788 N Vernon St · Spartanburg, SC 29303

$205,000

3 bd · 2.0 ba · 1,312 sqft · Land

Built 2026 6,098 sqft lot

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Why this score? — see what drove the F 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 +7.5/30.0
• ARV discount +7.5/15.0
• Livability +3.8/5.0
• Rent growth +3.4/5.0
• Schools +3.1/10.0
• Condition / age +2.5/5.0
• 1% rule +2.2/10.0
• DSCR +1.6/10.0
• Appreciation +0.0/10.0

Listing remarks

Beautiful new construction home featuring 3 bedrooms and 2 bathrooms, ideally located near Cleveland Park in Spartanburg. This thoughtfully designed home offers a desirable open floor plan with vaulted ceilings in both the living area and primary bedroom, creating a bright and airy feel throughout. Enjoy relaxing on the spacious front porch or entertaining in the large kitchen complete with a center island and ample workspace. The home also boasts a generously sized backyard with plenty of room for outdoor living, gardening, or gatherings. With no HOA and convenient access to downtown Spartanburg’s dining, shopping, and entertainment, this property combines comfort, style, and locatio

Key facts

• 6,098 sq ft lot
• Built 2026

What this means for you Summary

Snapshot

• This is a 3-bed/2.0-bath land listed at $205k.

Deal economics

• At list price, monthly cash flow is $-256 ($-3k/yr) — negative.
• To cash-flow at today's rent, offer at most $168k (18.1% below list).
• To meet the 1% rule (rent ≥ 1% of price), the offer needs to be $147k (28.3% below list).
• Recommended offer: $147k (28.3% below list) — sets the bar for 1% rule.
• Cap rate 4.8% vs local median 3.9% in Spartanburg — meaningfully above typical; check what's discounted (condition, days-on-market, listing class) to confirm the premium yield is real.

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 07 (urban): math 34% / reading 41% proficiency, ranked #39 of 80 in SC (top 49%) — families likely to look elsewhere, expect single-tenant / working-renter base with shorter leases; 62% free/reduced lunch — lower-income household profile, screen leases tightly.
• Zoned schools: The Cleveland Academy of Leadership (math 28% / reading 22%, grade F, #447 of 597 statewide, top 76%, 463 students, 100% FRL); Carver Middle (math 14% / reading 21%, grade F, #189 of 229 statewide, top 83%, 683 students, 100% FRL); Spartanburg High (math 67% / reading 79%, grade B+, #44 of 196 statewide, top 23%, 2,056 students, 85% FRL) — zoned schools average 95% FRL vs 62% district-wide (33 pts higher); higher-poverty schools than district average — tighter screening recommended.
• Market conditions: Rents rising (+3.7%/yr); 380 active listings in the ZIP; 18 comparable units currently listed for rent nearby; rentals at typical pace (median 23d on market — plan ~3-4 weeks tenant-placement turnaround); 3,129 units permitted in Spartanburg County in 2024 (40 in 5+ unit buildings).
• This rent runs 37% of the median local income ($48k/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

• Only 0 days on market — expect competitive offers; lowballing is unlikely to land.

Risks & watch-outs

• 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.

Recommended offer $146,931 (28.3% below list)

Questions for the listing agent

1. 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?
2. Is there a deadline driving the sale (1031 exchange, divorce, estate, relocation)? That informs how much negotiation room exists.
3. 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?
4. 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?
5. 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?
6. 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.
7. 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.
8. 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: 0.72% ✗
• Cap rate: 4.79%
• Cash-on-cash: -5.35%
• DSCR: 0.76
• GRM: 11.6

CMA / ARV

No comps found within radius.

Projected returns pro-forma

-3.0% appreciation · 3.69% rent growth · sell at horizon

5-year hold

• IRR: -24.7%
• Equity multiple: 0.16×
• Total profit: $-48,471
• Equity at exit: $30,566

10-year hold

• IRR: -18.4%
• Equity multiple: -0.03×
• Total profit: $-58,835
• Equity at exit: $17,725

Cash invested: $57,400 (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 29303

• Home prices YoY: -14.1%
• Rents YoY: 3.7%
• Active inventory: 380
• Price-to-rent: 11.6×

Monthly cashflow live

• Estimated rent: $1,469 high
• Mortgage (P&I): −$1,075
• Tax est. 1.5%: −$256 /mo · $3,075/yr
• Insurance: −$85
• HOA: −$0
• Vacancy / Maint / Mgmt: −$309
• Net cashflow: $-256

Break-even live

Break-even rent $1,793

Max offer price $167,963

Occupancy floor —

Sensitivity live

Price	-10% $-114	-5% $-185	+0% $-256	+5% $-327	+10% $-398
Rent	-10% $-372	-5% $-314	+0% $-256	+5% $-198	+10% $-140
Rate	-1.0pp $-153	-0.5pp $-204	base $-256	+0.5pp $-309	+1.0pp $-363

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: $51,250
• Closing costs: $6,150
• Reserves months: —
• Total cash needed: —

Rent comps 18 comps

Address	Beds	Baths	Sqft	Rent	$/sqft	DOM	Units	Dist
753A Leonard St Spartanburg, SC	2.0	1.0	1130	$1,185	$1.05	15d	1	0.09mi
560 Magnolia St Spartanburg, SC	2.0	1.0	965	$1,113	$1.15	23d	1	0.43mi
515 Howard St Spartanburg, SC	3.0–4.0	2.5–3.5	1729	$1,930	$1.12	15d	70	0.58mi
500 Howard St Spartanburg, SC	1.0–3.0	1.0–2.0	999	$1,650	$1.65	15d	1	0.61mi
694 Saxon Ave Spartanburg, SC	3.0	1.0	1014	$1,300	$1.28	23d	1	0.65mi
488 Brawley St Unit B Spartanburg, SC	3.0	2.5	1200	$1,300	$1.08	15d	1	0.66mi
458 Arch St Spartanburg, SC	4.0	1.5	1380	$1,325	$0.96	23d	1	0.76mi
121 Garner Rd Spartanburg, SC	1.0–2.0	1.0–2.0	940	$1,465	$1.56	23d	32	1.08mi
201 N Liberty St Spartanburg, SC	3.0	1.0–2.0	1153	$2,330	$2.02	15d	32	1.15mi
142 Magnolia St Unit 301 Spartanburg, SC	2.0	2.0	937	$1,850	$1.97	23d	1	1.18mi
196 Silver Hill St Spartanburg, SC	3.0	3.0	1492	$1,900	$1.27	23d	1	1.33mi
321 Southstar St Spartanburg, SC	2.0	1.0	895	$849	$0.95	23d	1	1.36mi
317 Southstar St Spartanburg, SC	2.0	1.0	895	$849	$0.95	23d	1	1.36mi
174 E Main St Spartanburg, SC	1.0–2.0	1.0–2.0	760	$2,295	$3.02	15d	8	1.37mi
142 Harmony Dr Spartanburg, SC	4.0	2.0	1221	$1,595	$1.31	15d	1	1.43mi
275 Vanderbilt Spartanburg, SC	3.0	2.5	1300	$1,495	$1.15	15d	1	1.45mi
267 Vanderbilt Rd Spartanburg, SC	3.0	2.5	1300	$1,795	$1.38	23d	1	1.46mi
100 Vanderbilt Ln Spartanburg, SC	1.0–2.0	1.0–2.0	787	$1,195	$1.52	23d	1	1.49mi

Listing history 2 events

1. 2026-03-27
   listed $205,000
2. 2026-03-27
   historical

ⓘ Source: listings_history table (triggers on properties + properties_extension) + one-shot backfill from property_details.listing_events for pre-trigger history.

Climate risk First Street

• 🌊 Flood 1/10 Low FEMA zone X (unshaded) · 0% chance over 30 yrs
• 🔥 Wildfire 1/10 Low
• 🌡 Heat 6/10 Major 7 d/yr ≥105°F today · 16 d/yr by 30 yrs out
• 💨 Wind 2/10 Low 2% chance of damaging wind over 30 yrs
• 🫁 Air quality 4/10 Moderate 3 unhealthy d/yr today · 4 by 30 yrs out

Taxation est. · year 1

• Rental income: $17,632
• − Mortgage interest: −$11,483
• − Property taxes: −$3,075
• − Insurance: −$1,025
• − Repairs & maintenance: −$1,411
• − Management: −$1,411
• − Depreciation: −$5,964
• Taxable loss: −$6,736
• Est. tax savings @ 24.0%: +$1,617
• After-tax cash flow: $-1,455/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 07
• NCES district ID: 4503660
• Math proficiency: 34% ▼ -1.00%
• Reading proficiency: 41% ▼ -1.00%
• Median HH income: $35,825
• Composite: 31.04/100
• National rank: #6087
• State rank: #39 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

• Census place: Spartanburg, SC
• County: Spartanburg County · 258,607 people
• City population: 422
• Metro: Spartanburg, SC
• Population (ZIP): 28,381
• Household income: $48,295
• Rent vs Own: 52.7% rent · 47.3% own
• Severe rent burden: 1218.0

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 42% Black 36% Hispanic / Latino 16% Two or more races 11% Asian 2%
• Hispanic origin (detail): Mexican 10% Puerto Rican 2%
• Common ancestry: Slovak 2% Italian 1% Subsaharan African 1%
• Foreign-born: 11% · Canada
• Languages at home: 81% English-only · Spanish 15% Russian/Polish/Slavic 2% 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: ▼ -45.19%
• Current HPI: 274.443
• Rent YoY: ▲ 3.69%
• 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

2 events — show timeline

• 2026-03-27 Delisted — SPMLS
• 2026-03-27 Listed $205,000 SPMLS

Property tax history

-28.7%/yr

Latest (2025): $42 · +0.0% YoY. Source: county tax records.