4443 Bethel Church Rd #9

Forest Acres, SC 29206

$110,000C

3 bd · 2.0 ba · 1,642 sqft · Built 1974 · Condo · Active · 18 DOM

Cashflow @ list (25.0% down · 7.5%)

• Estimated rent: $1,702/mo
• Mortgage (P&I): −$577
• Tax + insurance: −$167
• HOA: −$435
• Vac / Maint / Mgmt: −$357
• Net cashflow: $166/mo
• Annual: $1,989/yr
• Cap rate: 8.10%
• Cash-on-cash: 6.46%
• DSCR: 1.29
• 1% rule: 1.55%
• Cash to close: $30,800

Investor read

• This is a 3-bed/2.0-bath condo listed at $110k.
• At list price, monthly cash flow is $166 ($2k/yr) — positive.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($2k rent vs $110k).
• It's been on market 18 days — a 2% lower offer ($108k) is reasonable based on typical stale-listing flexibility.
• Recommended offer: $108k (1.5% below list) — sets the bar for market timing.
• Local home prices are declining (-3.0%/yr); year-one equity from $761 of loan paydown is wiped out by about $3k of value loss. Plan a longer hold.
• Location reads 73/100 on livability (#39 in SC) — a middle-class / working-renter tenant base. Strengths: housing A+, cost of living A, employment A-; Watch: crime D, amenities F, commute 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: Bradley Elementary (math 22% / reading 32%, grade F, #421 of 597 statewide, top 73%, 437 students, 100% FRL); W.J. Keenan High (math 54% / reading 77%, grade B, #83 of 196 statewide, top 43%, 725 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 46% at this address vs 31% district-wide (+15 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.
• Watch-outs: HOA is 26% of rent.
• Market conditions: Rents rising fast (+4.8%/yr); 115 active listings in the ZIP; 11 comparable units currently listed for rent nearby; rentals at typical pace (median 25d on market — plan ~3-4 weeks tenant-placement turnaround); 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.
• Current owner paid $75k; 47% above their basis — modest negotiation headroom, anchor on the comps not their cost.
• At projected returns (-3.0% appreciation + 4.8% rent growth), your $31k cash investment doubles in ~10 years — after that, you're playing with house money.

Questions for listing agent

• Built in 1974 — when were the roof, HVAC, electrical panel, plumbing, and water heater last replaced?
• 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 A-rated — typically a magnet for longer-tenancy family renters. What's the average tenant stay here, and is there a school-zone premium baked into asking?
• Crime grade is D 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?
• 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.