106 Tartan Ln

Greenwood, SC 29646

$290,400D-

3 bd · 2.0 ba · 1,600 sqft · Built 2025 · SingleFamily · Pending · 1 DOM

Cashflow @ list (25.0% down · 7.5%)

• Estimated rent: $2,548/mo
• Mortgage (P&I): −$1,523
• Tax + insurance: −$484
• HOA: −$29
• Vac / Maint / Mgmt: −$535
• Net cashflow: $-23/mo
• Annual: $-276/yr
• Cap rate: 6.20%
• Cash-on-cash: -0.34%
• DSCR: 0.98
• 1% rule: 0.88%
• Cash to close: $81,312

Investor read

• This is a 3-bed/2.0-bath single-family listed at $290k. Condition is rated good.
• At list price, monthly cash flow is $-23 ($-276/yr) — negative.
• To cash-flow at today's rent, offer at most $287k (1.1% below list).
• To meet the 1% rule (rent ≥ 1% of price), the offer needs to be $255k (12.3% below list).
• Only 1 days on market — expect competitive offers; lowballing is unlikely to land.
• Recommended offer: $255k (12.3% below list) — sets the bar for 1% rule.
• Local home prices are declining (-3.0%/yr); year-one equity from $2k of loan paydown is wiped out by about $9k of value loss. Plan a longer hold.
• Location reads 63/100 on livability (#167 in SC) — a middle-class / working-renter tenant base. Strengths: cost of living A+, health & safety A+, housing A; Watch: amenities D, crime F, commute F.
• Greenwood 50 (town): math 31% / reading 39% proficiency, ranked #43 of 80 in SC (top 54%) — families likely to look elsewhere, expect single-tenant / working-renter base with shorter leases.
• Zoned schools: Dr. Benjamin E. Mays Elementary (math 30% / reading 34%, grade F, #369 of 597 statewide, top 64%, 572 students, 100% FRL); Westview Middle (math 37% / reading 38%, grade F, #90 of 229 statewide, top 42%, 674 students, 100% FRL); Emerald High (math 42% / reading 82%, grade B-, #99 of 196 statewide, top 53%, 812 students, 100% FRL) — zoned schools average 100% FRL vs 59% district-wide (41 pts higher); higher-poverty schools than district average — tighter screening recommended.
• Market conditions: 166 active listings in the ZIP; 4 comparable units currently listed for rent nearby; rentals at typical pace (median 26d on market — plan ~3-4 weeks tenant-placement turnaround); 193 units permitted in Greenwood County in 2024 (0 in 5+ unit buildings).
• Greenwood County population projected to shrink 8% by 2050 — rents likely to lag national; underwrite the cash flow, not the appreciation.
• Cap rate 6.2% vs local median 3.6% in Greenwood — 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?
• 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.
• 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?
• 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.
• 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.