2600/2604 Kiawah Ave

Columbia, SC 29205

$563,900D

5 bd · 4.0 ba · 2,484 sqft · Built 1940 · MultiFamily · Active · 62 DOM

Cashflow @ list (25.0% down · 7.5%)

• Estimated rent: $4,784/mo
• Mortgage (P&I): −$2,957
• Tax + insurance: −$814
• HOA: −$0
• Vac / Maint / Mgmt: −$1,005
• Net cashflow: $8/mo
• Annual: $97/yr
• Cap rate: 6.31%
• Cash-on-cash: 0.06%
• DSCR: 1.00
• 1% rule: 0.85%
• Cash to close: $157,892

Investor read

• This is a 3 × 3-bed/2.5-bath units multifamily listed at $564k.
• At list price, monthly cash flow is $8 ($97/yr) — positive. Per door: $3/mo.
• The deal already cash-flows at list — no discount required.
• To meet the 1% rule (rent ≥ 1% of price), the offer needs to be $478k (15.2% below list).
• It's been on market 62 days — a 6% lower offer ($530k) is reasonable based on typical stale-listing flexibility.
• Recommended offer: $478k (15.2% below list) — sets the bar for 1% rule.
• Local home prices are declining (-3.0%/yr); year-one equity from $4k of loan paydown is wiped out by about $17k of value loss. Plan a longer hold.
• Location reads 78/100 on livability (#18 in SC, #2,436 nationally) — a middle-class / working-renter tenant base. Strengths: amenities A+, commute A+, cost of living A+; Watch: employment D, crime F.
• Richland 01 (urban): math 26% / reading 36% proficiency, ranked #54 of 80 in SC (top 68%) — families likely to look elsewhere, expect single-tenant / working-renter base with shorter leases; 64% free/reduced lunch — lower-income household profile, screen leases tightly.
• Zoned schools: A. C. Moore Elementary (math 52% / reading 47%, grade D, #168 of 597 statewide, top 31%, 204 students, 100% FRL); Dreher High (math 47% / reading 92%, grade B, #60 of 196 statewide, top 32%, 1,150 students, 100% FRL) — zoned schools average 100% FRL vs 64% district-wide (36 pts higher); higher-poverty schools than district average — tighter screening recommended.
• Zoned-school proficiency averages 60% at this address vs 31% district-wide (+28 pts) — the actual schools serving this property are materially stronger than the Richland 01 average implies; a family-tenant draw the district grade alone would hide.
• Watch-outs: built in 1940 — expect roof / HVAC / electrical / plumbing capex.
• Market conditions: Rents rising fast (+7.0%/yr); 145 active listings in the ZIP; 9 comparable units currently listed for rent nearby; rentals at typical pace (median 24d on market — plan ~3-4 weeks tenant-placement turnaround); 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.
• 3 sale attempts 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 $211k; list at $564k implies a 167% gain — meaningful room to come down on a strong offer.
• Climate carrying-cost: major wind risk, 73% 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.
• Cap rate 6.3% vs local median 5.0% in Columbia — meaningfully above typical; check what's discounted (condition, days-on-market, listing class) to confirm the premium yield is real.

Questions for listing agent

• It's been on market 62 days. Have you received any prior offers? Is the seller open to a 15% concession, seller financing, or rate buy-down credit?
• Can we see the unit-by-unit rent roll, current vacancy, and any below-market leases? What's the average tenancy length?
• What capital expenditures (roof, boiler, parking lot, exteriors) have been made in the last 5 years, and what's planned in the next 2?
• Built in 1940 — 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 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?
• 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?