234 Greencreek Dr

Spartanburg, SC 29301-2506

$239,900D+

3 bd · 2.0 ba · 1,801 sqft · Built 1977 · SingleFamily · Active · 67 DOM

Cashflow @ list (25.0% down · 7.5%)

• Estimated rent: $1,761/mo
• Mortgage (P&I): −$1,258
• Tax + insurance: −$198
• HOA: −$0
• Vac / Maint / Mgmt: −$370
• Net cashflow: $-65/mo
• Annual: $-779/yr
• Cap rate: 5.97%
• Cash-on-cash: -1.16%
• DSCR: 0.95
• 1% rule: 0.73%
• Cash to close: $67,172

Investor read

• This is a 3-bed/2.0-bath single-family listed at $240k.
• At list price, monthly cash flow is $-65 ($-779/yr) — negative.
• To cash-flow at today's rent, offer at most $228k (4.8% below list).
• To meet the 1% rule (rent ≥ 1% of price), the offer needs to be $176k (26.6% below list).
• It's been on market 67 days — a 6% lower offer ($226k) is reasonable based on typical stale-listing flexibility.
• Recommended offer: $176k (26.6% below list) — sets the bar for 1% rule.
• In year one you build about $9k of equity ($2k loan paydown + $7k appreciation (3.0% local appreciation)).
• Location reads 76/100 on livability (#24 in SC, #3,679 nationally) — a middle-class / working-renter tenant base. Strengths: amenities A+, commute A+, cost of living A+; Watch: crime F, employment F.
• Spartanburg 06 (suburban): math 33% / reading 42% proficiency, ranked #35 of 80 in SC (top 44%) — families likely to look elsewhere, expect single-tenant / working-renter base with shorter leases.
• Zoned schools: Dorman High (math 46% / reading 78%, grade B-, #99 of 196 statewide, top 53%, 3,808 students, 75% FRL) — zoned schools average 75% FRL vs 48% district-wide (26 pts higher); higher-poverty schools than district average — tighter screening recommended.
• Zoned-school proficiency averages 62% at this address vs 38% district-wide (+24 pts) — the actual schools serving this property are materially stronger than the Spartanburg 06 average implies; a family-tenant draw the district grade alone would hide.
• Market conditions: 1 active listings in the ZIP; 8 comparable units currently listed for rent nearby; rentals at typical pace (median 24d on market — plan ~3-4 weeks tenant-placement turnaround); 3,129 units permitted in Spartanburg County in 2024 (40 in 5+ unit buildings).
• Spartanburg County population projected at +18% by 2050 — long-run rental-demand tailwind backs the buy-and-hold thesis.
• 8 sale attempts since 19y 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 $127k; list at $240k implies a 89% gain — meaningful room to come down on a strong offer.
• At projected returns (3.0% appreciation + 3.0% rent growth), your $67k cash investment doubles in ~7 years — after that, you're playing with house money.
• By year 4, paydown + projected appreciation supports a ~$30k cash-out refi (75% LTV) — recoverable capital for the next deal without selling this one.
• 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.

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 67 days. Have you received any prior offers? Is the seller open to a 27% concession, seller financing, or rate buy-down credit?
• Built in 1977 — when were the roof, HVAC, electrical panel, plumbing, and water heater last replaced?
• 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 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?
• 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?