3927 W Buchanan Dr

Columbia, SC 29206

$213,000D

16 bd · 16.0 ba · 1,212 sqft · Built 1986 · Condo · Pending · 25 DOM

Cashflow @ list (25.0% down · 7.5%)

• Estimated rent: $2,028/mo
• Mortgage (P&I): −$1,117
• Tax + insurance: −$155
• HOA: −$350
• Vac / Maint / Mgmt: −$426
• Net cashflow: $-20/mo
• Annual: $-238/yr
• Cap rate: 6.18%
• Cash-on-cash: -0.40%
• DSCR: 0.98
• 1% rule: 0.95%
• Cash to close: $59,640

Investor read

• This is a 16-bed/16.0-bath condo listed at $213k.
• At list price, monthly cash flow is $-20 ($-238/yr) — negative.
• To cash-flow at today's rent, offer at most $209k (1.6% below list).
• To meet the 1% rule (rent ≥ 1% of price), the offer needs to be $203k (4.8% below list).
• It's been on market 25 days — a 2% lower offer ($210k) is reasonable based on typical stale-listing flexibility.
• Recommended offer: $203k (4.8% 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 78/100 on livability (#18 in SC, #2,436 nationally) — a middle-class / working-renter tenant base. Strengths: amenities A+, commute A+, cost of living A+; Watch: employment D, crime F.
• Richland 01 (urban): math 26% / reading 36% proficiency, ranked #54 of 80 in SC (top 68%) — 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: Satchel Ford Elementary (math 62% / reading 61%, grade B, #76 of 597 statewide, top 13%, 631 students, 100% FRL); Crayton Middle (math 48% / reading 64%, grade B-, #23 of 229 statewide, top 10%, 905 students, 100% FRL); A. C. Flora High (math 42% / reading 92%, grade B, #73 of 196 statewide, top 41%, 1,352 students, 100% FRL) — zoned schools average 100% FRL vs 64% district-wide (36 pts higher); higher-poverty schools than district average — tighter screening recommended.
• Zoned-school proficiency averages 62% at this address vs 31% district-wide (+30 pts) — the actual schools serving this property are materially stronger than the Richland 01 average implies; a family-tenant draw the district grade alone would hide.
• Market conditions: Rents rising fast (+4.8%/yr); 119 active listings in the ZIP; solid renter incomes; 3,472 units permitted in Richland County in 2024 (1,096 in 5+ unit buildings).
• Richland County population projected at +30% by 2050 — long-run rental-demand tailwind backs the buy-and-hold thesis.
• 5 sale attempts since 6y 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 $145k; 47% above their basis — modest negotiation headroom, anchor on the comps not their cost.
• Cap rate 6.2% vs local median 5.0% in Columbia — meaningfully above typical; check what's discounted (condition, days-on-market, listing class) to confirm the premium yield is real.

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?
• What does the HOA fee cover, when was the last increase, and are there any pending special assessments or reserve-fund shortfalls?
• Any open or pending special assessments — roof, HVAC, plumbing, elevator, façade? What's the per-unit balance and payoff schedule, and is the seller paying it off at close or rolling it to the buyer?
• 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?
• 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.