67 Harmon St

Hemingway, SC 29554

$149,900D

3 bd · 1.0 ba · 1,072 sqft · Built 1969 · Other · Active · 84 DOM

Cashflow @ list (25.0% down · 7.5%)

• Estimated rent: $1,053/mo
• Mortgage (P&I): −$786
• Tax + insurance: −$100
• HOA: −$0
• Vac / Maint / Mgmt: −$221
• Net cashflow: $-54/mo
• Annual: $-650/yr
• Cap rate: 5.86%
• Cash-on-cash: -1.55%
• DSCR: 0.93
• 1% rule: 0.70%
• Cash to close: $41,972

Investor read

• This is a 3-bed/1.0-bath other listed at $150k.
• At list price, monthly cash flow is $-54 ($-650/yr) — negative.
• To cash-flow at today's rent, offer at most $140k (6.4% below list).
• To meet the 1% rule (rent ≥ 1% of price), the offer needs to be $105k (29.8% below list).
• It's been on market 84 days — a 6% lower offer ($141k) is reasonable based on typical stale-listing flexibility.
• Recommended offer: $105k (29.8% below list) — sets the bar for 1% rule.
• In year one you build about $13k of equity ($1k loan paydown + $12k appreciation (7.8% local appreciation)).
• Location reads 58/100 on livability (#260 in SC) — a working-class tenant base; expect higher turnover. Strengths: cost of living A+, housing A+, health & safety A+; Watch: crime F, amenities F, commute F.
• Williamsburg 01 (rural): math 13% / reading 26% proficiency, ranked #74 of 80 in SC (top 92%) — low school quality limits family demand, transient renter base, plan for 1-2y turnover; 88% free/reduced lunch — lower-income household profile, screen leases tightly.
• Zoned schools: Hemingway Elementary (math 12% / reading 22%, grade F, #515 of 597 statewide, top 89%, 291 students, 100% FRL); Hemingway Mb Lee Middle (math 12% / reading 22%, grade F, #191 of 229 statewide, top 85%, 132 students, 98% FRL); Hemingway High (math 44% / reading 64%, grade C-, #130 of 196 statewide, top 69%, 205 students, 100% FRL).
• Market conditions: 40 active listings in the ZIP; 35 units permitted in Williamsburg County in 2024 (0 in 5+ unit buildings).
• Williamsburg County population projected at -32% by 2050 — secular population decline; favor cash flow + early exit over multi-decade hold.
• 4 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.
• Current owner paid $25k; list at $150k implies a 500% gain — meaningful room to come down on a strong offer.
• At projected returns (7.8% appreciation + 3.0% rent growth), your $42k cash investment doubles in ~4 years — after that, you're playing with house money.
• By year 3, paydown + projected appreciation supports a ~$32k cash-out refi (75% LTV) — recoverable capital for the next deal without selling this one.
• Climate carrying-cost: severe wind risk, 80% chance of damaging wind over 30y; major wildfire risk; 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 84 days. Have you received any prior offers? Is the seller open to a 30% concession, seller financing, or rate buy-down credit?
• Built in 1969 — 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?
• 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?