3005 Lullwater Dr · Homeland Park, SC 29624

$75,000

3 bd · 2.0 ba · 1,568 sqft · Manufactured public records · 34 Days on market

Built 1998 0.32 ac lot Est $146k · 49% under

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Why this score? — see what drove the A- 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 +30.0/30.0
• ARV discount +15.0/15.0
• 1% rule +10.0/10.0
• DSCR +10.0/10.0
• Appreciation +4.0/10.0
• Schools +3.9/10.0
• Livability +2.8/5.0
• Rent growth +2.5/5.0
• Condition / age +2.5/5.0

Listing remarks

Well-maintained mobile home situated on a spacious lot offering affordable living with convenient access to local amenities. Functional layout with comfortable living spaces and ample outdoor room. A practical option for homeowners or investors seeking value.

Key facts

• 0.32 acre lot
• Listed 34 days

Property features AI

Finance

• HOA & community: No HOA fees or community amenities

Exterior

• Parking: Gravel driveway; No garage
• Utilities: Public water; Electric water heater; Public sewer; Private garbage pickup; No garage
• Home design: Single-story residential property; Built approximately 21-30 years ago; Crawl space foundation
• Construction: Vinyl siding exterior; Composition shingle roof
• Exterior features: Front porch; Level lot; Outbuilding for storage

Interior

• Kitchen: Kitchen approx. 10 x 9; Microwave; Refrigerator; Electric oven/stand-alone electric range
• Bedrooms: Three bedrooms on the main level; Primary bedroom on main level with double sinks; Primary bedroom approx. 10 x 11; Second bedroom approx. 10 x 11; Third bedroom approx. 10 x 11
• Flooring: Carpet; Laminate flooring
• Bathrooms: Two full bathrooms (both on the main level)
• Heating & cooling: Electric heating; Central forced air cooling (electric)
• Interior features: Cable available; Ceiling fans; Blown ceiling insulation; Solid surface and other countertops; No fireplace
• Laundry & utility: Laundry on first floor; Washer connection; Electric dryer hookup

What this means for you Summary

Snapshot

• This is a 3-bed/2.0-bath manufactured listed at $75k.

Deal economics

• At list price, monthly cash flow is $713 ($9k/yr) — positive.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($1k rent vs $75k).
• Recommended offer: $73k (3.0% below list) — sets the bar for market timing.
• Cap rate 17.7% vs local median 4.7% in Homeland Park — 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.

Location & tenants

• Location reads 56/100 on livability (#299 in SC) — a working-class tenant base; expect higher turnover. Strengths: cost of living A+, housing A-; Watch: health & safety C-, crime F, amenities F.
• Anderson 05 (suburban): math 44% / reading 49% proficiency, ranked #20 of 80 in SC (top 25%) — families likely to look elsewhere, expect single-tenant / working-renter base with shorter leases.
• Zoned schools: Varennes Elementary (math 18% / reading 18%, grade F, #508 of 597 statewide, top 86%, 370 students, 100% FRL) — zoned schools average 100% FRL vs 52% district-wide (48 pts higher); higher-poverty schools than district average — tighter screening recommended.
• Zoned-school proficiency averages 18% at this address vs 46% district-wide (-28 pts) — the specific schools serving this property underperform the Anderson 05 average; the district grade overstates school quality for this exact location.
• Market conditions: 117 active listings in the ZIP; 1 comparable units currently listed for rent nearby; lower-income renter base — watch delinquency; 1,255 units permitted in Anderson County in 2024 (0 in 5+ unit buildings).

Forward outlook

• Local home prices are declining (-2.1%/yr); year-one equity from $519 of loan paydown is wiped out by about $2k of value loss. Plan a longer hold.
• Anderson County population projected at +14% by 2050 — modest demand growth; plan on rents tracking national, not racing it.
• At projected returns (-2.1% appreciation + 3.0% rent growth), your $21k cash investment doubles in ~3 years — after that, you're playing with house money.

Negotiation context

• It's been on market 34 days — a 3% lower offer ($73k) is reasonable based on typical stale-listing flexibility.
• 7 sale attempts since 20y 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 $14k; list at $75k implies a 436% gain — meaningful room to come down on a strong offer.

Risks & watch-outs

• Climate carrying-cost: extreme-heat days projected 6→15/yr by 2055 (HVAC capex compounding) — expect insurance premiums to compound above CPI over the hold.

Recommended offer $72,750 (3.0% below list)

Questions for the listing agent

1. It's been on market 34 days. Have you received any prior offers? Is the seller open to a 3% concession, seller financing, or rate buy-down credit?
2. Is there a deadline driving the sale (1031 exchange, divorce, estate, relocation)? That informs how much negotiation room exists.
3. 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?
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: 1.95% ✓
• Cap rate: 17.69%
• Cash-on-cash: 40.72%
• DSCR: 2.81
• GRM: 4.3

CMA / ARV

• ARV (on-the-fly): $145,824
• Comps found: 3

Show comp detail 3 sales within ~0.75 mi

Address	Dist	Beds/Ba	Sqft	Sold	Price	$/sf	Match
104 Meadow Hills Dr	0.59mi	3/2.0	1,500 (-4%)	1mo	$66,950	$45	64
300 Lawrence Rd	0.68mi	3/2.0	1,560 (-0%)	13mo	$145,000	$93	56
409 Airline Rd	0.55mi	3/2.0	1,650 (+5%)	20mo	$218,000	$132	49

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

Projected returns pro-forma

-2.06% appreciation · 3.0% rent growth · sell at horizon

5-year hold

• IRR: 38.6%
• Equity multiple: 2.72×
• Total profit: $36,196
• Equity at exit: $14,361

10-year hold

• IRR: 44.0%
• Equity multiple: 5.41×
• Total profit: $92,516
• Equity at exit: $12,079

Cash invested: $21,000 (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 29624

• Home prices YoY: -0.5%
• Active inventory: 117
• Price-to-rent: 4.3×

Monthly cashflow live

• Estimated rent: $1,461 medium
• Mortgage (P&I): −$393
• Tax from tax record: −$17 /mo · $207/yr
• Insurance: −$31
• HOA: −$0
• Vacancy / Maint / Mgmt: −$307
• Net cashflow: $713

Break-even live

Break-even rent $559

Max offer price $75,000

Occupancy floor 46%

Sensitivity live

Price	-10% $755	-5% $734	+0% $713	+5% $691	+10% $670
Rent	-10% $597	-5% $655	+0% $713	+5% $770	+10% $828
Rate	-1.0pp $750	-0.5pp $732	base $713	+0.5pp $693	+1.0pp $673

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: $18,750
• Closing costs: $2,250
• Reserves months: —
• Total cash needed: —

Rent comps 1 comps

Address	Beds	Baths	Sqft	Rent	$/sqft	DOM	Units	Dist
109 Corning St Unit A Anderson, SC	2.0	2.0	1250	$1,300	$1.04	11d	1	1.02mi

Listing history 33 events

1. 2026-06-17
   status $75,000 Pending 34 DOM
2. 2026-06-17
   days on market $75,000 Active 34 DOM
3. 2026-06-16
   days on market $75,000 Active 33 DOM
4. 2026-06-15
   days on market $75,000 Active 32 DOM
5. 2026-06-13
   days on market $75,000 Active 30 DOM
6. 2026-06-10
   days on market $75,000 Active 27 DOM
7. 2026-06-09
   days on market $75,000 Active 26 DOM
8. 2026-06-08
   days on market $75,000 Active 25 DOM
9. 2026-06-07
   days on market $75,000 Active 24 DOM
10. 2026-06-05
    days on market $75,000 Active 21 DOM
11. 2026-06-03
    days on market $75,000 Active 20 DOM
12. 2026-06-03
    days on market $75,000 Active 19 DOM
13. 2026-06-01
    days on market $75,000 Active 18 DOM
14. 2026-05-31
    days on market $75,000 Active 17 DOM
15. 2026-05-14
    price $75,000
16. 2026-05-14
    price $75,000
17. 2026-05-14
    historical
18. 2026-05-14
    listed $75,000 Active
19. 2026-05-14
    listed $75,000 Active
20. 2026-05-13
    historical
21. 2026-04-27
    price $80,000
22. 2026-04-27
    price $80,000
23. 2026-04-06
    price $90,000
24. 2026-04-06
    price $90,000
25. 2026-03-26
    status Active
26. 2026-03-26
    status Active
27. 2026-03-19
    historical Contingency Contract
28. 2026-03-19
    historical Active Under Contract
29. 2026-03-08
    listed $99,990 Active
30. 2026-03-08
    listed $99,990 Active
31. 2006-03-09
    soldstatus $14,000
32. 2006-01-12
    listed $19,900
33. 1998-08-01
    soldstatus $44,900

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

Tax reassessment forecast SC · Resets to sale price

• Current annual tax: $207 · $17/mo
• Projected year-2 tax: $428 · $36/mo
• Expected delta: +$220/yr (+$18/mo · 106.1%)

ⓘ Screening estimate from a state-policy table — verify with the county assessor before closing.

Climate risk First Street

• 🌊 Flood 1/10 Low FEMA zone X (unshaded) · 0% chance over 30 yrs
• 🔥 Wildfire 4/10 Moderate
• 🌡 Heat 5/10 Major 6 d/yr ≥105°F today · 15 d/yr by 30 yrs out
• 💨 Wind 3/10 Moderate 8% chance of damaging wind over 30 yrs
• 🫁 Air quality 4/10 Moderate 3 unhealthy d/yr today · 5 by 30 yrs out

Taxation est. · year 1

• Rental income: $17,536
• − Mortgage interest: −$4,201
• − Property taxes: −$207
• − Insurance: −$375
• − Repairs & maintenance: −$1,403
• − Management: −$1,403
• − Depreciation: −$2,182
• Taxable income: $7,765
• Est. tax owed @ 24.0%: −$1,864
• After-tax cash flow: $6,688/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: Anderson 05
• NCES district ID: 4500900
• Math proficiency: 44% ▼ -4.00%
• Reading proficiency: 49% ▲ 2.00%
• Median HH income: $39,718
• Composite: 38.89/100
• National rank: #4098
• State rank: #20 of 80 in SC

Livability — Homeland Park

• Score: 56/100
• State rank: #299
• US rank: #23092

Category grades

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

Schools grade is shown separately in the Schools card above.

Census & demographics

• Census place: Homeland Park, SC
• County: Anderson County · 99,076 people
• City population: 87,992
• Metro: Greenville-Anderson, SC
• Population (ZIP): 13,498
• Household income: $30,549
• Rent vs Own: 48.8% rent · 51.2% own
• Severe rent burden: 843.0

Population outlook (Anderson County) Hauer SSP2

• Today (2025): 210,546 people
• By 2030: 217,791 · +3.4%
• By 2040: 230,643 · +9.5%
• By 2050: 240,220 · +14.1%
• By 2075: 259,518 · +23.3%
• By 2100: 258,696 · +22.9%

Race, ethnicity, and origin ACS 2023

• Neighborhood character: Diverse neighborhood (Simpson 0.63)
• Race & ethnicity: White 44% Black 41% Hispanic / Latino 10% Two or more races 7%
• Hispanic origin (detail): Mexican 6%
• Common ancestry: Serbian 1% Lithuanian 1% Italian 1%
• Foreign-born: 3% · Canada
• Languages at home: 95% English-only · Spanish 4%

Political lean MEDSL · Anderson

• 2024 margin: Solid R (+47.4) · D 25.7% · R 73.1% · Other 1.2%
• 2008→2024 swing: -14.1pp toward R · 2008: -33.3pp · 2024: -47.4pp
• All cycles: 2024: R+47.4 2020: R+42.0 2016: R+43.7 2012: R+36.4 2008: R+33.3

Not yet ingested

• Civics: —

Market trends

• HPI YoY: ▼ -2.06%
• Current HPI: 406.0533
• Rent YoY: —
• Metro: Greenville-Anderson, 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

+67.0% since first listed

19 events — show timeline

• 2026-05-14 Price Changed $75,000 Greater Greenville MLS
• 2026-05-14 Price Changed $75,000 WUMLS
• 2026-05-14 Listed $75,000 Greater Greenville MLS
• 2026-05-14 Listed $75,000 WUMLS
• 2026-05-14 Listing Removed — Greater Greenville MLS
• 2026-05-13 Listing Removed — WUMLS
• 2026-04-27 Price Changed $80,000 Greater Greenville MLS
• 2026-04-27 Price Changed $80,000 WUMLS
• 2026-04-06 Price Changed $90,000 Greater Greenville MLS
• 2026-04-06 Price Changed $90,000 WUMLS
• 2026-03-26 Relisted — WUMLS
• 2026-03-26 Relisted — Greater Greenville MLS
• 2026-03-19 Contingent — Greater Greenville MLS
• 2026-03-19 Contingent — WUMLS
• 2026-03-08 Listed $99,990 WUMLS
• 2026-03-08 Listed $99,990 Greater Greenville MLS
• 2006-03-09 Sold (MLS) $14,000 WUMLS
• 2006-01-12 Listed $19,900 WUMLS
• 1998-08-01 Sold (Public Records) $44,900 Public Records

Property tax history

-9.0%/yr

Latest (2025): $207 · -55.1% YoY. Source: county tax records.