1995 Elgin Dr

Elgin, SC 29045-9038

$185,000C

3 bd · 2.0 ba · 1,736 sqft · Built 2003 · Manufactured · Pending · 13 DOM

Cashflow @ list (25.0% down · 7.5%)

• Estimated rent: $1,850/mo
• Mortgage (P&I): −$970
• Tax + insurance: −$185
• HOA: −$0
• Vac / Maint / Mgmt: −$388
• Net cashflow: $306/mo
• Annual: $3,673/yr
• Cap rate: 8.28%
• Cash-on-cash: 7.09%
• DSCR: 1.32
• 1% rule: 1.00%
• Cash to close: $51,800

Investor read

• This is a 3-bed/2.0-bath manufactured listed at $185k.
• At list price, monthly cash flow is $306 ($4k/yr) — positive.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($2k rent vs $185k).
• Only 13 days on market — expect competitive offers; lowballing is unlikely to land.
• In year one you build about $7k of equity ($1k loan paydown + $6k appreciation (3.0% local appreciation)).
• Location reads 55/100 on livability (#302 in SC) — a working-class tenant base; expect higher turnover. Strengths: cost of living A+, housing A+; Watch: crime F, amenities F, commute F.
• Kershaw 01 (rural): math 38% / reading 51% proficiency, ranked #25 of 80 in SC (top 31%) — families likely to look elsewhere, expect single-tenant / working-renter base with shorter leases.
• Zoned schools: Blaney Elementary (math 48% / reading 47%, grade D, #199 of 597 statewide, top 35%, 760 students, 100% FRL); Lugoff-Elgin High (math 65% / reading 89%, grade A-, #28 of 196 statewide, top 16%, 1,744 students, 62% FRL) — zoned schools average 81% FRL vs 49% district-wide (32 pts higher); higher-poverty schools than district average — tighter screening recommended.
• Zoned-school proficiency averages 62% at this address vs 44% district-wide (+18 pts) — the actual schools serving this property are materially stronger than the Kershaw 01 average implies; a family-tenant draw the district grade alone would hide.
• Market conditions: 1 active listings in the ZIP; 2 comparable units currently listed for rent nearby; 491 units permitted in Kershaw County in 2024 (0 in 5+ unit buildings).
• Kershaw County population projected at +8% by 2050 — modest demand growth; plan on rents tracking national, not racing it.
• 3 sale attempts since 7y 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 $52k cash investment doubles in ~5 years — after that, you're playing with house money.
• By year 6, paydown + projected appreciation supports a ~$36k cash-out refi (75% LTV) — recoverable capital for the next deal without selling this one.
• Climate carrying-cost: major wind risk, 68% chance of damaging wind over 30y; major wildfire risk; extreme-heat days projected 7→16/yr by 2055 (HVAC capex compounding) — expect insurance premiums to compound above CPI over the hold.
• Cap rate 8.3% vs local median 4.2% in Elgin — 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

• 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?
• 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.
• 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.