162 Wingspan Way

Lake Murray of Richland, SC 29036

$315,000D

3 bd · 2.5 ba · 2,281 sqft · Built 2012 · SingleFamily · Pending · 65 DOM

Cashflow @ list (25.0% down · 7.5%)

• Estimated rent: $2,475/mo
• Mortgage (P&I): −$1,652
• Tax + insurance: −$261
• HOA: −$31
• Vac / Maint / Mgmt: −$520
• Net cashflow: $11/mo
• Annual: $132/yr
• Cap rate: 6.33%
• Cash-on-cash: 0.15%
• DSCR: 1.01
• 1% rule: 0.79%
• Cash to close: $88,200

Investor read

• This is a 3-bed/2.5-bath single-family listed at $315k.
• At list price, monthly cash flow is $11 ($132/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 $247k (21.4% below list).
• It's been on market 65 days — a 6% lower offer ($296k) is reasonable based on typical stale-listing flexibility.
• Recommended offer: $247k (21.4% below list) — sets the bar for 1% rule.
• Local home prices are declining (-3.0%/yr); year-one equity from $2k of loan paydown is wiped out by about $9k of value loss. Plan a longer hold.
• Location reads 67/100 on livability (#102 in SC) — a middle-class / working-renter tenant base. Strengths: crime A+, employment A+, housing A+; Watch: amenities F, commute F, cost of living F.
• Lexington 05 (suburban): math 47% / reading 55% proficiency, ranked #5 of 80 in SC (top 6%) — acceptable for families but not a draw, mixed tenant base, ~2y average lease.
• Zoned schools: Chapin Elementary (math 53% / reading 51%, grade C-, #145 of 597 statewide, top 26%, 790 students, 34% FRL); Chapin Middle (math 50% / reading 57%, grade C+, #29 of 229 statewide, top 13%, 991 students, 27% FRL); Chapin High (math 82% / reading 91%, grade A, #7 of 196 statewide, top 4%, 1,615 students, 100% FRL) — zoned schools average 54% FRL vs 27% district-wide (26 pts higher); higher-poverty schools than district average — tighter screening recommended.
• Zoned-school proficiency averages 64% at this address vs 51% district-wide (+13 pts) — the actual schools serving this property are materially stronger than the Lexington 05 average implies; a family-tenant draw the district grade alone would hide.
• Market conditions: 443 active listings in the ZIP; 1 comparable units currently listed for rent nearby; high-income renter base; 1,712 units permitted in Lexington County in 2024 (0 in 5+ unit buildings).
• Lexington County population projected at +26% by 2050 — long-run rental-demand tailwind backs the buy-and-hold thesis.
• 5 sale attempts since 5y 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 $255k; 24% above their basis — modest negotiation headroom, anchor on the comps not their cost.
• Climate carrying-cost: major wind risk, 56% chance of damaging wind over 30y; extreme-heat days projected 7→17/yr by 2055 (HVAC capex compounding) — expect insurance premiums to compound above CPI over the hold.

Questions for listing agent

• It's been on market 65 days. Have you received any prior offers? Is the seller open to a 21% concession, seller financing, or rate buy-down credit?
• What does the HOA fee cover, when was the last increase, and are there any pending special assessments or reserve-fund shortfalls?
• 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 D-rated, which usually means shorter tenancies and higher turnover. Who's the typical renter profile here, and what's been the actual vacancy rate?
• 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.