128 Lazzon Rd

Moore, SC 29369

$280,900D-

4 bd · 2.0 ba · 1,498 sqft · Built 2026 · SingleFamily · Active · 94 DOM

Cashflow @ list (25.0% down · 7.5%)

• Estimated rent: $2,055/mo
• Mortgage (P&I): −$1,473
• Tax + insurance: −$468
• HOA: −$63
• Vac / Maint / Mgmt: −$432
• Net cashflow: $-381/mo
• Annual: $-4,571/yr
• Cap rate: 4.67%
• Cash-on-cash: -5.81%
• DSCR: 0.74
• 1% rule: 0.73%
• Cash to close: $78,652

Investor read

• This is a 4-bed/2.0-bath single-family listed at $281k. Condition is rated good.
• At list price, monthly cash flow is $-381 ($-5k/yr) — negative.
• To cash-flow at today's rent, offer at most $226k (19.6% below list).
• To meet the 1% rule (rent ≥ 1% of price), the offer needs to be $205k (26.8% below list).
• It's been on market 94 days — a 9% lower offer ($256k) is reasonable based on typical stale-listing flexibility.
• Recommended offer: $205k (26.8% below list) — sets the bar for 1% rule.
• Local home prices are declining (-3.0%/yr); year-one equity from $2k of loan paydown is wiped out by about $8k of value loss. Plan a longer hold.
• Location reads: area grade D — affects rentability + tenant quality, not the cash-flow math above.
• Spartanburg 04 (town): math 47% / reading 45% proficiency, ranked #23 of 80 in SC (top 29%) — families likely to look elsewhere, expect single-tenant / working-renter base with shorter leases.
• Zoned schools: Woodruff Primary (780 students, 100% FRL); Woodruff Middle (math 42% / reading 38%, grade F, #78 of 229 statewide, top 35%, 686 students, 78% FRL); Woodruff High (math 67% / reading 82%, grade B+, #38 of 196 statewide, top 20%, 788 students, 73% FRL) — zoned schools average 84% FRL vs 54% district-wide (30 pts higher); higher-poverty schools than district average — tighter screening recommended.
• Market conditions: Rents rising (+1.8%/yr); 426 active listings in the ZIP; 1 comparable units currently listed for rent nearby; solid renter incomes; 3,129 units permitted in Spartanburg County in 2024 (40 in 5+ unit buildings).
• Spartanburg County population projected at +18% by 2050 — long-run rental-demand tailwind backs the buy-and-hold thesis.
• 3 sale attempts; this cycle's ask has dropped $23k (8%) from the opening price — seller is motivated, your offer sets the floor, not the list.
• Climate carrying-cost: 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 94 days. Have you received any prior offers? Is the seller open to a 27% concession, seller financing, or rate buy-down credit?
• What does the HOA fee cover, when was the last increase, and are there any pending special assessments or reserve-fund shortfalls?
• 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.
• 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.