145 Minnow Dr

Pawleys Island, SC 29585

$189,900D+

3 bd · 2.0 ba · 1,350 sqft · Built 2026 · Manufactured · Active · 17 DOM

Cashflow @ list (25.0% down · 7.5%)

• Estimated rent: $1,431/mo
• Mortgage (P&I): −$996
• Tax + insurance: −$151
• HOA: −$0
• Vac / Maint / Mgmt: −$300
• Net cashflow: $-16/mo
• Annual: $-198/yr
• Cap rate: 6.19%
• Cash-on-cash: -0.37%
• DSCR: 0.98
• 1% rule: 0.75%
• Cash to close: $53,172

Investor read

• This is a 3-bed/2.0-bath manufactured listed at $190k.
• At list price, monthly cash flow is $-16 ($-198/yr) — negative.
• To cash-flow at today's rent, offer at most $187k (1.5% below list).
• To meet the 1% rule (rent ≥ 1% of price), the offer needs to be $143k (24.7% below list).
• It's been on market 17 days — a 2% lower offer ($187k) is reasonable based on typical stale-listing flexibility.
• Recommended offer: $143k (24.7% below list) — sets the bar for 1% rule.
• 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.
• Location reads 70/100 on livability (#60 in SC) — a middle-class / working-renter tenant base. Strengths: employment A+, health & safety A+, crime A; Watch: amenities F, commute F, cost of living F.
• Georgetown 01 (town): math 26% / reading 38% proficiency, ranked #51 of 80 in SC (top 64%) — families likely to look elsewhere, expect single-tenant / working-renter base with shorter leases.
• Zoned schools: Waccamaw Elementary (math 67% / reading 62%, grade B, #56 of 597 statewide, top 10%, 519 students, 100% FRL); Waccamaw Intermediate (math 53% / reading 56%, grade B-, #24 of 229 statewide, top 11%, 420 students, 43% FRL); Waccamaw High (math 42% / reading 93%, grade B, #72 of 196 statewide, top 36%, 858 students, 35% FRL) — zoned schools at 59% FRL track the district average.
• Zoned-school proficiency averages 62% at this address vs 32% district-wide (+30 pts) — the actual schools serving this property are materially stronger than the Georgetown 01 average implies; a family-tenant draw the district grade alone would hide.
• Market conditions: 398 active listings in the ZIP; 4 comparable units currently listed for rent nearby; rentals at typical pace (median 26d on market — plan ~3-4 weeks tenant-placement turnaround); 323 units permitted in Georgetown County in 2024 (0 in 5+ unit buildings).
• 4 sale attempts 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.
• Climate carrying-cost: severe wind risk, 99% chance of damaging wind over 30y; extreme-heat days projected 7→17/yr by 2055 (HVAC capex compounding) — expect insurance premiums to compound above CPI over the hold.
• Cap rate 6.2% vs local median 2.2% in Pawleys Island — top-decile yield for the area; either an underpriced asset or a hidden risk that comps aren't pricing in. Stress-test before assuming the spread holds.

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?
• Is there a deadline driving the sale (1031 exchange, divorce, estate, relocation)? That informs how much negotiation room exists.
• Schools are A-rated — typically a magnet for longer-tenancy family renters. What's the average tenant stay here, and is there a school-zone premium baked into asking?
• 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.
• 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.