6905 Cleaton Rd Unit C-111

Forest Acres, SC 29206

$160,000D

3 bd · 2.5 ba · 1,400 sqft · Built 1974 · Condo · Active · 152 DOM

Cashflow @ list (25.0% down · 7.5%)

• Estimated rent: $1,594/mo
• Mortgage (P&I): −$839
• Tax + insurance: −$267
• HOA: −$170
• Vac / Maint / Mgmt: −$335
• Net cashflow: $-17/mo
• Annual: $-198/yr
• Cap rate: 6.17%
• Cash-on-cash: -0.44%
• DSCR: 0.98
• 1% rule: 1.00%
• Cash to close: $44,800

Investor read

• This is a 3-bed/2.5-bath condo listed at $160k.
• At list price, monthly cash flow is $-17 ($-198/yr) — negative.
• To cash-flow at today's rent, offer at most $158k (1.5% below list).
• To meet the 1% rule (rent ≥ 1% of price), the offer needs to be $159k (0.4% below list).
• It's been on market 152 days — a 12% lower offer ($141k) is reasonable based on typical stale-listing flexibility.
• Recommended offer: $141k (12.0% below list) — sets the bar for market timing.
• Local home prices are declining (-3.0%/yr); year-one equity from $1k of loan paydown is wiped out by about $5k of value loss. Plan a longer hold.
• Location reads 73/100 on livability (#39 in SC) — a middle-class / working-renter tenant base. Strengths: housing A+, cost of living A, employment A-; Watch: crime D, amenities F, commute F.
• Richland 02 (suburban): math 35% / reading 47% proficiency, ranked #29 of 80 in SC (top 36%) — families likely to look elsewhere, expect single-tenant / working-renter base with shorter leases.
• Zoned schools: Forest Lake Elementary (math 42% / reading 46%, grade F, #239 of 597 statewide, top 41%, 614 students, 70% FRL); Dent Middle (math 25% / reading 42%, grade F, #113 of 229 statewide, top 50%, 1,018 students, 100% FRL); Richland Northeast High (math 42% / reading 82%, grade B-, #99 of 196 statewide, top 53%, 1,359 students, 70% FRL) — zoned schools average 80% FRL vs 38% district-wide (42 pts higher); higher-poverty schools than district average — tighter screening recommended.
• Market conditions: Rents rising fast (+4.8%/yr); 117 active listings in the ZIP; 27 comparable units currently listed for rent nearby; rentals at typical pace (median 21d on market — plan ~3-4 weeks tenant-placement turnaround); solid renter incomes; 3,472 units permitted in Richland County in 2024 (1,096 in 5+ unit buildings).
• Richland County population projected at +30% by 2050 — long-run rental-demand tailwind backs the buy-and-hold thesis.
• 2 sale attempts since 6y 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.
• Climate carrying-cost: major wind risk, 68% 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.

Questions for listing agent

• What do current leases actually rent for vs. the listed asking? Can we see a recent rent roll and the last 12 months of T-12 income?
• It's been on market 152 days. Have you received any prior offers? Is the seller open to a 12% concession, seller financing, or rate buy-down credit?
• Built in 1974 — when were the roof, HVAC, electrical panel, plumbing, and water heater last replaced?
• What does the HOA fee cover, when was the last increase, and are there any pending special assessments or reserve-fund shortfalls?
• Any open or pending special assessments — roof, HVAC, plumbing, elevator, façade? What's the per-unit balance and payoff schedule, and is the seller paying it off at close or rolling it to the buyer?
• 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 A-rated — typically a magnet for longer-tenancy family renters. What's the average tenant stay here, and is there a school-zone premium baked into asking?