC) — a middle-class / working-renter tenant base. Strengths: cost of living A+, housing A+; Watch: crime D+, health & safety D+, amenities F.
• Chester 01 (rural): math 23% / reading 34% proficiency, ranked #59 of 80 in SC (top 74%) — low school quality limits family demand, transient renter base, plan for 1-2y turnover; 64% free/reduced lunch — lower-income household profile, screen leases tightly.
• Zoned schools: Lewisville Elementary (math 47% / reading 42%, grade F, #226 of 597 statewide, top 40%, 510 students, 100% FRL); Lewisville High (math 44% / reading 87%, grade B, #83 of 196 statewide, top 43%, 416 students, 100% FRL) — zoned schools average 100% FRL vs 64% district-wide (36 pts higher); higher-poverty schools than district average — tighter screening recommended.
• Zoned-school proficiency averages 55% at this address vs 28% district-wide (+27 pts) — the actual schools serving this property are materially stronger than the Chester 01 average implies; a family-tenant draw the district grade alone would hide.
• Market conditions: 81 active listings in the ZIP; 269 units permitted in Chester County in 2024 (0 in 5+ unit buildings).
• Chester County population projected at -24% by 2050 — secular population decline; favor cash flow + early exit over multi-decade hold.
• 5 sale attempts since 3y 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.
• At projected returns (3.0% appreciation + 3.0% rent growth), your $75k cash investment doubles in ~5 years — after that, you're playing with house money.
• By year 4, paydown + projected appreciation supports a ~$34k cash-out refi (75% LTV) — recoverable capital for the next deal without selling this one.
• Cap rate 8.4% vs local median 5.7% in Richburg — 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 81 days. Have you received any prior offers? Is the seller open to a 6% concession, seller financing, or rate buy-down credit?
• What does the HOA fee cover, when was the last increase, and are there any pending special assessments or reserve-fund shortfalls?
• 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 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 D 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.