1080 Grace Ave

Irwin, SC 29720

$209,900D

3 bd · 1.0 ba · 1,274 sqft · Built 1948 · SingleFamily · Pending · 79 DOM

Cashflow @ list (25.0% down · 7.5%)

• Estimated rent: $1,776/mo
• Mortgage (P&I): −$1,101
• Tax + insurance: −$208
• HOA: −$0
• Vac / Maint / Mgmt: −$373
• Net cashflow: $95/mo
• Annual: $1,139/yr
• Cap rate: 6.84%
• Cash-on-cash: 1.94%
• DSCR: 1.09
• 1% rule: 0.85%
• Cash to close: $58,772

Investor read

• This is a 3-bed/1.0-bath single-family listed at $210k.
• At list price, monthly cash flow is $95 ($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 $178k (15.4% below list).
• It's been on market 79 days — a 6% lower offer ($197k) is reasonable based on typical stale-listing flexibility.
• Recommended offer: $178k (15.4% below list) — sets the bar for 1% rule.
• 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.
• Location reads 56/100 on livability (#292 in SC) — a working-class tenant base; expect higher turnover. Strengths: cost of living A+, housing A+, crime A-; Watch: amenities F, commute F, employment D-.
• Lancaster 01 (rural): math 41% / reading 47% proficiency, ranked #26 of 80 in SC (top 32%) — families likely to look elsewhere, expect single-tenant / working-renter base with shorter leases.
• Zoned schools: Erwin Elementary (math 17% / reading 17%, grade F, #515 of 597 statewide, top 89%, 411 students, 100% FRL); Lancaster High (math 17% / reading 70%, grade F, #171 of 196 statewide, top 87%, 1,463 students, 86% FRL) — zoned schools average 93% FRL vs 47% district-wide (46 pts higher); higher-poverty schools than district average — tighter screening recommended.
• Zoned-school proficiency averages 30% at this address vs 44% district-wide (-14 pts) — the specific schools serving this property underperform the Lancaster 01 average; the district grade overstates school quality for this exact location.
• Watch-outs: built in 1948 — expect roof / HVAC / electrical / plumbing capex.
• Market conditions: 684 active listings in the ZIP; 2 comparable units currently listed for rent nearby; 976 units permitted in Lancaster County in 2024 (0 in 5+ unit buildings).
• Lancaster County population projected at +40% by 2050 — long-run rental-demand tailwind backs the buy-and-hold thesis.
• Current owner paid $58k; list at $210k implies a 259% gain — meaningful room to come down on a strong offer.
• Climate carrying-cost: major wind risk, 40% 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.
• This rent runs 34% of the median local income ($63k/yr) — at the standard rent-burdened threshold; future hikes will face affordability resistance.

Questions for listing agent

• It's been on market 79 days. Have you received any prior offers? Is the seller open to a 15% concession, seller financing, or rate buy-down credit?
• Built in 1948 — 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?
• 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.