1304 Edgewood Ave

Florence, SC 29501

$74,900B

2 bd · 1.0 ba · 1,356 sqft · Built 1945 · SingleFamily · Active · 16 DOM

Cashflow @ list (25.0% down · 7.5%)

• Estimated rent: $1,439/mo
• Mortgage (P&I): −$393
• Tax + insurance: −$188
• HOA: −$0
• Vac / Maint / Mgmt: −$302
• Net cashflow: $556/mo
• Annual: $6,674/yr
• Cap rate: 15.20%
• Cash-on-cash: 31.82%
• DSCR: 2.42
• 1% rule: 1.92%
• Cash to close: $20,972

Investor read

• This is a 2-bed/1.0-bath single-family listed at $75k. Condition is rated poor.
• At list price, monthly cash flow is $556 ($7k/yr) — positive.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($1k rent vs $75k).
• It's been on market 16 days — a 2% lower offer ($74k) is reasonable based on typical stale-listing flexibility.
• Recommended offer: $74k (1.5% below list) — sets the bar for market timing.
• Local home prices are declining (-3.0%/yr); year-one equity from $518 of loan paydown is wiped out by about $2k of value loss. Plan a longer hold.
• Location reads 62/100 on livability (#196 in SC) — a middle-class / working-renter tenant base. Strengths: cost of living A+, housing A+, health & safety B+; Watch: employment C-, crime F, amenities F.
• Florence 01 (urban): math 29% / reading 47% proficiency, ranked #34 of 80 in SC (top 42%) — families likely to look elsewhere, expect single-tenant / working-renter base with shorter leases.
• Zoned schools: Royall Elementary (math 43% / reading 61%, grade C-, #145 of 597 statewide, top 26%, 478 students, 100% FRL); Henry L. Sneed Middle (math 16% / reading 35%, grade F, #162 of 229 statewide, top 71%, 693 students, 94% FRL); West Florence High (math 57% / reading 88%, grade B+, #46 of 196 statewide, top 24%, 1,807 students, 65% FRL) — zoned schools average 86% FRL vs 57% district-wide (29 pts higher); higher-poverty schools than district average — tighter screening recommended.
• Zoned-school proficiency averages 50% at this address vs 38% district-wide (+12 pts) — the actual schools serving this property are materially stronger than the Florence 01 average implies; a family-tenant draw the district grade alone would hide.
• Watch-outs: property tax is 2.5% of price; built in 1945 — expect roof / HVAC / electrical / plumbing capex.
• Market conditions: Rents rising fast (+4.7%/yr); 440 active listings in the ZIP; 18 comparable units currently listed for rent nearby; rentals leasing fast (median 6d on market — plan ~1-2 weeks tenant-placement turnaround); 657 units permitted in Florence County in 2024 (40 in 5+ unit buildings).
• 2 sale attempts since 22y 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 $58k; 29% above their basis — modest negotiation headroom, anchor on the comps not their cost.
• At projected returns (-3.0% appreciation + 4.7% rent growth), your $21k cash investment doubles in ~4 years — after that, you're playing with house money.
• Climate carrying-cost: severe wind risk, 80% 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.
• Cap rate 15.2% vs local median 4.3% in Florence — 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

• Have any recent inspections been done? Can we get a copy of the seller's disclosures and any deferred-maintenance estimates?
• Built in 1945 — when were the roof, HVAC, electrical panel, plumbing, and water heater last replaced?
• Property tax is high relative to price — has the assessment been appealed recently, and will the sale trigger a re-assessment?
• Is there a deadline driving the sale (1031 exchange, divorce, estate, relocation)? That informs how much negotiation room exists.
• 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?
• 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.
• 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.

Repairs flagged (vision-AI assessment)

• Major: Exterior siding — Severe peeling and wear
• Major: Hardwood floors — Worn and damaged
• Major: Paint — Peeling and signs of wear
• Major: Windows — Old and may need replacement
• Major: HVAC/mechanicals — No photos, but likely outdated