4121 Shepard Dr · Spartanburg, SC 29301

$190,000

5 bd · 2.0 ba · 1,758 sqft · SingleFamily public records · 91 Days on market

Built 1972 0.43 ac lot Est $237k · 20% under

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Why this score? — see what drove the C+ 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 +23.8/30.0
• ARV discount +15.0/15.0
• DSCR +7.7/10.0
• 1% rule +5.0/10.0
• Livability +3.8/5.0
• Schools +3.2/10.0
• Condition / age +2.5/5.0
• Rent growth +1.8/5.0
• Appreciation +0.0/10.0

Listing remarks

AUCTION! Price displayed is to satisfy MLS Requirements only and not the final price. The winning bidder will pay an additional 10% buyer's premium on top of the bid. A non-refundable deposit of $10,000 is required from the winning bidder. Contracts will be accepted prior to the final auction date. If a contract is accepted, the auction will be canceled without notice. Come place your bid on this beautiful split-level home with 2 separate living rooms with gas fireplaces. This home features a screened-in porch and a large, level fenced-in back yard. The current owners have converted one of the living rooms into a primary bedroom and used the bedroom on that level as a walk-in closet! The po

Key facts

• Screened-in porch
• Walk-in closet
• Pocket door

Tags

• SPLIT-LEVEL HOME
• SCREENED-IN PORCH
• LEVEL FENCED-IN BACK YARD
• PRIMARY BEDROOM
• WALK-IN CLOSET
• POCKET DOOR

Property features AI

Exterior

• Home design: Single-family residence; One and one-half stories; Brick veneer and vinyl siding exterior
• Construction: Composition roof; Slab foundation; Built with brick veneer and vinyl siding
• Exterior features: Screened patio/porch

Interior

• Bathrooms: 2 full bathrooms
• Interior features: Laminate counters; Gas log fireplace
• Laundry & utility: Laundry on main level

What this means for you Summary

Snapshot

• This is a 5-bed/2.0-bath single-family listed at $190k.

Deal economics

• At list price, monthly cash flow is $365 ($4k/yr) — positive.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($2k rent vs $190k).
• Recommended offer: $173k (9.0% below list) — sets the bar for market timing.
• Cap rate 8.6% vs local median 3.9% in Spartanburg — 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 76/100 on livability (#24 in SC, #3,679 nationally) — a middle-class / working-renter tenant base. Strengths: amenities A+, commute A+, cost of living A+; Watch: crime F, employment F.
• Spartanburg 06 (suburban): math 33% / reading 42% proficiency, ranked #35 of 80 in SC (top 44%) — families likely to look elsewhere, expect single-tenant / working-renter base with shorter leases.
• Zoned schools: R. P. Dawkins Middle (math 38% / reading 44%, grade F, #72 of 229 statewide, top 32%, 862 students, 76% FRL); Dorman High (math 46% / reading 78%, grade B-, #99 of 196 statewide, top 53%, 3,808 students, 75% FRL) — zoned schools average 76% FRL vs 48% district-wide (27 pts higher); higher-poverty schools than district average — tighter screening recommended.
• 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 Spartanburg 06 average implies; a family-tenant draw the district grade alone would hide.
• Market conditions: Rents soft (-2.6%/yr); 466 active listings in the ZIP; 1 comparable units currently listed for rent nearby; 3,129 units permitted in Spartanburg County in 2024 (40 in 5+ unit buildings).
• This rent runs 39% of the median local income ($58k/yr) — at the standard rent-burdened threshold; future hikes will face affordability resistance.

Forward outlook

• 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.
• Spartanburg County population projected at +18% by 2050 — long-run rental-demand tailwind backs the buy-and-hold thesis.

Negotiation context

• It's been on market 91 days — a 9% lower offer ($173k) is reasonable based on typical stale-listing flexibility.
• Current owner paid $75k; list at $190k implies a 154% gain — meaningful room to come down on a strong offer.

Risks & watch-outs

• Climate carrying-cost: extreme-heat days projected 7→17/yr by 2055 (HVAC capex compounding) — expect insurance premiums to compound above CPI over the hold.

Recommended offer $172,900 (9.0% below list)

Questions for the listing agent

1. It's been on market 91 days. Have you received any prior offers? Is the seller open to a 9% concession, seller financing, or rate buy-down credit?
2. Built in 1972 — when were the roof, HVAC, electrical panel, plumbing, and water heater last replaced?
3. Why hasn't it sold? Are there any deal-killer items the seller is aware of (foundation, flood, title, zoning, code violations)?
4. Is there a deadline driving the sale (1031 exchange, divorce, estate, relocation)? That informs how much negotiation room exists.
5. 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?
6. 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?
7. 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.
8. 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.
9. 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: 1.00% ✓
• Cap rate: 8.60%
• Cash-on-cash: 8.23%
• DSCR: 1.37
• GRM: 8.3

CMA / ARV

• ARV (on-the-fly): $237,330
• Comps found: 3

Show comp detail 3 sales within ~0.75 mi

Address	Dist	Beds/Ba	Sqft	Sold	Price	$/sf	Match
4146 Shepard Rd	0.12mi	4/2.5 (-1)	1,898 (+8%)	22mo	$255,000	$134	56
4363 Conrad	0.27mi	4/2.5 (-1)	1,968 (+12%)	21mo	$265,000	$135	42
4668 Schirra Ct	0.57mi	4/2.5 (-1)	1,860 (+6%)	18mo	$285,000	$153	41

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

Projected returns pro-forma

-3.0% appreciation · 0.0% rent growth · sell at horizon

5-year hold

• IRR: -6.9%
• Equity multiple: 0.75×
• Total profit: $-13,197
• Equity at exit: $28,330

10-year hold

• IRR: -1.1%
• Equity multiple: 0.94×
• Total profit: $-3,426
• Equity at exit: $16,428

Cash invested: $53,200 (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 29301

• Home prices YoY: -25.3%
• Rents YoY: -2.6%
• Active inventory: 466
• Price-to-rent: 8.3×

Monthly cashflow live

• Estimated rent: $1,902 medium
• Mortgage (P&I): −$996
• Tax from tax record: −$62 /mo · $749/yr
• Insurance: −$79
• HOA: −$0
• Vacancy / Maint / Mgmt: −$400
• Net cashflow: $365

Break-even live

Break-even rent $1,440

Max offer price $190,000

Occupancy floor 76%

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: $47,500
• Closing costs: $5,700
• Reserves months: —
• Total cash needed: —

Rent comps 1 comps

Address	Beds	Baths	Sqft	Rent	$/sqft	DOM	Units	Dist
736 Bent Hollow Ct Moore, SC	4.0	2.5	1850	$1,995	$1.08	13d	1	1.45mi

Listing history 18 events

1. 2026-06-18
   days on market $190,000 Active 91 DOM
2. 2026-06-17
   days on market $190,000 Active 90 DOM
3. 2026-06-16
   days on market $190,000 Active 89 DOM
4. 2026-06-15
   days on market $190,000 Active 88 DOM
5. 2026-06-14
   days on market $190,000 Active 86 DOM
6. 2026-06-13
   days on market $190,000 Active 85 DOM
7. 2026-06-10
   days on market $190,000 Active 83 DOM
8. 2026-06-09
   days on market $190,000 Active 82 DOM
9. 2026-06-08
   days on market $190,000 Active 81 DOM
10. 2026-06-07
    days on market $190,000 Active 80 DOM
11. 2026-06-02
    days on market $190,000 Active 75 DOM
12. 2026-06-01
    days on market $190,000 Active 74 DOM
13. 2026-05-31
    days on market $190,000 Active 73 DOM
14. 2026-05-30
    days on market $190,000 Active 72 DOM
15. 2026-05-21
    price $190,000
16. 2026-05-21
    price $195,000
17. 2026-03-19
    listed $200,000 Active
18. 1989-06-01
    soldstatus $74,900

ⓘ 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: $749 · $62/mo
• Projected year-2 tax: $1,083 · $90/mo
• Expected delta: +$334/yr (+$28/mo · 44.7%)

ⓘ 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 3/10 Moderate
• 🌡 Heat 6/10 Major 7 d/yr ≥105°F today · 17 d/yr by 30 yrs out
• 💨 Wind 2/10 Low 2% chance of damaging wind over 30 yrs
• 🫁 Air quality 4/10 Moderate 4 unhealthy d/yr today · 5 by 30 yrs out

Taxation est. · year 1

• Rental income: $22,829
• − Mortgage interest: −$10,643
• − Property taxes: −$749
• − Insurance: −$950
• − Repairs & maintenance: −$1,826
• − Management: −$1,826
• − Depreciation: −$5,527
• Taxable income: $1,308
• Est. tax owed @ 24.0%: −$314
• After-tax cash flow: $4,066/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: Spartanburg 06
• NCES district ID: 4503630
• Math proficiency: 33% ▼ -8.00%
• Reading proficiency: 42% ▼ -2.00%
• Median HH income: $46,110
• Composite: 32.02/100
• National rank: #5827
• State rank: #35 of 80 in SC

Livability — Spartanburg

• Score: 76/100
• State rank: #24
• US rank: #3679

Category grades

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

Schools grade is shown separately in the Schools card above.

Census & demographics

• County: Spartanburg County · 258,607 people
• City population: 120,406
• Metro: Spartanburg, SC
• Population (ZIP): 36,278
• Household income: $57,805
• Rent vs Own: 37.2% rent · 62.8% own
• Severe rent burden: 1331.0

Population outlook (Spartanburg County) Hauer SSP2

• Today (2025): 325,495 people
• By 2030: 338,800 · +4.1%
• By 2040: 363,471 · +11.7%
• By 2050: 384,156 · +18.0%
• By 2075: 430,137 · +32.1%
• By 2100: 442,733 · +36.0%

Race, ethnicity, and origin ACS 2023

• Neighborhood character: Diverse neighborhood (Simpson 0.67)
• Race & ethnicity: White 45% Black 32% Hispanic / Latino 13% Two or more races 9% Asian 5%
• Hispanic origin (detail): Mexican 7% Puerto Rican 2%
• Common ancestry: Slovak 2% Lithuanian 1% Italian 1%
• Foreign-born: 12% · Canada, China, Vietnam
• Languages at home: 83% English-only · Spanish 10% Other Indo-European 3% Other Asian/Pacific 1%

Political lean MEDSL · Spartanburg

• 2024 margin: Solid R (+33.6) · D 32.6% · R 66.2% · Other 1.2%
• 2008→2024 swing: -12.0pp toward R · 2008: -21.6pp · 2024: -33.6pp
• All cycles: 2024: R+33.6 2020: R+27.3 2016: R+30.0 2012: R+23.1 2008: R+21.6

Not yet ingested

• Civics: —

Market trends

• HPI YoY: ▼ -77.19%
• Current HPI: 228.4172
• Rent YoY: ▼ -2.64%
• Metro: Spartanburg, 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

+153.7% since first listed

4 events — show timeline

• 2026-05-21 Price Changed $190,000 SPMLS
• 2026-05-21 Price Changed $195,000 SPMLS
• 2026-03-19 Listed $200,000 SPMLS
• 1989-06-01 Sold (Public Records) $74,900 Public Records

Property tax history

-0.0%/yr

Latest (2025): $749 · +3.1% YoY. Source: county tax records.