158 Joy Ave Ave

Cowpens, SC 29340

$129,900D

3 bd · 2.0 ba · 1,456 sqft · Built 1998 · Manufactured · Pending · 31 DOM

Cashflow @ list (25.0% down · 7.5%)

• Estimated rent: $1,160/mo
• Mortgage (P&I): −$681
• Tax + insurance: −$216
• HOA: −$0
• Vac / Maint / Mgmt: −$244
• Net cashflow: $19/mo
• Annual: $229/yr
• Cap rate: 6.47%
• Cash-on-cash: 0.63%
• DSCR: 1.03
• 1% rule: 0.89%
• Cash to close: $36,372

Investor read

• This is a 3-bed/2.0-bath manufactured listed at $130k.
• At list price, monthly cash flow is $19 ($229/yr) — positive.
• The deal already cash-flows at list — no discount required.
• To meet the 1% rule (rent ≥ 1% of price), the offer needs to be $116k (10.7% below list).
• It's been on market 31 days — a 3% lower offer ($126k) is reasonable based on typical stale-listing flexibility.
• Recommended offer: $116k (10.7% below list) — sets the bar for 1% rule.
• Local home prices are declining (-3.0%/yr); year-one equity from $898 of loan paydown is wiped out by about $4k of value loss. Plan a longer hold.
• Location reads 61/100 on livability (#213 in SC) — a middle-class / working-renter tenant base. Strengths: cost of living A+, housing B+; Watch: amenities F, commute F, employment F.
• Cherokee 01 (rural): math 29% / reading 40% proficiency, ranked #47 of 80 in SC (top 59%) — families likely to look elsewhere, expect single-tenant / working-renter base with shorter leases; 64% free/reduced lunch — lower-income household profile, screen leases tightly.
• Zoned schools: John E. Ewing Middle (math 18% / reading 30%, grade F, #167 of 229 statewide, top 74%, 486 students, 100% FRL); Gaffney High (math 40% / reading 75%, grade C, #116 of 196 statewide, top 59%, 1,838 students, 84% FRL) — zoned schools average 92% FRL vs 64% district-wide (28 pts higher); higher-poverty schools than district average — tighter screening recommended.
• Market conditions: 160 active listings in the ZIP; lower-income renter base — watch delinquency; 200 units permitted in Cherokee County in 2024 (0 in 5+ unit buildings).
• 2 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: extreme-heat days projected 7→16/yr by 2055 (HVAC capex compounding) — expect insurance premiums to compound above CPI over the hold.
• Cap rate 6.5% vs local median 3.8% in Cowpens — 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.
• This rent runs 32% of the median local income ($44k/yr) — at the standard rent-burdened threshold; future hikes will face affordability resistance.

Questions for listing agent

• It's been on market 31 days. Have you received any prior offers? Is the seller open to a 11% concession, seller financing, or rate buy-down credit?
• 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?
• 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.