173 Tara Drive 173

McCormick, SC 29835

$1F

4 bd · 3.5 ba · 2,222 sqft · Built 1999 · SingleFamily · Active · 38 DOM

Cashflow @ list (25.0% down · 7.5%)

• Estimated rent: $1,305/mo
• Mortgage (P&I): −$2,016
• Tax + insurance: −$641
• HOA: −$180
• Vac / Maint / Mgmt: −$274
• Net cashflow: $-1,806/mo
• Annual: $-21,668/yr
• Cap rate: 0.66%
• Cash-on-cash: -20.13%
• DSCR: 0.10
• 1% rule: 0.34%
• Cash to close: $107,634

Investor read

• This is a 4-bed/3.5-bath single-family listed at $1.
• At list price, monthly cash flow is $-2k ($-22k/yr) — negative.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($1k rent vs $1).
• It's been on market 38 days — a 3% lower offer ($0) is reasonable based on typical stale-listing flexibility.
• In year one you build about $41k of equity ($3k loan paydown + $38k appreciation (10.0% local appreciation)).
• Location reads 56/100 on livability (#295 in SC) — a working-class tenant base; expect higher turnover. Strengths: cost of living A+, housing B+; Watch: crime D+, amenities F, commute F.
• Mccormick 01 (rural): math 14% / reading 23% proficiency, ranked #73 of 80 in SC (top 91%) — low school quality limits family demand, transient renter base, plan for 1-2y turnover; 70% free/reduced lunch — lower-income household profile, screen leases tightly.
• Zoned schools: Mccormick Elementary (math 12% / reading 17%, grade F, #553 of 597 statewide, top 95%, 241 students, 100% FRL); Mccormick Middle (math 12% / reading 17%, grade F, #204 of 229 statewide, top 89%, 153 students, 100% FRL); Mccormick High (math 15% / reading 74%, grade D-, #165 of 196 statewide, top 84%, 188 students, 100% FRL) — zoned schools average 100% FRL vs 70% district-wide (30 pts higher); higher-poverty schools than district average — tighter screening recommended.
• Watch-outs: property tax is 576609.0% of price.
• Market conditions: 271 active listings in the ZIP; 141 units permitted in McCormick County in 2024 (0 in 5+ unit buildings).
• McCormick County population projected at -37% by 2050 — secular population decline; favor cash flow + early exit over multi-decade hold.
• 2 sale attempts; this cycle's ask has dropped $487k (100%) from the opening price — seller is motivated, your offer sets the floor, not the list.
• By year 2, paydown + projected appreciation supports a ~$66k cash-out refi (75% LTV) — recoverable capital for the next deal without selling this one.
• Climate carrying-cost: major wind risk, 48% chance of damaging wind over 30y; extreme-heat days projected 7→18/yr by 2055 (HVAC capex compounding) — expect insurance premiums to compound above CPI over the hold.

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 38 days. Have you received any prior offers? Is the seller open to a 5% concession, seller financing, or rate buy-down credit?
• Property tax is high relative to price — has the assessment been appealed recently, and will the sale trigger a re-assessment?
• What does the HOA fee cover, when was the last increase, and are there any pending special assessments or reserve-fund shortfalls?
• Is there a deadline driving the sale (1031 exchange, divorce, estate, relocation)? That informs how much negotiation room exists.
• Schools are F-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?
• 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?