150 Gardner Rd

Clifton, SC 29307

$146,000C-

2 bd · 1.0 ba · 1,014 sqft · Built 1950 · SingleFamily · Active · 235 DOM

Cashflow @ list (25.0% down · 7.5%)

• Estimated rent: $1,257/mo
• Mortgage (P&I): −$766
• Tax + insurance: −$151
• HOA: −$0
• Vac / Maint / Mgmt: −$264
• Net cashflow: $76/mo
• Annual: $916/yr
• Cap rate: 6.92%
• Cash-on-cash: 2.24%
• DSCR: 1.10
• 1% rule: 0.86%
• Cash to close: $40,880

Investor read

• This is a 2-bed/1.0-bath single-family listed at $146k.
• At list price, monthly cash flow is $76 ($916/yr) — positive.
• The deal already cash-flows at list — no discount required.
• To meet the 1% rule (rent ≥ 1% of price), the offer needs to be $126k (13.9% below list).
• It's been on market 235 days — a 12% lower offer ($128k) is reasonable based on typical stale-listing flexibility.
• Recommended offer: $126k (13.9% below list) — sets the bar for 1% rule.
• Local home prices are declining (-3.0%/yr); year-one equity from $1k of loan paydown is wiped out by about $4k of value loss. Plan a longer hold.
• Location reads 47/100 on livability (#377 in SC) — a working-class tenant base; expect higher turnover. Strengths: crime A, cost of living A; Watch: employment D, amenities F, commute F.
• Spartanburg 03 (suburban): math 39% / reading 49% proficiency, ranked #28 of 80 in SC (top 35%) — families likely to look elsewhere, expect single-tenant / working-renter base with shorter leases.
• Zoned schools: Cowpens Elementary (math 57% / reading 52%, grade C, #123 of 597 statewide, top 22%, 461 students, 100% FRL); Clifdale Middle (695 students, 78% FRL); Broome High (math 42% / reading 80%, grade C+, #105 of 196 statewide, top 54%, 825 students, 68% FRL) — zoned schools average 82% FRL vs 57% district-wide (25 pts higher); higher-poverty schools than district average — tighter screening recommended.
• Zoned-school proficiency averages 58% at this address vs 44% district-wide (+14 pts) — the actual schools serving this property are materially stronger than the Spartanburg 03 average implies; a family-tenant draw the district grade alone would hide.
• Watch-outs: built in 1950 — expect roof / HVAC / electrical / plumbing capex.
• Market conditions: Rents flat; 276 active listings in the ZIP; 3 comparable units currently listed for rent nearby; rentals at typical pace (median 16d on market — plan ~3-4 weeks tenant-placement turnaround); 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; this cycle's ask has dropped $9k (6%) from the opening price — seller is motivated, your offer sets the floor, not the list.

Questions for listing agent

• It's been on market 235 days. Have you received any prior offers? Is the seller open to a 14% concession, seller financing, or rate buy-down credit?
• Built in 1950 — when were the roof, HVAC, electrical panel, plumbing, and water heater last replaced?
• 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 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?
• 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.