2490 Carolina 311

Holly Hill, SC 29436

$219,500D-

3 bd · 2.0 ba · 1,216 sqft · Built 2026 · Manufactured · Active · 80 DOM

Cashflow @ list (25.0% down · 7.5%)

• Estimated rent: $1,607/mo
• Mortgage (P&I): −$1,151
• Tax + insurance: −$366
• HOA: −$0
• Vac / Maint / Mgmt: −$337
• Net cashflow: $-248/mo
• Annual: $-2,971/yr
• Cap rate: 4.94%
• Cash-on-cash: -4.83%
• DSCR: 0.78
• 1% rule: 0.73%
• Cash to close: $61,460

Investor read

• This is a 3-bed/2.0-bath manufactured listed at $220k.
• At list price, monthly cash flow is $-248 ($-3k/yr) — negative.
• To cash-flow at today's rent, offer at most $184k (16.3% below list).
• To meet the 1% rule (rent ≥ 1% of price), the offer needs to be $161k (26.8% below list).
• It's been on market 80 days — a 6% lower offer ($206k) is reasonable based on typical stale-listing flexibility.
• Recommended offer: $161k (26.8% below list) — sets the bar for 1% rule.
• In year one you build about $9k of equity ($2k loan paydown + $8k appreciation (3.6% local appreciation)).
• Location reads 57/100 on livability (#282 in SC) — a working-class tenant base; expect higher turnover. Strengths: cost of living A+, health & safety A+, housing B; Watch: crime F, amenities F, commute F.
• Berkeley 01 (suburban): math 35% / reading 48% proficiency, ranked #30 of 80 in SC (top 38%) — families likely to look elsewhere, expect single-tenant / working-renter base with shorter leases.
• Zoned schools: Cross Elementary (math 8% / reading 27%, grade F, #514 of 597 statewide, top 86%, 348 students, 100% FRL); Cross High (math 12% / reading 42%, grade F, #193 of 196 statewide, top 98%, 294 students, 100% FRL) — zoned schools average 100% FRL vs 48% district-wide (52 pts higher); higher-poverty schools than district average — tighter screening recommended.
• Zoned-school proficiency averages 22% at this address vs 42% district-wide (-19 pts) — the specific schools serving this property underperform the Berkeley 01 average; the district grade overstates school quality for this exact location.
• Market conditions: 62 active listings in the ZIP; 3,183 units permitted in Berkeley County in 2024 (580 in 5+ unit buildings).
• Berkeley County population projected at +48% by 2050 — long-run rental-demand tailwind backs the buy-and-hold thesis.
• By year 4, paydown + projected appreciation supports a ~$32k cash-out refi (75% LTV) — recoverable capital for the next deal without selling this one.
• Cap rate 4.9% vs local median 2.0% in Holly Hill — 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 80 days. Have you received any prior offers? Is the seller open to a 27% concession, seller financing, or rate buy-down credit?
• Why hasn't it sold? Are there any deal-killer items the seller is aware of (foundation, flood, title, zoning, code violations)?
• 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.