121 Saluda St · Cowpens, SC 29330-9271

$39,900

None bd · None ba · — sqft · MultiFamily · 133 Days on market

Built 1900 4,791 sqft lot ↓ 33% since listing

---

Why this score? — see what drove the D+ grade

The composite is a weighted blend of 9 inputs, each scored 0–100. Each bar is that input's sub-score; the figure is the points it added to the 100-point composite (weight × sub-score).

• Cash flow +15.0/30.0
• ARV discount +7.5/15.0
• 1% rule +5.0/10.0
• DSCR +5.0/10.0
• Appreciation +5.0/10.0
• Schools +3.7/10.0
• Livability +3.1/5.0
• Rent growth +2.5/5.0
• Condition / age +2.5/5.0

Multi-family units

County records classify this as Multi-Family (2-4 Unit). Listing-text estimate: 2 units. confirmed

Listing remarks

Step back in time and imagine the revival of this circa-1900 historic duplex located in the heart of Cowpens. 121 Saluda Street – Units A & B (1512 sq ft) presents a rare opportunity to restore a piece of local history while incorporating today’s modern amenities and finishes. This two-story structure offers two separate units, making it ideal for an owner-occupied renovation, multi-generational living, or an income-producing rental property. With its classic front porch, original architectural character, the home invites a thoughtful renovation that honors its past while reimagining its future. The property is ready for transformation. Whether your vision includes living

Key facts

• Two separate units
• Historic duplex
• Classic front porch

Tags

• HISTORIC DUPLEX
• TWO SEPARATE UNITS
• CLASSIC FRONT PORCH

Property features AI

Finance

• HOA & community: No community amenities listed

Exterior

• Parking: Off-street parking
• Utilities: Public water; Public sewer; Water heater: Other (see remarks); No garbage pickup listed
• Home design: Two-story building; Entry level information not provided; Facing direction not provided; Property type: Multi-family (2 units)
• Construction: Built around 1900; Crawl space foundation
• Exterior features: Wood exterior finish; Metal roof

Interior

• Heating & cooling: No heating system; No cooling system
• Interior features: Two-unit property

What this means for you Summary

Snapshot

• This is a 2 × 2-bed/1.0-bath units multifamily listed at $40k.

Deal economics

• At list price, monthly cash flow is $2k ($22k/yr) — positive. Per door: $909/mo.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($3k rent vs $40k).
• Recommended offer: $35k (12.0% below list) — sets the bar for market timing.
• Cap rate 61.0% vs local median 3.7% 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.

Location & tenants

• 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.
• Spartanburg 03 (suburban): math 39% / reading 49% proficiency, ranked #28 of 80 in SC (top 35%) — families likely to look elsewhere, expect single-tenant / working-renter base with shorter leases.
• Zoned schools: Cowpens Elementary (math 57% / reading 52%, grade C, #123 of 597 statewide, top 22%, 461 students, 100% FRL) — zoned schools average 100% FRL vs 57% district-wide (43 pts higher); higher-poverty schools than district average — tighter screening recommended.
• Market conditions: 1 active listings in the ZIP; 4 comparable units currently listed for rent nearby; rentals at typical pace (median 22d on market — plan ~3-4 weeks tenant-placement turnaround); 3,129 units permitted in Spartanburg County in 2024 (40 in 5+ unit buildings).

Forward outlook

• In year one you build about $1k of equity ($276 loan paydown + $1k appreciation (3.0% local appreciation)).
• Spartanburg County population projected at +18% by 2050 — long-run rental-demand tailwind backs the buy-and-hold thesis.
• At projected returns (3.0% appreciation + 3.0% rent growth), your $11k cash investment doubles in ~1 year — after that, you're playing with house money.

Negotiation context

• It's been on market 133 days — a 12% lower offer ($35k) is reasonable based on typical stale-listing flexibility.

Risks & watch-outs

• Watch-outs: built in 1900 — expect roof / HVAC / electrical / plumbing capex.
• 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.

Recommended offer $35,112 (12.0% below list)

Questions for the listing agent

1. It's been on market 133 days. Have you received any prior offers? Is the seller open to a 12% concession, seller financing, or rate buy-down credit?
2. Can we see the unit-by-unit rent roll, current vacancy, and any below-market leases? What's the average tenancy length?
3. What capital expenditures (roof, boiler, parking lot, exteriors) have been made in the last 5 years, and what's planned in the next 2?
4. Built in 1900 — when were the roof, HVAC, electrical panel, plumbing, and water heater last replaced?
5. Why hasn't it sold? Are there any deal-killer items the seller is aware of (foundation, flood, title, zoning, code violations)?
6. Is there a deadline driving the sale (1031 exchange, divorce, estate, relocation)? That informs how much negotiation room exists.
7. 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?
8. 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?
9. 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.
10. 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.
11. How much new apartment / multifamily construction is in the pipeline within 1–3 miles? Heavy new supply (>2% of stock underway) typically softens rents 12–24 months out; light construction supports rent growth.

Investment metrics

• 1% rule: 6.64% ✓
• Cap rate: 60.99%
• Cash-on-cash: 195.33%
• DSCR: 9.69
• GRM: 1.3

CMA / ARV

No comps found within radius.

Projected returns pro-forma

3.0% appreciation · 3.0% rent growth · sell at horizon

5-year hold

• IRR: —
• Equity multiple: 11.80×
• Total profit: $120,671
• Equity at exit: $17,941

10-year hold

• IRR: —
• Equity multiple: 24.93×
• Total profit: $267,315
• Equity at exit: $27,649

Cash invested: $11,172 (down + closing). Projections, not guarantees.

Landlord ↔ Tenant lean methodology

• Overall (STATE): 90 Strongly Landlord-Friendly
• State South Carolina: 90 Strongly Landlord-Friendly · R+6
• County: — inherits STATE
• City: — inherits STATE

5-day notice; preempted; landlord-favorable.

Methodology + full state rankings →

ZIP-level market 29330-9271

• Active inventory: 1
• Price-to-rent: 2.5×

Monthly cashflow live

• Estimated rent: $2,651 medium
• Mortgage (P&I): −$209
• Tax est. 1.5%: −$50 /mo · $598/yr
• Insurance: −$17
• HOA: −$0
• Vacancy / Maint / Mgmt: −$557
• Net cashflow: $1,819

Break-even live

Break-even rent $349

Max offer price $39,900

Occupancy floor 26%

Sensitivity live

Price	-10% $1,846	-5% $1,832	+0% $1,819	+5% $1,805	+10% $1,791
Rent	-10% $1,609	-5% $1,714	+0% $1,819	+5% $1,923	+10% $2,028
Rate	-1.0pp $1,839	-0.5pp $1,829	base $1,819	+0.5pp $1,808	+1.0pp $1,798

2-unit breakdown (identical units grouped — click to expand)

Units	Beds	Baths	Est. rent
▸ 2× units	2	1	$2,652
Total (2 units)			$2,651

UW: 25.0% down · 7.5% · 30yr · 1.5% tax · 5.0% vac · 8.0% maint · 8.0% mgmt

Financing live

Cash to close

• Down payment: $9,975
• Closing costs: $1,197
• Reserves months: —
• Total cash needed: —

Rent comps 4 comps

Address	Beds	Baths	Sqft	Rent	$/sqft	DOM	Units	Dist
5365 N Main St Apt 202 Cowpens, SC	2.0	2.0	810	$1,540	$1.90	22d	1	0.30mi
5365 N Main St Apt 101 Cowpens, SC	1.0	1.0	518	$1,245	$2.40	22d	1	0.30mi
162 Old Pacolet Rd Unit b Cowpens, SC	3.0	1.0	—	$889	—	22d	1	0.70mi
115 Anile St Unit B Cowpens, SC	2.0	2.0	1050	$1,495	$1.42	14d	1	0.99mi

Listing history 19 events

1. 2026-06-18
   days on market $39,900 Active 133 DOM
2. 2026-06-17
   days on market $39,900 Active 132 DOM
3. 2026-06-16
   days on market $39,900 Active 131 DOM
4. 2026-06-15
   days on market $39,900 Active 130 DOM
5. 2026-06-14
   days on market $39,900 Active 128 DOM
6. 2026-06-13
   days on market $39,900 Active 127 DOM
7. 2026-06-10
   days on market $39,900 Active 125 DOM
8. 2026-06-09
   days on market $39,900 Active 124 DOM
9. 2026-06-08
   days on market $39,900 Active 123 DOM
10. 2026-06-07
    days on market $39,900 Active 122 DOM
11. 2026-06-05
    days on market $39,900 Active 119 DOM
12. 2026-06-03
    days on market $39,900 Active 118 DOM
13. 2026-06-02
    days on market $39,900 Active 117 DOM
14. 2026-06-01
    days on market $39,900 Active 116 DOM
15. 2026-05-31
    days on market $39,900 Active 115 DOM
16. 2026-05-30
    days on market $39,900 Active 114 DOM
17. 2026-05-09
    price $39,900
18. 2026-04-07
    price $44,900
19. 2026-02-05
    listed $59,900 Active

ⓘ Source: listings_history table (triggers on properties + properties_extension) + one-shot backfill from property_details.listing_events for pre-trigger history.

Climate risk First Street

• 🌊 Flood 1/10 Low FEMA zone X (unshaded) · 0% chance over 30 yrs
• 🔥 Wildfire 4/10 Moderate
• 🌡 Heat 5/10 Major 7 d/yr ≥105°F today · 16 d/yr by 30 yrs out
• 💨 Wind 2/10 Low 3% chance of damaging wind over 30 yrs
• 🫁 Air quality 4/10 Moderate 4 unhealthy d/yr today · 4 by 30 yrs out

Taxation est. · year 1

• Rental income: $31,812
• − Mortgage interest: −$2,235
• − Property taxes: −$598
• − Insurance: −$200
• − Repairs & maintenance: −$2,545
• − Management: −$2,545
• − Depreciation: −$1,161
• Taxable income: $22,528
• Est. tax owed @ 24.0%: −$5,407
• After-tax cash flow: $16,416/yr

For passive investors: Depreciation is non-cash, so a rental often shows a tax loss while cash-flowing — sheltering income. Rental losses are passive: they offset passive income freely, and up to $25,000/yr can offset ordinary (W-2) income if you actively participate and your MAGI is under $100k (phasing out to $0 by $150k); unused losses carry forward. On sale, claimed depreciation is recaptured at up to 25%, and gains may owe capital-gains tax (a 1031 exchange can defer both). Figures are a year-1 estimate at your 24.0% rate — not tax advice; consult a CPA.

Schools (NCES district)

• District: Spartanburg 03
• NCES district ID: 4503540
• Math proficiency: 39% ▼ -5.00%
• Reading proficiency: 49% ▲ 6.00%
• Median HH income: $36,898
• Composite: 36.52/100
• National rank: #4645
• State rank: #28 of 80 in SC

Livability — Cowpens

• Score: 61/100
• State rank: #213
• US rank: #17912

Category grades

Amenities F Commute F Cost of living A+ Crime C Employment F Housing B+ Health & safety F User ratings B+

Schools grade is shown separately in the Schools card above.

Census & demographics

• Census place: Cowpens, SC

Population outlook (Spartanburg County) Hauer SSP2

• Today (2025): 325,495 people
• By 2030: 338,800 · +4.1%
• By 2040: 363,471 · +11.7%
• By 2050: 384,156 · +18.0%
• By 2075: 430,137 · +32.1%
• By 2100: 442,733 · +36.0%

Not yet ingested

• Political lean: —
• Race & ethnicity: —
• Common origin: —
• Civics: —

Market trends

• HPI YoY: —
• Current HPI: —
• Rent YoY: —
• Metro: —
• State GDP YoY: ▲ 4.51%
• F500 in state: 2

Industry mix (Fortune 500 HQ in SC)

Industry	F500 HQs	Revenue
▸Packaging	1	$7B

Price history

-33.4% since first listed

3 events — show timeline

• 2026-05-09 Price Changed $39,900 Greater Greenville MLS
• 2026-04-07 Price Changed $44,900 Greater Greenville MLS
• 2026-02-05 Listed $59,900 Greater Greenville MLS