120 Wateroak Dr · Columbia, SC 29063

$189,999

3 bd · 2.0 ba · 1,432 sqft · SingleFamily public records · 4 Days on market

Built 1984 0.27 ac lot

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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 +17.3/30.0
• ARV discount +7.5/15.0
• 1% rule +5.9/10.0
• DSCR +5.4/10.0
• Schools +4.5/10.0
• Livability +3.9/5.0
• Rent growth +2.7/5.0
• Condition / age +2.5/5.0
• Appreciation +0.0/10.0

Listing remarks

Charming traditional home nestled in the desirable Raintree Acres community of Irmo! This 3-bedroom, 2-bath home features approximately 1,432 square feet of comfortable living space with timeless character and curb appeal. Featuring a welcoming front porch, brick and siding exterior, and a functional layout, this home is perfect for first-time buyers, downsizers, or investors. Conveniently located in the award-winning Lexington/Richland Five School District and zoned for Dutch Fork schools. Enjoy easy access to shopping, dining, Lake Murray, interstates, and all that the Irmo area has to provide. Great opportunity to personalize and make this home your own. Sold as-is. Disclaimer: CMLS has

Key facts

• Front porch
• 0.27 acre lot
• Built 1984

Tags

• RAINTREE ACRES COMMUNITY
• FRONT PORCH
• BRICK AND SIDING EXTERIOR
• ZONED FOR DUTCH FORK SCHOOLS
• EASY ACCESS TO SHOPPING
• EASY ACCESS TO DINING

Property features AI

Exterior

• Utilities: Public water; Public sewer
• Home design: Single-family property
• Construction: Crawlspace foundation
• Exterior features: Dock; Full gutters; Brick exterior on all sides above foundation; Paved road access; 0.27-acre lot

Interior

• Bedrooms: Master bedroom on the main level; Second bedroom on the main level; Third bedroom on the main level
• Bathrooms: Two full bathrooms
• Heating & cooling: Central heating; Electric heating; Heat pump on the first level; Central cooling; Heat pump cooling on the first level
• Interior features: One fireplace

What this means for you Summary

Snapshot

• This is a 3-bed/2.0-bath single-family listed at $190k.

Deal economics

• At list price, monthly cash flow is $138 ($2k/yr) — positive.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($2k rent vs $190k).
• Cap rate 7.2% vs local median 5.0% in Columbia — 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 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.
• Lexington 05 (suburban): math 47% / reading 55% proficiency, ranked #5 of 80 in SC (top 6%) — acceptable for families but not a draw, mixed tenant base, ~2y average lease.
• Zoned schools: Oak Pointe Elementary (math 63% / reading 62%, grade B, #69 of 597 statewide, top 12%, 520 students, 48% FRL); Dutch Fork High (math 54% / reading 86%, grade B+, #58 of 196 statewide, top 30%, 1,726 students, 52% FRL) — zoned schools average 50% FRL vs 27% district-wide (23 pts higher); higher-poverty schools than district average — tighter screening recommended.
• Zoned-school proficiency averages 66% at this address vs 51% district-wide (+15 pts) — the actual schools serving this property are materially stronger than the Lexington 05 average implies; a family-tenant draw the district grade alone would hide.
• Market conditions: Rents flat; 315 active listings in the ZIP; 36 comparable units currently listed for rent nearby; rentals leasing fast (median 3d on market — plan ~1-2 weeks tenant-placement turnaround); solid renter incomes; 3,472 units permitted in Richland County in 2024 (1,096 in 5+ unit buildings).

Forward outlook

• 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.
• Richland County population projected at +30% by 2050 — long-run rental-demand tailwind backs the buy-and-hold thesis.

Negotiation context

• Only 4 days on market — expect competitive offers; lowballing is unlikely to land.
• 2 sale attempts since 5y 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 $150k; 27% above their basis — modest negotiation headroom, anchor on the comps not their cost.

Risks & watch-outs

• Watch-outs: property tax is 2.7% of price.
• Climate carrying-cost: major wind risk, 63% chance of damaging wind over 30y; extreme-heat days projected 7→16/yr by 2055 (HVAC capex compounding) — expect insurance premiums to compound above CPI over the hold.

Recommended offer $189,999

Questions for the listing agent

1. Property tax is high relative to price — has the assessment been appealed recently, and will the sale trigger a re-assessment?
2. Is there a deadline driving the sale (1031 exchange, divorce, estate, relocation)? That informs how much negotiation room exists.
3. 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?
4. 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?
5. 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?
6. 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.
7. 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.
8. 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.

Investment metrics

• 1% rule: 1.09% ✓
• Cap rate: 7.16%
• Cash-on-cash: 3.10%
• DSCR: 1.14
• GRM: 7.6

CMA / ARV

No comps found within radius.

Projected returns pro-forma

-3.0% appreciation · 0.78% rent growth · sell at horizon

5-year hold

• IRR: -14.2%
• Equity multiple: 0.50×
• Total profit: $-26,409
• Equity at exit: $28,329

10-year hold

• IRR: -10.0%
• Equity multiple: 0.46×
• Total profit: $-28,899
• Equity at exit: $16,428

Cash invested: $53,200 (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 29063

• Rents YoY: 0.8%
• Active inventory: 315
• Price-to-rent: 7.6×

Monthly cashflow live

• Estimated rent: $2,073 high
• Mortgage (P&I): −$996
• Tax from tax record: −$424 /mo · $5,094/yr
• Insurance: −$79
• HOA: −$0
• Vacancy / Maint / Mgmt: −$435
• Net cashflow: $138

Break-even live

Break-even rent $1,899

Max offer price $189,999

Occupancy floor 88%

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: $47,500
• Closing costs: $5,700
• Reserves months: —
• Total cash needed: —

Rent comps 36 comps

Address	Beds	Baths	Sqft	Rent	$/sqft	DOM	Units	Dist
174 Winding Chestnut Dr Columbia, SC	3.0	2.5	1335	$1,875	$1.40	23d	1	0.69mi
185 Winding Chestnut Dr Columbia, SC	3.0	2.5	1335	$1,975	$1.48	23d	1	0.73mi
193 Winding Chestnut Dr Columbia, SC	3.0	2.5	1335	$1,975	$1.48	23d	1	0.74mi
197 Winding Chestnut Dr Columbia, SC	3.0	2.5	1335	$1,875	$1.40	23d	1	0.75mi
201 Winding Chestnut Dr Columbia, SC	3.0	2.5	1335	$1,975	$1.48	23d	1	0.76mi
200 Winding Chestnut Dr Columbia, SC	3.0	2.5	1335	$1,975	$1.48	23d	1	0.77mi
209 Winding Chestnut Dr Columbia, SC	3.0	2.5	1335	$2,125	$1.59	3d	1	0.78mi
204 Winding Chestnut Dr Columbia, SC	3.0	2.5	1335	$1,875	$1.40	23d	1	0.78mi
211 Winding Chestnut Dr Columbia, SC	3.0	2.5	1335	$2,025	$1.52	3d	1	0.78mi
213 Winding Chestnut Dr Columbia, SC	3.0	2.5	1335	$2,025	$1.52	3d	1	0.78mi
215 Winding Chestnut Dr Columbia, SC	3.0	2.5	1335	$2,125	$1.59	3d	1	0.79mi
208 Winding Chestnut Dr Columbia, SC	3.0	2.5	1335	$2,125	$1.59	3d	1	0.79mi
210 Winding Chestnut Dr Columbia, SC	3.0	2.5	1335	$2,025	$1.52	3d	1	0.79mi
217 Winding Chestnut Dr Columbia, SC	3.0	2.5	1335	$2,125	$1.59	3d	1	0.79mi
212 Winding Chestnut Dr Columbia, SC	3.0	2.5	1335	$2,025	$1.52	3d	1	0.79mi
219 Winding Chestnut Dr Columbia, SC	3.0	2.5	1335	$2,025	$1.52	3d	1	0.80mi
214 Winding Chestnut Dr Columbia, SC	3.0	2.5	1335	$2,125	$1.59	3d	1	0.80mi
221 Winding Chestnut Dr Columbia, SC	3.0	2.5	1335	$2,025	$1.52	3d	1	0.80mi
220 Winding Chestnut Dr Columbia, SC	3.0	2.5	1335	$2,125	$1.59	3d	1	0.80mi
223 Winding Chestnut Dr Columbia, SC	3.0	2.5	1335	$2,125	$1.59	3d	1	0.81mi
222 Winding Chestnut Dr Columbia, SC	3.0	2.5	1335	$2,025	$1.52	3d	1	0.81mi
225 Winding Chestnut Dr Columbia, SC	3.0	2.5	1335	$2,125	$1.59	3d	1	0.81mi
227 Winding Chestnut Dr Columbia, SC	3.0	2.5	1335	$2,025	$1.52	3d	1	0.81mi
224 Winding Chestnut Dr Columbia, SC	3.0	2.5	1335	$2,025	$1.52	3d	1	0.81mi
229 Winding Chestnut Dr Columbia, SC	3.0	2.5	1335	$2,025	$1.52	3d	1	0.82mi
226 Winding Chestnut Dr Columbia, SC	3.0	2.5	1335	$2,125	$1.59	3d	1	0.82mi
231 Winding Chestnut Dr Columbia, SC	3.0	2.5	1335	$2,125	$1.59	3d	1	0.82mi
228 Winding Chestnut Dr Columbia, SC	3.0	2.5	1335	$2,125	$1.59	3d	1	0.82mi
233 Winding Chestnut Dr Columbia, SC	3.0	2.5	1335	$2,125	$1.59	3d	1	0.83mi
230 Winding Chestnut Dr Columbia, SC	3.0	2.5	1335	$2,025	$1.52	3d	1	0.83mi
235 Winding Chestnut Dr Columbia, SC	3.0	2.5	1335	$2,025	$1.52	3d	1	0.83mi
232 Winding Chestnut Dr Columbia, SC	3.0	2.5	1335	$2,025	$1.52	3d	1	0.83mi
237 Winding Chestnut Dr Columbia, SC	3.0	2.5	1335	$2,125	$1.59	3d	1	0.83mi
234 Winding Chestnut Dr Columbia, SC	3.0	2.5	1335	$2,125	$1.59	3d	1	0.83mi
316 Stamport Cir Irmo, SC	3.0	2.5	1500	$1,575	$1.05	3d	1	0.89mi
2 Beagle Ct Irmo, SC	3.0	2.0	1289	$1,849	$1.43	11d	1	1.08mi

Listing history 10 events

1. 2026-05-17
   status Pending
2. 2026-05-12
   listed $189,999 Active
3. 2022-02-08
   price $1,295
4. 2021-03-25
   soldstatus $150,000
5. 2021-02-11
   historical
6. 2021-01-29
   listed $155,000 Active
7. 2014-10-06
   soldstatus $80,000
8. 2005-06-28
   soldstatus $105,000
9. 2001-05-30
   soldstatus $90,000
10. 1991-07-05
    soldstatus $68,500

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

Tax reassessment forecast SC · Resets to sale price

• Current annual tax: $5,094 · $424/mo
• Projected year-2 tax: $5,094 · $424/mo
• Expected delta: $0/yr ($0/mo · 0.0%)

ⓘ Screening estimate from a state-policy table — verify with the county assessor before closing.

Climate risk First Street

• 🌊 Flood 1/10 Low FEMA zone X (unshaded) · 0% chance over 30 yrs
• 🔥 Wildfire 3/10 Moderate
• 🌡 Heat 6/10 Major 7 d/yr ≥108°F today · 16 d/yr by 30 yrs out
• 💨 Wind 6/10 Major 63% chance of damaging wind over 30 yrs
• 🫁 Air quality 3/10 Moderate 3 unhealthy d/yr today · 3 by 30 yrs out

Taxation est. · year 1

• Rental income: $24,875
• − Mortgage interest: −$10,643
• − Property taxes: −$5,094
• − Insurance: −$950
• − Repairs & maintenance: −$1,990
• − Management: −$1,990
• − Depreciation: −$5,527
• Taxable loss: −$1,319
• Est. tax savings @ 24.0%: +$317
• After-tax cash flow: $1,968/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: Lexington 05
• NCES district ID: 4502820
• Math proficiency: 47% ▼ -7.00%
• Reading proficiency: 55% ▼ -4.00%
• Median HH income: $67,732
• Composite: 45.28/100
• National rank: #2656
• State rank: #5 of 80 in SC

Livability — Columbia

• Score: 78/100
• State rank: #18
• US rank: #2436

Category grades

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

Schools grade is shown separately in the Schools card above.

Census & demographics

• County: Richland County · 389,530 people
• City population: 335,994
• Metro: Columbia, SC
• Population (ZIP): 38,201
• Household income: $91,973
• Rent vs Own: 19.4% rent · 80.6% own
• Severe rent burden: 962.0

Population outlook (Richland County) Hauer SSP2

• Today (2025): 459,667 people
• By 2030: 487,524 · +6.1%
• By 2040: 542,035 · +17.9%
• By 2050: 595,371 · +29.5%
• By 2075: 732,998 · +59.5%
• By 2100: 820,415 · +78.5%

Race, ethnicity, and origin ACS 2023

• Neighborhood character: Majority White (65%)
• Race & ethnicity: White 65% Black 26% Two or more races 5% Hispanic / Latino 3% Asian 2%
• Common ancestry: Romanian 4% Slovak 4% Serbian 3%
• Foreign-born: 4% · Canada
• Languages at home: 95% English-only · Spanish 2% Russian/Polish/Slavic 1% Other Indo-European 1%

Political lean MEDSL · Richland

• 2024 margin: Solid D (+34.6) · D 66.4% · R 31.8% · Other 1.8%
• 2008→2024 swing: +5.7pp toward D · 2008: 28.9pp · 2024: 34.6pp
• All cycles: 2024: D+34.6 2020: D+38.3 2016: D+32.9 2012: D+33.3 2008: D+28.9

Not yet ingested

• Civics: —

Market trends

• HPI YoY: ▼ -130.57%
• Current HPI: 204.0147
• Rent YoY: ▲ 0.78%
• Metro: Columbia, SC
• 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

+177.4% since first listed

10 events — show timeline

• 2026-05-17 Pending — Consolidated MLS
• 2026-05-12 Listed $189,999 Consolidated MLS
• 2022-02-08 Price Changed $1,295 RENT.
• 2021-03-25 Sold (Public Records) $150,000 Public Records
• 2021-02-11 Delisted — Consolidated MLS
• 2021-01-29 Listed $155,000 Consolidated MLS
• 2014-10-06 Sold (Public Records) $80,000 Public Records
• 2005-06-28 Sold (Public Records) $105,000 Public Records
• 2001-05-30 Sold (Public Records) $90,000 Public Records
• 1991-07-05 Sold (Public Records) $68,500 Public Records

Property tax history

+5.4%/yr

Latest (2025): $5,094 · +0.7% YoY. Source: county tax records.