201 Baldwin Ave

Greenwood, SC 29646

$109,900C+

3 bd · 1.0 ba · 1,520 sqft · Built 1917 · Other · Active · 103 DOM

Cashflow @ list (25.0% down · 7.5%)

• Estimated rent: $1,296/mo
• Mortgage (P&I): −$576
• Tax + insurance: −$125
• HOA: −$0
• Vac / Maint / Mgmt: −$272
• Net cashflow: $323/mo
• Annual: $3,878/yr
• Cap rate: 9.82%
• Cash-on-cash: 12.60%
• DSCR: 1.56
• 1% rule: 1.18%
• Cash to close: $30,772

Investor read

• This is a 3-bed/1.0-bath other listed at $110k.
• At list price, monthly cash flow is $323 ($4k/yr) — positive.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($1k rent vs $110k).
• It's been on market 103 days — a 9% lower offer ($100k) is reasonable based on typical stale-listing flexibility.
• Recommended offer: $100k (9.0% below list) — sets the bar for market timing.
• Local home prices are declining (-3.0%/yr); year-one equity from $760 of loan paydown is wiped out by about $3k of value loss. Plan a longer hold.
• Location reads 63/100 on livability (#167 in SC) — a middle-class / working-renter tenant base. Strengths: cost of living A+, health & safety A+, housing A; Watch: amenities D, crime F, commute F.
• Greenwood 50 (town): math 31% / reading 39% proficiency, ranked #43 of 80 in SC (top 54%) — families likely to look elsewhere, expect single-tenant / working-renter base with shorter leases.
• Zoned schools: Merrywood Elementary (math 47% / reading 37%, grade F, #256 of 597 statewide, top 45%, 515 students, 100% FRL); Northside Middle (math 17% / reading 29%, grade F, #171 of 229 statewide, top 76%, 698 students, 100% FRL); Greenwood High (math 34% / reading 73%, grade C-, #138 of 196 statewide, top 70%, 1,730 students, 100% FRL) — zoned schools average 100% FRL vs 59% district-wide (41 pts higher); higher-poverty schools than district average — tighter screening recommended.
• Watch-outs: built in 1917 — expect roof / HVAC / electrical / plumbing capex.
• Market conditions: 168 active listings in the ZIP; 193 units permitted in Greenwood County in 2024 (0 in 5+ unit buildings).
• Greenwood County population projected to shrink 8% by 2050 — rents likely to lag national; underwrite the cash flow, not the appreciation.
• At projected returns (-3.0% appreciation + 3.0% rent growth), your $31k cash investment doubles in ~10 years — after that, you're playing with house money.
• Climate carrying-cost: major wind risk, 27% 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 9.8% vs local median 3.6% in Greenwood — 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

• It's been on market 103 days. Have you received any prior offers? Is the seller open to a 9% concession, seller financing, or rate buy-down credit?
• Built in 1917 — 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 F-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?
• 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.