3022 Margaret Ct

Chesnee, SC 29323

$362,500F

5 bd · 2.5 ba · 2,177 sqft · Built 2023 · SingleFamily · Active · 17 DOM

Cashflow @ list (25.0% down · 7.5%)

• Estimated rent: $1,656/mo
• Mortgage (P&I): −$1,901
• Tax + insurance: −$337
• HOA: −$28
• Vac / Maint / Mgmt: −$348
• Net cashflow: $-958/mo
• Annual: $-11,492/yr
• Cap rate: 3.12%
• Cash-on-cash: -11.32%
• DSCR: 0.50
• 1% rule: 0.46%
• Cash to close: $101,500

Investor read

• This is a 5-bed/2.5-bath single-family listed at $362k.
• At list price, monthly cash flow is $-958 ($-11k/yr) — negative.
• To cash-flow at today's rent, offer at most $193k (46.7% below list).
• To meet the 1% rule (rent ≥ 1% of price), the offer needs to be $166k (54.3% below list).
• It's been on market 17 days — a 2% lower offer ($357k) is reasonable based on typical stale-listing flexibility.
• Recommended offer: $166k (54.3% below list) — sets the bar for 1% rule.
• Local home prices are declining (-3.0%/yr); year-one equity from $3k of loan paydown is wiped out by about $11k of value loss. Plan a longer hold.
• Location reads 67/100 on livability (#107 in SC) — a middle-class / working-renter tenant base. Strengths: cost of living A+, health & safety A+, housing B+; Watch: crime F, amenities F, commute F.
• Spartanburg 02 (suburban): math 49% / reading 56% proficiency, ranked #6 of 80 in SC (top 8%) — acceptable for families but not a draw, mixed tenant base, ~2y average lease.
• Zoned schools: Carlisle-Foster'S Grove Elementary (math 72% / reading 57%, grade B, #56 of 597 statewide, top 10%, 572 students, 66% FRL) — zoned schools average 66% FRL vs 44% district-wide (22 pts higher); higher-poverty schools than district average — tighter screening recommended.
• Zoned-school proficiency averages 64% at this address vs 52% district-wide (+12 pts) — the actual schools serving this property are materially stronger than the Spartanburg 02 average implies; a family-tenant draw the district grade alone would hide.
• Market conditions: 308 active listings in the ZIP; 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.
• 2 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.

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?
• 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 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?
• 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.
• 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.