210 James St

Union, SC 29379

$121,250D

3 bd · 1.0 ba · 1,151 sqft · Built 1930 · Other · Active · 93 DOM

Cashflow @ list (25.0% down · 7.5%)

• Estimated rent: $1,067/mo
• Mortgage (P&I): −$636
• Tax + insurance: −$101
• HOA: −$0
• Vac / Maint / Mgmt: −$224
• Net cashflow: $105/mo
• Annual: $1,266/yr
• Cap rate: 7.34%
• Cash-on-cash: 3.73%
• DSCR: 1.17
• 1% rule: 0.88%
• Cash to close: $33,950

Investor read

• This is a 3-bed/1.0-bath other listed at $121k.
• At list price, monthly cash flow is $105 ($1k/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 $107k (12.0% below list).
• It's been on market 93 days — a 9% lower offer ($110k) is reasonable based on typical stale-listing flexibility.
• Recommended offer: $107k (12.0% below list) — sets the bar for 1% rule.
• Local home prices are declining (-3.0%/yr); year-one equity from $838 of loan paydown is wiped out by about $4k of value loss. Plan a longer hold.
• Location reads 52/100 on livability (#359 in SC) — a working-class tenant base; expect higher turnover. Strengths: cost of living A+, housing A; Watch: crime F, amenities F, commute F.
• Union 01 (town): math 23% / reading 33% proficiency, ranked #60 of 80 in SC (top 75%) — low school quality limits family demand, transient renter base, plan for 1-2y turnover; 64% free/reduced lunch — lower-income household profile, screen leases tightly.
• Zoned schools: Foster Park Elementary (math 23% / reading 23%, grade F, #469 of 597 statewide, top 79%, 456 students, 100% FRL); Sims Middle (math 14% / reading 25%, grade F, #182 of 229 statewide, top 80%, 672 students, 100% FRL); Union County High (math 31% / reading 71%, grade D+, #148 of 196 statewide, top 76%, 1,069 students, 100% FRL) — zoned schools average 100% FRL vs 64% district-wide (36 pts higher); higher-poverty schools than district average — tighter screening recommended.
• Watch-outs: built in 1930 — expect roof / HVAC / electrical / plumbing capex.
• Market conditions: 124 active listings in the ZIP; 57 units permitted in Union County in 2024 (0 in 5+ unit buildings).
• Union County population projected at -28% by 2050 — secular population decline; favor cash flow + early exit over multi-decade hold.
• 2 sale attempts 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.
• Climate carrying-cost: extreme-heat days projected 7→16/yr by 2055 (HVAC capex compounding) — expect insurance premiums to compound above CPI over the hold.
• Cap rate 7.3% vs local median 2.9% in Union — top-decile yield for the area; either an underpriced asset or a hidden risk that comps aren't pricing in. Stress-test before assuming the spread holds.

Questions for listing agent

• It's been on market 93 days. Have you received any prior offers? Is the seller open to a 12% concession, seller financing, or rate buy-down credit?
• Built in 1930 — 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?
• 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.