4540 Joplin Ct · Spartanburg, SC 29307

$219,999

3 bd · 2.5 ba · 1,674 sqft · Townhouse · 58 Days on market

Built 2026 Excellent condition 3,485 sqft lot $131/sqft · at area comps Est $222k · at est. $150/mo HOA · 8% of rent ↓ 8% since listing

---

Why this score? — see what drove the D- 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 +8.6/30.0
• ARV discount +7.9/15.0
• Condition / age +5.0/5.0
• Schools +4.6/10.0
• Livability +3.8/5.0
• 1% rule +3.5/10.0
• Rent growth +2.7/5.0
• DSCR +2.4/10.0
• Appreciation +0.0/10.0

Listing remarks

The Nassau Cove truly lives up to its name. Enter this attached home through the 1-car garage and find a light-filled, airy floor plan. The great room flows into the dinette and kitchen area, so you never miss a moment with friends or family around the island. The kitchen’s large center island overlooks both the inviting great room and the formal dining space. Entertain family and friends here or outside on the covered outdoor patio. The main level also includes your luxury owner’s suite, which features a dual vanity bath and huge walk-in closet. Upstairs, you’ll find two spacious bedrooms, a full bath, and extra storage.

Key facts

• Luxury owners suite
• 1 car garage
• Great room

Tags

• 1 CAR GARAGE
• LIGHT FILLED FLOOR PLAN
• GREAT ROOM
• COVERED OUTDOOR PATIO
• LUXURY OWNERS SUITE
• DUAL VANITY BATH

What this means for you Summary

Snapshot

• This is a 3-bed/2.5-bath townhouse listed at $220k. Condition is rated excellent.

Deal economics

• At list price, monthly cash flow is $-189 ($-2k/yr) — negative.
• To cash-flow at today's rent, offer at most $193k (12.4% below list).
• To meet the 1% rule (rent ≥ 1% of price), the offer needs to be $188k (14.7% below list).
• Recommended offer: $188k (14.7% below list) — sets the bar for 1% rule.
• Cap rate 5.3% vs local median 4.3% 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: Drayton Mills Elementary (math 20% / reading 22%, grade F, #488 of 597 statewide, top 82%, 751 students, 100% FRL); Mccracken Middle (math 41% / reading 49%, grade D, #48 of 229 statewide, top 22%, 926 students, 78% FRL); Spartanburg High (math 67% / reading 79%, grade B+, #44 of 196 statewide, top 23%, 2,056 students, 85% FRL) — zoned schools average 88% FRL vs 62% district-wide (26 pts higher); higher-poverty schools than district average — tighter screening recommended.
• Market conditions: Rents flat; 416 active listings in the ZIP; 4 comparable units currently listed for rent nearby; rentals lingering (median 109d on market — plan ~5-8 weeks vacancy on turnover, expect pricing pressure); 50% of comp listings sitting > 30 days — soft ceiling on asking rent; 3,129 units permitted in Spartanburg County in 2024 (40 in 5+ unit buildings).
• This rent runs 34% of the median local income ($66k/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 $2k of loan paydown is wiped out by about $7k 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

• It's been on market 58 days — a 3% lower offer ($213k) is reasonable based on typical stale-listing flexibility.

Recommended offer $187,568 (14.7% 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. It's been on market 58 days. Have you received any prior offers? Is the seller open to a 15% concession, seller financing, or rate buy-down credit?
3. What does the HOA fee cover, when was the last increase, and are there any pending special assessments or reserve-fund shortfalls?
4. Is there a deadline driving the sale (1031 exchange, divorce, estate, relocation)? That informs how much negotiation room exists.
5. 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?
6. 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?
7. 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?
8. 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.
9. 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.
10. 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: 0.85% ✗
• Cap rate: 5.26%
• Cash-on-cash: -3.67%
• DSCR: 0.84
• GRM: 9.8

CMA / ARV

• ARV (median comp): $221,758
• List price: $219,999
• Delta: -0.79%
• Verdict: FAIR
• Comps: 11 within 1.0 mi

Show comp detail 10 sales within ~0.75 mi

Address	Dist	Beds/Ba	Sqft	Sold	Price	$/sf	Match
4315 Joplin Ct	0.03mi	3/2.5	1,674 (0%)	1mo	$239,999	$143	98
4295 Joplin Ct	0.03mi	3/2.5	1,674 (0%)	1mo	$213,999	$128	98
4288 Joplin Ct	0.02mi	3/2.5	1,674 (0%)	9mo	$234,999	$140	91
4264 Joplin Ct	0.06mi	3/2.5	1,674 (0%)	11mo	$223,000	$133	88
4411 Duparc Way	0.17mi	3/2.5	1,656 (-1%)	3mo	$200,000	$121	88
4245 Joplin Ct	0.08mi	3/2.5	1,674 (0%)	11mo	$227,999	$136	87
4420 Duparc Way	0.19mi	3/2.5	1,656 (-1%)	4mo	$229,000	$138	86
4547 Duparc Way	0.30mi	3/2.5	1,674 (0%)	1mo	$215,000	$128	85
4464 Duparc Way	0.23mi	3/2.5	1,656 (-1%)	15mo	$244,500	$148	75
4463 Duparc Way	0.21mi	3/2.5	1,670 (-0%)	19mo	$217,000	$130	74

Match score weights: distance 35% · size 25% · config 20% · recency 20%. Top-matched comps best support the ARV.

Projected returns pro-forma

-3.0% appreciation · 0.64% rent growth · sell at horizon

5-year hold

• IRR: -25.4%
• Equity multiple: 0.16×
• Total profit: $-51,891
• Equity at exit: $32,803

10-year hold

• IRR: -32.2%
• Equity multiple: -0.25×
• Total profit: $-77,193
• Equity at exit: $19,021

Cash invested: $61,600 (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 →

Buyer's market Market conditions within 1.0 mi — comparable homes for sale

Active competition Active MLS

• For sale now: 26 active · 13 under contract
• Months of supply: 9.8 mo (10%/mo absorbed)
• Median asking: $214,999 ($134/sqft)
• Median days on market: 59 d
• This list price: 65% of active listings are priced below it
• ARV vs active asking: -1.3% vs current asking $/sqft

Closed sales set the value; these active listings set current market conditions and a practical price ceiling.

ZIP-level market 29307

• Home prices YoY: -17.7%
• Rents YoY: 0.6%
• Active inventory: 416
• Price-to-rent: 9.8×

Monthly cashflow live

• Estimated rent: $1,876 medium
• Mortgage (P&I): −$1,154
• Tax est. 1.5%: −$275 /mo · $3,300/yr
• Insurance: −$92
• HOA: −$150
• Vacancy / Maint / Mgmt: −$394
• Net cashflow: $-189

Break-even live

Break-even rent $2,114

Max offer price $192,712

Occupancy floor —

Sensitivity live

Price	-10% $-37	-5% $-113	+0% $-189	+5% $-265	+10% $-341
Rent	-10% $-337	-5% $-263	+0% $-189	+5% $-114	+10% $-40
Rate	-1.0pp $-78	-0.5pp $-133	base $-189	+0.5pp $-246	+1.0pp $-304

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: $55,000
• Closing costs: $6,600
• Club membership (one-time): —
• Reserves months: —
• Total cash needed: —

Rent comps 4 comps

Address	Beds	Baths	Sqft	Rent	$/sqft	DOM	Units	Dist
499 Mill Park Way Spartanburg, SC	4.0	3.0	2165	$2,700	$1.25	6d	1	1.23mi
484 Mill Park Way Unit 1 Spartanburg, SC	3.0	3.0	1560	$2,200	$1.41	109d	1	1.26mi
476 Mill Park Way Spartanburg, SC	3.0	2.5	1581	$1,800	$1.14	6d	1	1.27mi
253 Pebble Rock Cir #2 Spartanburg, SC	2.0	2.0	1056	$975	$0.92	116d	1	1.47mi

Listing history 23 events

1. 2026-06-29
   days on market $219,999 Active 58 DOM
2. 2026-06-28
   days on market $219,999 Active 57 DOM
3. 2026-06-28
   days on market $219,999 Active 56 DOM
4. 2026-06-27
   days on market $219,999 Active 55 DOM
5. 2026-06-25
   days on market $219,999 Active 53 DOM
6. 2026-06-23
   days on market $219,999 Active 51 DOM
7. 2026-06-21
   days on market $219,999 Active 50 DOM
8. 2026-06-18
   days on market $219,999 Active 47 DOM
9. 2026-06-17
   days on market $219,999 Active 46 DOM
10. 2026-06-16
    days on market $219,999 Active 45 DOM
11. 2026-06-15
    days on market $219,999 Active 44 DOM
12. 2026-06-14
    days on market $219,999 Active 42 DOM
13. 2026-06-13
    days on market $219,999 Active 41 DOM
14. 2026-06-10
    days on market $219,999 Active 39 DOM
15. 2026-06-09
    days on market $219,999 Active 38 DOM
16. 2026-06-08
    days on market $219,999 Active 37 DOM
17. 2026-06-07
    days on market $219,999 Active 36 DOM
18. 2026-06-02
    days on market $219,999 Active 31 DOM
19. 2026-06-01
    days on market $219,999 Active 30 DOM
20. 2026-05-31
    days on market $219,999 Active 29 DOM
21. 2026-05-30
    days on market $219,999 Active 28 DOM
22. 2026-05-02
    price $219,999
23. 2026-05-02
    listed $239,999 Active

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

Taxation est. · year 1

• Rental income: $22,508
• − Mortgage interest: −$12,323
• − Property taxes: −$3,300
• − Insurance: −$1,100
• − Repairs & maintenance: −$1,801
• − Management: −$1,801
• − HOA: −$1,800
• − Depreciation: −$6,400
• Taxable loss: −$6,016
• Est. tax savings @ 24.0%: +$1,444
• After-tax cash flow: $-819/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.

Condition & rehab AI · 2 photos

Excellent 100/100 None rehab

This new construction townhouse is in excellent condition with no visible repairs needed. It offers a good ROI with minor updates to enhance curb appeal and interior aesthetics.

Value-add opportunities

• Both Landscaping improvements — Enhances curb appeal and adds value ↑
• Both Interior paint touch-ups — Fresh paint can make a home more inviting ↑
• Both Kitchen appliances — Upgrading appliances can increase both resale and rental value ↑

F Composite school gradezoned avg 46/100

Zoned Schools

Elementary Drayton Mills Elementary F SC #488/597 Nat'l #33,016/41,679 Middle Mccracken Middle D SC #48/229 Nat'l #4,622/14,009 High Spartanburg High B+ SC #44/196 Nat'l #1,820/17,239

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

B Composite livability gradescore 76/100

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

• County: Spartanburg County · 325,495 people
• City population: 120,406
• Metro: Spartanburg, SC
• Population (ZIP): 19,115
• Household income: $65,850
• Rent vs Own: 25.9% rent · 74.1% own
• Severe rent burden: 9% of renters

---

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: Predominantly White (74%)
• Race & ethnicity: White 74% Black 20% Two or more races 4% Hispanic / Latino 3%
• Common ancestry: Serbian 4% Slovak 2% Romanian 1%
• Foreign-born: 4% · Canada, Jamaica
• Languages at home: 91% English-only · Spanish 5% Russian/Polish/Slavic 1% Other Indo-European 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: ▼ -52.58%
• Current HPI: 244.9855
• Rent YoY: ▲ 0.64%
• 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

-8.3% since first listed

2 events — show timeline

• 2026-05-02 Price Changed $219,999 SPMLS
• 2026-05-02 Listed $239,999 SPMLS