409 Dawn Meadow Ct

Columbia, SC 29045

$240,900D

3 bd · 2.0 ba · 1,594 sqft · Built 2021 · SingleFamily · Active · 53 DOM

Cashflow @ list (25.0% down · 7.5%)

• Estimated rent: $2,033/mo
• Mortgage (P&I): −$1,263
• Tax + insurance: −$847
• HOA: −$25
• Vac / Maint / Mgmt: −$427
• Net cashflow: $-529/mo
• Annual: $-6,347/yr
• Cap rate: 3.66%
• Cash-on-cash: -9.41%
• DSCR: 0.58
• 1% rule: 0.84%
• Cash to close: $67,452

Investor read

• This is a 3-bed/2.0-bath single-family listed at $241k. Condition is rated good.
• At list price, monthly cash flow is $-529 ($-6k/yr) — negative.
• To cash-flow at today's rent, offer at most $179k (25.6% below list).
• To meet the 1% rule (rent ≥ 1% of price), the offer needs to be $203k (15.6% below list).
• It's been on market 53 days — a 3% lower offer ($234k) is reasonable based on typical stale-listing flexibility.
• Recommended offer: $179k (25.6% below list) — sets the bar for cash-flow.
• Local home prices are declining (-3.0%/yr); year-one equity from $2k of loan paydown is wiped out by about $7k 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 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: Catawba Trail Elementary (math 43% / reading 41%, grade F, #256 of 597 statewide, top 45%, 591 students, 59% FRL); Spring Valley High (math 53% / reading 92%, grade B+, #46 of 196 statewide, top 24%, 2,187 students, 49% FRL) — zoned schools average 54% FRL vs 38% district-wide (16 pts higher); higher-poverty schools than district average — tighter screening recommended.
• Zoned-school proficiency averages 57% at this address vs 41% district-wide (+16 pts) — the actual schools serving this property are materially stronger than the Richland 02 average implies; a family-tenant draw the district grade alone would hide.
• Watch-outs: property tax is 3.7% of price.
• Market conditions: Rents rising (+2.7%/yr); 682 active listings in the ZIP; 24 comparable units currently listed for rent nearby; rentals lingering (median 55d on market — plan ~5-8 weeks vacancy on turnover, expect pricing pressure); 58% of comp listings sitting > 30 days — soft ceiling on asking rent; 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.
• 6 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.
• Cap rate 3.7% vs local median 5.1% in Columbia — below-typical yield; the buyer is paying a premium for something (appreciation thesis, condition, location) that the cap rate doesn't capture.

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 53 days. Have you received any prior offers? Is the seller open to a 26% concession, seller financing, or rate buy-down credit?
• Property tax is high relative to price — has the assessment been appealed recently, and will the sale trigger a re-assessment?
• What does the HOA fee cover, when was the last increase, and are there any pending special assessments or reserve-fund shortfalls?
• 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?
• 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?