2651 Leeds Ave · North Charleston, SC 29405

$195,000

3 bd · 1.0 ba · 1,025 sqft · SingleFamily public records · 39 Days on market

Built 1958 9,583 sqft lot Est $295k · 34% under

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Why this score? — see what drove the C+ grade

The composite is a weighted blend of 9 inputs, each scored 0–100. Each bar is that input's sub-score; the figure is the points it added to the 100-point composite (weight × sub-score).

• Cash flow +20.9/30.0
• ARV discount +15.0/15.0
• DSCR +6.7/10.0
• 1% rule +5.5/10.0
• Schools +4.3/10.0
• Rent growth +4.1/5.0
• Livability +3.3/5.0
• Condition / age +2.5/5.0
• Appreciation +0.0/10.0

Listing remarks

Attention all Investor/Rehab/Renovation Buyers - This property is 1 of 30 being sold by the Seller and can be purchased individually or as a group. A fantastic opportunity for investors, owner-occupants, or anyone looking for a renovation project. PLEASE NOTE: Properties are being sold strictly as-is and Seller will make no modifications or repairs. If square footage is important, please measure. Seller has set a call for offers to ensure all interested parties have equal opportunity to preview the homes, so please send your highest and best offer when you submit. * * * DUE TO TROPICAL STORM DEBBY the NEW OFFER DEADLINE is SUNDAY, 8/18/2024 at 11:59PM. * * * Seller will not respond to

Key facts

• Investor buyers
• 9,583 sq ft lot
• Parking

Tags

• RENOVATION PROJECT OPPORTUNITY
• INVESTOR BUYERS
• OFFER DEADLINE SUNDAY

What this means for you Summary

Snapshot

• This is a 3-bed/1.0-bath single-family listed at $195k.

Deal economics

• At list price, monthly cash flow is $272 ($3k/yr) — positive.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($2k rent vs $195k).
• Recommended offer: $189k (3.0% below list) — sets the bar for market timing.

Location & tenants

• Location reads 66/100 on livability (#122 in SC) — a middle-class / working-renter tenant base. Strengths: housing A+, health & safety A+, cost of living A; Watch: employment C-, crime F, amenities F.
• Charleston 01 (urban): math 48% / reading 53% proficiency, ranked #7 of 80 in SC (top 9%) — acceptable for families but not a draw, mixed tenant base, ~2y average lease.
• Zoned schools: Meeting Street Elementary (math 19% / reading 16%, grade F, #512 of 597 statewide, top 86%, 1,133 students, 100% FRL); Northwoods Middle (math 11% / reading 16%, grade F, #207 of 229 statewide, top 91%, 738 students, 100% FRL); North Charleston High (math 27% / reading 57%, grade F, #174 of 196 statewide, top 90%, 768 students, 100% FRL) — zoned schools average 100% FRL vs 44% district-wide (56 pts higher); higher-poverty schools than district average — tighter screening recommended.
• Zoned-school proficiency averages 24% at this address vs 50% district-wide (-26 pts) — the specific schools serving this property underperform the Charleston 01 average; the district grade overstates school quality for this exact location.
• Market conditions: Rents rising fast (+6.4%/yr); 205 active listings in the ZIP; 23 comparable units currently listed for rent nearby; rentals at typical pace (median 25d on market — plan ~3-4 weeks tenant-placement turnaround); 4,156 units permitted in Charleston County in 2024 (857 in 5+ unit buildings).

Forward outlook

• Local home prices are declining (-3.0%/yr); year-one equity from $1k of loan paydown is wiped out by about $6k of value loss. Plan a longer hold.
• Charleston County population projected at +44% by 2050 — long-run rental-demand tailwind backs the buy-and-hold thesis.
• At projected returns (-3.0% appreciation + 6.4% rent growth), your $55k cash investment doubles in ~10 years — after that, you're playing with house money.

Negotiation context

• It's been on market 39 days — a 3% lower offer ($189k) is reasonable based on typical stale-listing flexibility.
• 2 sale attempts since 2y 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.
• Current owner paid $46k; list at $195k implies a 324% gain — meaningful room to come down on a strong offer.

Risks & watch-outs

• Watch-outs: built in 1958 — expect roof / HVAC / electrical / plumbing capex.
• Climate carrying-cost: severe wind risk, 99% 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.

Recommended offer $189,150 (3.0% below list)

Questions for the listing agent

1. It's been on market 39 days. Have you received any prior offers? Is the seller open to a 3% concession, seller financing, or rate buy-down credit?
2. Built in 1958 — when were the roof, HVAC, electrical panel, plumbing, and water heater last replaced?
3. Is there a deadline driving the sale (1031 exchange, divorce, estate, relocation)? That informs how much negotiation room exists.
4. 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?
5. 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.
6. 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.
7. 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.

Investment metrics

• 1% rule: 1.05% ✓
• Cap rate: 7.96%
• Cash-on-cash: 5.97%
• DSCR: 1.27
• GRM: 7.9

CMA / ARV

• ARV (on-the-fly): $295,200
• Comps found: 12

Show comp detail 12 sales within ~0.75 mi

Address	Dist	Beds/Ba	Sqft	Sold	Price	$/sf	Match
2648 Dellwood Ave	0.07mi	3/1.0	988 (-4%)	8mo	$148,900	$151	84
2666 Leeds Ave	0.12mi	3/1.0	1,055 (+3%)	7mo	$250,000	$237	84
4413 Spur St	0.24mi	3/1.5	1,080 (+5%)	4mo	$312,000	$289	75
2703 Phyllis St	0.49mi	3/2.0	1,025 (0%)	6mo	$316,576	$309	68
2531 Wecco St	0.32mi	3/2.0	966 (-6%)	8mo	$285,000	$295	65
4000 Gary Dr	0.75mi	3/1.0	1,042 (+2%)	2mo	$300,000	$288	60
2666 Bennett Yard Rd	0.13mi	3/2.0	892 (-13%)	9mo	$289,000	$324	60
2669 Tillman St	0.67mi	3/1.5	1,080 (+5%)	6mo	$76,500	$71	53
2787 Ranger Dr	0.60mi	3/1.0	1,125 (+10%)	7mo	$242,500	$216	50
2832 Ranger Dr	0.60mi	3/2.0	950 (-7%)	11mo	$200,000	$211	47
4024 Gary Dr	0.69mi	3/1.0	924 (-10%)	6mo	$270,000	$292	46
2808 Falla Ave	0.40mi	4/2.0 (+1)	1,150 (+12%)	8mo	$329,900	$287	45

Match score weights: distance 35% · size 25% · config 20% · recency 20%. Top-matched comps best support the ARV.

Projected returns pro-forma

-3.0% appreciation · 6.36% rent growth · sell at horizon

5-year hold

• IRR: -3.3%
• Equity multiple: 0.87×
• Total profit: $-7,105
• Equity at exit: $29,075

10-year hold

• IRR: 9.8%
• Equity multiple: 1.87×
• Total profit: $47,710
• Equity at exit: $16,860

Cash invested: $54,600 (down + closing). Projections, not guarantees.

Landlord ↔ Tenant lean methodology

• Overall (STATE): 90 Strongly Landlord-Friendly
• State South Carolina: 90 Strongly Landlord-Friendly · R+6
• County: — inherits STATE
• City: — inherits STATE

5-day notice; preempted; landlord-favorable.

Methodology + full state rankings →

ZIP-level market 29405

• Home prices YoY: -29.0%
• Rents YoY: 6.4%
• Active inventory: 205
• Price-to-rent: 7.9×

Monthly cashflow live

• Estimated rent: $2,050 high
• Mortgage (P&I): −$1,023
• Tax est. 1.5%: −$244 /mo · $2,925/yr
• Insurance: −$81
• HOA: −$0
• Vacancy / Maint / Mgmt: −$430
• Net cashflow: $272

Break-even live

Break-even rent $1,706

Max offer price $195,000

Occupancy floor 82%

Sensitivity live

Price	-10% $406	-5% $339	+0% $272	+5% $204	+10% $137
Rent	-10% $110	-5% $191	+0% $272	+5% $353	+10% $434
Rate	-1.0pp $370	-0.5pp $321	base $272	+0.5pp $221	+1.0pp $170

UW: 25.0% down · 7.5% · 30yr · 1.5% tax · 5.0% vac · 8.0% maint · 8.0% mgmt

Financing live

Cash to close

• Down payment: $48,750
• Closing costs: $5,850
• Reserves months: —
• Total cash needed: —

Rent comps 23 comps

Address	Beds	Baths	Sqft	Rent	$/sqft	DOM	Units	Dist
2640 Orchid Ave North Charleston, SC	3.0	1.5	1200	$1,899	$1.58	25d	1	0.11mi
2512 Bennett Yard Rd Unit B North Charleston, SC	3.0	1.5	834	$1,800	$2.16	25d	1	0.30mi
2808 Martha Dr North Charleston, SC	3.0	2.0	1025	$2,250	$2.20	25d	1	0.48mi
3229 W Montague Ave North Charleston, SC	1.0–2.0	1.0–2.0	946	$2,601	$2.75	4d	32	0.57mi
2708 Busch Ave North Charleston, SC	3.0	1.5	1025	$2,100	$2.05	25d	1	0.60mi
2755 Louise Dr North Charleston, SC	3.0	1.0	1025	$1,800	$1.76	25d	1	0.66mi
4021 Gary Dr North Charleston, SC	2.0	1.0	1400	$1,800	$1.29	25d	1	0.67mi
4025 Gary Dr Unit A North Charleston, SC	3.0	1.0	925	$1,600	$1.73	25d	1	0.68mi
2741 Ranger Dr North Charleston, SC	3.0	2.0	1300	$2,300	$1.77	25d	1	0.79mi
3925 Hilda St North Charleston, SC	3.0	1.0	900	$1,700	$1.89	23d	1	0.92mi
2667 Olympia Ave North Charleston, SC	2.0	2.0	899	$1,500	$1.67	25d	1	0.93mi
2679 Olympia Ave Unit A North Charleston, SC	3.0	1.0	1100	$1,995	$1.81	25d	1	0.94mi
2679 Oregon Ave North Charleston, SC	3.0	2.0	1200	$1,900	$1.58	25d	1	1.02mi
2645 Oregon Ave North Charleston, SC	3.0	2.0	916	$2,300	$2.51	25d	1	1.02mi
3812 W Montague Ave North Charleston, SC	1.0–2.0	1.0–2.0	910	$2,476	$2.72	4d	43	1.16mi
4742 Farmal St North Charleston, SC	3.0	1.0	1076	$2,025	$1.88	4d	1	1.21mi
2674 Madden Dr North Charleston, SC	3.0	2.0	858	$2,200	$2.56	25d	1	1.25mi
4025 Bamberg Ave Unit 4025-5 North Charleston, SC	2.0	1.0	800	$1,400	$1.75	25d	1	1.26mi
2620 Woodlawn Ave North Charleston, SC	3.0	1.0	892	$1,695	$1.90	12d	1	1.29mi
2620 Woodlawn Ave North Charleston, SC	3.0	1.0	892	$1,695	$1.90	25d	1	1.29mi
2403 Mall Dr North Charleston, SC	1.0–2.0	1.0–2.0	911	$2,470	$2.71	4d	20	1.41mi
2624 S Allen Dr North Charleston, SC	3.0	2.0	1000	$1,600	$1.60	25d	1	1.49mi
2653 Harvey Ave North Charleston, SC	3.0	1.5	1200	$2,035	$1.70	25d	1	1.50mi

Listing history 5 events

1. 2024-09-10
   status Pending
2. 2024-09-10
   status Active
3. 2024-08-24
   historical Active Under Contract
4. 2024-08-01
   listed $195,000 Active
5. 1989-08-17
   soldstatus $46,000

ⓘ Source: listings_history table (triggers on properties + properties_extension) + one-shot backfill from property_details.listing_events for pre-trigger history.

Climate risk First Street

• 🌊 Flood 1/10 Low FEMA zone X (unshaded) · 0% chance over 30 yrs
• 🔥 Wildfire 1/10 Low
• 🌡 Heat 10/10 Extreme 7 d/yr ≥105°F today · 18 d/yr by 30 yrs out
• 💨 Wind 9/10 Extreme 99% chance of damaging wind over 30 yrs
• 🫁 Air quality 3/10 Moderate 3 unhealthy d/yr today · 3 by 30 yrs out

Taxation est. · year 1

• Rental income: $24,596
• − Mortgage interest: −$10,923
• − Property taxes: −$2,925
• − Insurance: −$975
• − Repairs & maintenance: −$1,968
• − Management: −$1,968
• − Depreciation: −$5,673
• Taxable income: $165
• Est. tax owed @ 24.0%: −$40
• After-tax cash flow: $3,220/yr

For passive investors: Depreciation is non-cash, so a rental often shows a tax loss while cash-flowing — sheltering income. Rental losses are passive: they offset passive income freely, and up to $25,000/yr can offset ordinary (W-2) income if you actively participate and your MAGI is under $100k (phasing out to $0 by $150k); unused losses carry forward. On sale, claimed depreciation is recaptured at up to 25%, and gains may owe capital-gains tax (a 1031 exchange can defer both). Figures are a year-1 estimate at your 24.0% rate — not tax advice; consult a CPA.

Schools (NCES district)

• District: Charleston 01
• NCES district ID: 4501440
• Math proficiency: 48% ▼ -2.00%
• Reading proficiency: 53% ▬ 0.00%
• Median HH income: $52,376
• Composite: 43.41/100
• National rank: #3018
• State rank: #7 of 80 in SC

Livability — North Charleston

• Score: 66/100
• State rank: #122
• US rank: #12222

Category grades

Amenities F Commute F Cost of living A Crime F Employment C- Housing A+ Health & safety A+ User ratings D-

Schools grade is shown separately in the Schools card above.

Census & demographics

• Census place: North Charleston, SC
• County: Charleston County · 366,793 people
• City population: 108,266
• Metro: Charleston-North Charleston, SC
• Population (ZIP): 26,254
• Household income: $56,600
• Rent vs Own: 49.4% rent · 50.6% own
• Severe rent burden: 1564.0

Population outlook (Charleston County) Hauer SSP2

• Today (2025): 480,562 people
• By 2030: 525,921 · +9.4%
• By 2040: 612,189 · +27.4%
• By 2050: 691,627 · +43.9%
• By 2075: 847,979 · +76.5%
• By 2100: 926,482 · +92.8%

Race, ethnicity, and origin ACS 2023

• Neighborhood character: Majority Black (57%)
• Race & ethnicity: Black 57% White 34% Hispanic / Latino 5% Two or more races 4%
• Hispanic origin (detail): Mexican 2%
• Common ancestry: Slovak 1% Lithuanian 1% Italian 1%
• Foreign-born: 4% · Canada
• Languages at home: 93% English-only · Spanish 5%

Political lean MEDSL · Charleston

• 2024 margin: Lean D (+5.7) · D 51.9% · R 46.3% · Other 1.8%
• 2008→2024 swing: -2.7pp toward R · 2008: 8.3pp · 2024: 5.7pp
• All cycles: 2024: D+5.7 2020: D+12.9 2016: D+7.9 2012: D+2.4 2008: D+8.3

Not yet ingested

• Civics: —

Market trends

• HPI YoY: ▼ -152.19%
• Current HPI: 372.8886
• Rent YoY: ▲ 6.36%
• Metro: Charleston-North Charleston, SC
• State GDP YoY: ▲ 4.51%
• F500 in state: 2

Industry mix (Fortune 500 HQ in SC)

Industry	F500 HQs	Revenue
▸Packaging	1	$7B

Price history

+323.9% since first listed

5 events — show timeline

• 2024-09-10 Pending — Charleston Trident MLS
• 2024-09-10 Relisted — Charleston Trident MLS
• 2024-08-24 Contingent — Charleston Trident MLS
• 2024-08-01 Listed $195,000 Charleston Trident MLS
• 1989-08-17 Sold (Public Records) $46,000 Public Records

Property tax history

-4.9%/yr

Latest (2022): $72 · +0.0% YoY. Source: county tax records.