721 Coventry Ln Unit P Ln

Florence, SC 29501

$126,900D+

2 bd · 1.5 ba · 1,144 sqft · Built 1975 · SingleFamily · Active · 43 DOM

Cashflow @ list (25.0% down · 7.5%)

• Estimated rent: $1,355/mo
• Mortgage (P&I): −$665
• Tax + insurance: −$224
• HOA: −$225
• Vac / Maint / Mgmt: −$285
• Net cashflow: $-44/mo
• Annual: $-524/yr
• Cap rate: 5.88%
• Cash-on-cash: -1.47%
• DSCR: 0.93
• 1% rule: 1.07%
• Cash to close: $35,532

Investor read

• This is a 2-bed/1.5-bath single-family listed at $127k.
• At list price, monthly cash flow is $-44 ($-524/yr) — negative.
• To cash-flow at today's rent, offer at most $119k (6.1% below list).
• Meets the 1% rule at list price ($1k rent vs $127k).
• It's been on market 43 days — a 3% lower offer ($123k) is reasonable based on typical stale-listing flexibility.
• Recommended offer: $119k (6.1% below list) — sets the bar for cash-flow.
• Local home prices are declining (-3.0%/yr); year-one equity from $877 of loan paydown is wiped out by about $4k of value loss. Plan a longer hold.
• Location reads 62/100 on livability (#196 in SC) — a middle-class / working-renter tenant base. Strengths: cost of living A+, housing A+, health & safety B+; Watch: employment C-, crime F, amenities F.
• Florence 01 (urban): math 29% / reading 47% proficiency, ranked #34 of 80 in SC (top 42%) — families likely to look elsewhere, expect single-tenant / working-renter base with shorter leases.
• Zoned schools: John W. Moore Middle (math 32% / reading 49%, grade F, #75 of 229 statewide, top 33%, 1,044 students, 73% FRL); West Florence High (math 57% / reading 88%, grade B+, #46 of 196 statewide, top 24%, 1,807 students, 65% FRL).
• Zoned-school proficiency averages 56% at this address vs 38% district-wide (+18 pts) — the actual schools serving this property are materially stronger than the Florence 01 average implies; a family-tenant draw the district grade alone would hide.
• Market conditions: Rents rising fast (+4.7%/yr); 328 active listings in the ZIP; 657 units permitted in Florence County in 2024 (40 in 5+ unit buildings).
• 8 sale attempts since 8y 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.
• Climate carrying-cost: severe wind risk, 80% chance of damaging wind over 30y; moderate wildfire risk; extreme-heat days projected 7→15/yr by 2055 (HVAC capex compounding) — expect insurance premiums to compound above CPI over the hold.
• Cap rate 5.9% vs local median 3.5% in Florence — 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?
• It's been on market 43 days. Have you received any prior offers? Is the seller open to a 6% concession, seller financing, or rate buy-down credit?
• Built in 1975 — when were the roof, HVAC, electrical panel, plumbing, and water heater last replaced?
• What does the HOA fee cover, when was the last increase, and are there any pending special assessments or reserve-fund shortfalls?
• Is there a deadline driving the sale (1031 exchange, divorce, estate, relocation)? That informs how much negotiation room exists.
• 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?
• 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.