4 bd · 2.0 ba ·
1,400 sqft ·
Built 1976
· MultiFamily
· Active
· 96 DOM
Cashflow @ list (25.0% down · 7.5%)
Estimated rent
$1,822/mo
Mortgage (P&I)
−$838
Tax + insurance
−$266
HOA
−$0
Vac / Maint / Mgmt
−$383
Net cashflow
$335/mo
Annual
$4,018/yr
Cap rate
8.81%
Cash-on-cash
8.98%
DSCR
1.40
1% rule
1.14%
Cash to close
$44,762
Investor read
This is a 4-bed/2.0-bath multifamily listed at $160k.
At list price, monthly cash flow is $335 ($4k/yr) — positive.
The deal already cash-flows at list — no discount required.
Meets the 1% rule at list price ($2k rent vs $160k).
It's been on market 96 days — a 9% lower offer ($145k) is reasonable based on typical stale-listing flexibility.
Recommended offer: $145k (9.0% below list) — sets the bar for market timing.
Local home prices are declining (-3.0%/yr); year-one equity from $1k of loan paydown is wiped out by about $5k of value loss. Plan a longer hold.
Location reads: area grade C — affects rentability + tenant quality, not the cash-flow math above.
Spartanburg 07 (urban): math 34% / reading 41% proficiency, ranked #39 of 80 in SC (top 49%) — families likely to look elsewhere, expect single-tenant / working-renter base with shorter leases; 62% free/reduced lunch — lower-income household profile, screen leases tightly.
Market conditions: Rents rising (+2.5%/yr); 154 active listings in the ZIP; solid renter incomes; 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.
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.
Cap rate 8.8% vs local median 4.9% in Camp Croft — 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
It's been on market 96 days. Have you received any prior offers? Is the seller open to a 9% concession, seller financing, or rate buy-down credit?
Built in 1976 — 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.
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 apartment / multifamily construction is in the pipeline within 1–3 miles? Heavy new supply (>2% of stock underway) typically softens rents 12–24 months out; light construction supports rent growth.
CashFlowRE · CFR-MH740V42W0V4C3
· Data 1 week agocashflowre.app · 2026-05-29