308 Belvedere Clearwater Rd

Belvedere, SC 29841

$386,000D+

8 bd · 2.0 ba · 2,394 sqft · Built 1965 · MultiFamily · Pending · 30 DOM

Cashflow @ list (25.0% down · 7.5%)

• Estimated rent: $3,639/mo
• Mortgage (P&I): −$2,024
• Tax + insurance: −$579
• HOA: −$0
• Vac / Maint / Mgmt: −$764
• Net cashflow: $272/mo
• Annual: $3,258/yr
• Cap rate: 7.14%
• Cash-on-cash: 3.01%
• DSCR: 1.13
• 1% rule: 0.94%
• Cash to close: $108,080

Investor read

• This is a 2 × 4-bed/?-bath units multifamily listed at $386k.
• At list price, monthly cash flow is $272 ($3k/yr) — positive. Per door: $136/mo.
• The deal already cash-flows at list — no discount required.
• To meet the 1% rule (rent ≥ 1% of price), the offer needs to be $364k (5.7% below list).
• It's been on market 30 days — a 2% lower offer ($380k) is reasonable based on typical stale-listing flexibility.
• Recommended offer: $364k (5.7% 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 $12k of value loss. Plan a longer hold.
• Location reads 60/100 on livability (#225 in SC) — a middle-class / working-renter tenant base. Strengths: cost of living A+, housing A+; Watch: crime D, employment D, amenities F.
• Aiken 01 (suburban): math 31% / reading 44% proficiency, ranked #36 of 80 in SC (top 45%) — families likely to look elsewhere, expect single-tenant / working-renter base with shorter leases.
• Zoned schools: Belvedere Elementary (math 48% / reading 50%, grade D, #187 of 597 statewide, top 32%, 625 students, 39% FRL); Paul Knox Middle (math 32% / reading 43%, grade F, #90 of 229 statewide, top 42%, 683 students, 48% FRL); North Augusta High (math 51% / reading 86%, grade B, #68 of 196 statewide, top 35%, 1,719 students, 42% FRL).
• Zoned-school proficiency averages 52% at this address vs 38% district-wide (+14 pts) — the actual schools serving this property are materially stronger than the Aiken 01 average implies; a family-tenant draw the district grade alone would hide.
• Market conditions: Rents rising (+3.9%/yr); 361 active listings in the ZIP; 2,500 units permitted in Aiken County in 2024 (1,023 in 5+ unit buildings).
• Aiken County population projected at +9% by 2050 — modest demand growth; plan on rents tracking national, not racing it.
• 5 sale attempts; this cycle's ask has dropped $33k (8%) from the opening price — seller is motivated, your offer sets the floor, not the list.
• Current owner paid $135k; list at $386k implies a 186% gain — meaningful room to come down on a strong offer.
• Climate carrying-cost: major wind risk, 66% chance of damaging wind over 30y; extreme-heat days projected 7→16/yr by 2055 (HVAC capex compounding) — expect insurance premiums to compound above CPI over the hold.
• At $3,639/mo this rent would consume 61% of the median local household income ($72k/yr) (locally 870% of renters already pay >50% of income on rent) — very limited rent-growth headroom before tenants either downsize or default.

Questions for listing agent

• Can we see the unit-by-unit rent roll, current vacancy, and any below-market leases? What's the average tenancy length?
• What capital expenditures (roof, boiler, parking lot, exteriors) have been made in the last 5 years, and what's planned in the next 2?
• Built in 1965 — when were the roof, HVAC, electrical panel, plumbing, and water heater last replaced?
• Is there a deadline driving the sale (1031 exchange, divorce, estate, relocation)? That informs how much negotiation room exists.
• 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?
• 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.