116 Goldenrod Ln

Reidville, SC 29369

$249,500D-

3 bd · 2.0 ba · 1,386 sqft · Built 1992 · SingleFamily · Pending · 133 DOM

Cashflow @ list (25.0% down · 7.5%)

• Estimated rent: $1,873/mo
• Mortgage (P&I): −$1,308
• Tax + insurance: −$192
• HOA: −$4
• Vac / Maint / Mgmt: −$393
• Net cashflow: $-25/mo
• Annual: $-295/yr
• Cap rate: 6.17%
• Cash-on-cash: -0.42%
• DSCR: 0.98
• 1% rule: 0.75%
• Cash to close: $69,860

Investor read

• This is a 3-bed/2.0-bath single-family listed at $250k.
• At list price, monthly cash flow is $-25 ($-295/yr) — negative.
• To cash-flow at today's rent, offer at most $245k (1.7% below list).
• To meet the 1% rule (rent ≥ 1% of price), the offer needs to be $187k (24.9% below list).
• It's been on market 133 days — a 12% lower offer ($220k) is reasonable based on typical stale-listing flexibility.
• Recommended offer: $187k (24.9% below list) — sets the bar for 1% rule.
• Local home prices are declining (-3.0%/yr); year-one equity from $2k of loan paydown is wiped out by about $7k of value loss. Plan a longer hold.
• Location reads 80/100 on livability (#12 in SC, #1,810 nationally) — a professional / high-income tenant draw. Strengths: crime A+, employment A+, housing A+; Watch: amenities F, commute F.
• Spartanburg 05 (suburban): math 45% / reading 51% proficiency, ranked #13 of 80 in SC (top 16%) — families likely to look elsewhere, expect single-tenant / working-renter base with shorter leases.
• Zoned schools: River Ridge Elementary (math 53% / reading 48%, grade D+, #160 of 597 statewide, top 27%, 778 students, 64% FRL) — zoned schools average 64% FRL vs 39% district-wide (25 pts higher); higher-poverty schools than district average — tighter screening recommended.
• Market conditions: Rents rising (+1.8%/yr); 355 active listings in the ZIP; 2 comparable units currently listed for rent nearby; solid renter incomes; 3,129 units permitted in Spartanburg County in 2024 (40 in 5+ unit buildings).
• Spartanburg County population projected at +18% by 2050 — long-run rental-demand tailwind backs the buy-and-hold thesis.
• 5 sale attempts since 17y ago; this cycle's ask has dropped $25k (9%) from the opening price — seller is motivated, your offer sets the floor, not the list.
• Current owner paid $124k; list at $250k implies a 101% gain — meaningful room to come down on a strong offer.
• 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.
• Cap rate 6.2% vs local median 3.7% in Reidville — 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

• 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?
• It's been on market 133 days. Have you received any prior offers? Is the seller open to a 25% 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 B-rated — typically a magnet for longer-tenancy family renters. What's the average tenant stay here, and is there a school-zone premium baked into asking?
• The area grade is low — what's the realistic commute time and amenity access for the typical tenant pool here? Any planned neighborhood developments (good or bad) we should know about?
• 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.