994 Chestnut Ridge Rd · Gaffney, SC 29340

$97,000

2 bd · 2.0 ba · 980 sqft · SingleFamily · 106 Days on market

1.48 ac lot Est $155k · 37% under ↓ 25% since listing

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Why this score? — see what drove the C grade

The composite is a weighted blend of 9 inputs, each scored 0–100. Each bar is that input's sub-score; the figure is the points it added to the 100-point composite (weight × sub-score).

• Cash flow +18.3/30.0
• ARV discount +15.0/15.0
• DSCR +5.7/10.0
• 1% rule +4.9/10.0
• Livability +3.3/5.0
• Schools +2.8/10.0
• Rent growth +2.5/5.0
• Condition / age +2.5/5.0
• Appreciation +0.0/10.0

Listing remarks MLS

Back on the market at no fault of Seller. Listed well below appraisal value. Well over an acre of land bordered by a natural creek and surrounded by forest. Perfect for enjoying abundant wildlife in a private setting. The 2BR/2BA de-titled manufactured home sits on a block foundation with metal roof, working HVAC, and new water heater. A second small mobile home on site needs to be torn-down, but the septic and hook-ups are in place for another home to replace it if desired. Two wells on the property, along with public water, septic, storage building and carport that convey with purchase. This home should qualify for most types of traditional financing. Ask for details.

Key facts

• Metal roof
• Acre of land
• Surrounded by forest

Tags

• ACRE OF LAND
• NATURAL CREEK
• SURROUNDED BY FOREST
• ABUNDANT WILDLIFE
• BLOCK FOUNDATION
• METAL ROOF

Property features AI

Finance

• HOA & community: No HOA

Exterior

• Parking: Covered parking spaces; Gravel driveway; Detached carport
• Utilities: Public water available, well, and other (see remarks); Electric water heater; Septic sewer; Public garbage pickup; Electric service
• Home design: Single-story home; Corner lot with creek and some trees; Lot size between 1 and 2 acres; Outbuilding with electricity; Crawl space foundation; Approximate age: unknown
• Construction: Metal roof; Aluminum siding; Crawl space foundation; Outbuilding with electricity
• Exterior features: Front porch; Covered back porch; Thermal windows; Metal roof; Aluminum siding

Interior

• Kitchen: Kitchen approximately 13 x 10; Dishwasher; Electric freestanding range
• Bedrooms: Primary bedroom on main level with shower-only bath and walk-in closet (13 x 12); Second bedroom on main level (13 x 10)
• Flooring: Carpet; Laminate flooring
• Bathrooms: Two full bathrooms (both on the main level)
• Heating & cooling: Forced air heating; Heat pump heating and cooling; Electric cooling
• Interior features: Laminate countertops; No fireplace
• Laundry & utility: Washer connection; Dryer electric hookup

What this means for you Summary

Snapshot

• This is a 2-bed/2.0-bath single-family listed at $97k.

Deal economics

• At list price, monthly cash flow is $22 ($268/yr) — positive.
• The deal already cash-flows at list — no discount required.
• To meet the 1% rule (rent ≥ 1% of price), the offer needs to be $96k (0.9% below list).
• Recommended offer: $88k (9.0% below list) — sets the bar for market timing.
• Cap rate 7.4% vs local median 2.6% in Gaffney — 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.

Location & tenants

• Location reads 66/100 on livability (#112 in SC) — a middle-class / working-renter tenant base. Strengths: cost of living A+, health & safety A+, housing A-; Watch: amenities D+, crime D, commute F.
• Cherokee 01 (rural): math 29% / reading 40% proficiency, ranked #47 of 80 in SC (top 59%) — 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: Corinth Elementary (math 52% / reading 52%, grade C-, #145 of 597 statewide, top 26%, 334 students, 75% FRL); John E. Ewing Middle (math 18% / reading 30%, grade F, #167 of 229 statewide, top 74%, 486 students, 100% FRL); Gaffney High (math 40% / reading 75%, grade C, #116 of 196 statewide, top 59%, 1,838 students, 84% FRL) — zoned schools average 87% FRL vs 64% district-wide (23 pts higher); higher-poverty schools than district average — tighter screening recommended.
• Market conditions: 160 active listings in the ZIP; lower-income renter base — watch delinquency; 200 units permitted in Cherokee County in 2024 (0 in 5+ unit buildings).

Forward outlook

• Local home prices are declining (-3.0%/yr); year-one equity from $671 of loan paydown is wiped out by about $3k of value loss. Plan a longer hold.

Negotiation context

• It's been on market 106 days — a 9% lower offer ($88k) is reasonable based on typical stale-listing flexibility.
• 7 sale attempts since 4y 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.

Risks & watch-outs

• Watch-outs: flood insurance adds $66/mo.
• Climate carrying-cost: severe flood risk; extreme-heat days projected 7→16/yr by 2055 (HVAC capex compounding) — expect insurance premiums to compound above CPI over the hold.

Recommended offer $88,270 (9.0% below list)

Questions for the listing agent

1. It's been on market 106 days. Have you received any prior offers? Is the seller open to a 9% concession, seller financing, or rate buy-down credit?
2. What's the actual annual flood-insurance premium (NFIP or private), and is the property in a SFHA with mandatory coverage?
3. Why hasn't it sold? Are there any deal-killer items the seller is aware of (foundation, flood, title, zoning, code violations)?
4. Is there a deadline driving the sale (1031 exchange, divorce, estate, relocation)? That informs how much negotiation room exists.
5. 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?
6. 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?
7. 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.
8. 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.
9. 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.

Investment metrics

• 1% rule: 0.99% ✗
• Cap rate: 7.39%
• Cash-on-cash: 3.92%
• DSCR: 1.17
• GRM: 8.4

CMA / ARV

• ARV (on-the-fly): $154,840
• Comps found: 1

Show comp detail 1 sale within ~0.75 mi

Address	Dist	Beds/Ba	Sqft	Sold	Price	$/sf	Match
167 Tansi Trl	0.47mi	3/1.5 (+1)	1,088 (+11%)	16mo	$172,000	$158	40

Match score weights: distance 35% · size 25% · config 20% · recency 20%. Top-matched comps best support the ARV.

Projected returns pro-forma

-3.0% appreciation · 3.0% rent growth · sell at horizon

5-year hold

• IRR: -14.7%
• Equity multiple: 0.48×
• Total profit: $-14,243
• Equity at exit: $14,463

10-year hold

• IRR: -5.9%
• Equity multiple: 0.62×
• Total profit: $-10,349
• Equity at exit: $8,387

Cash invested: $27,160 (down + closing). Projections, not guarantees.

Landlord ↔ Tenant lean methodology

• Overall (STATE): 90 Strongly Landlord-Friendly
• State South Carolina: 90 Strongly Landlord-Friendly · R+6
• County: — inherits STATE
• City: — inherits STATE

5-day notice; preempted; landlord-favorable.

Methodology + full state rankings →

ZIP-level market 29340

• Home prices YoY: -29.7%
• Active inventory: 160
• Price-to-rent: 8.4×

Monthly cashflow live

• Estimated rent: $961 medium
• Mortgage (P&I): −$509
• Tax est. 1.5%: −$121 /mo · $1,455/yr
• Insurance: −$40
• Flood insurance flood zone: −$66 /mo · $798/yr
• HOA: −$0
• Vacancy / Maint / Mgmt: −$202
• Net cashflow: $22

Break-even live

Break-even rent $933

Max offer price $97,000

Occupancy floor 93%

Sensitivity live

Price	-10% $89	-5% $56	+0% $22	+5% $-11	+10% $-45
Rent	-10% $-54	-5% $-16	+0% $22	+5% $60	+10% $98
Rate	-1.0pp $71	-0.5pp $47	base $22	+0.5pp $-3	+1.0pp $-28

UW: 25.0% down · 7.5% · 30yr · 1.5% tax · 5.0% vac · 8.0% maint · 8.0% mgmt

Financing live

Cash to close

• Down payment: $24,250
• Closing costs: $2,910
• Reserves months: —
• Total cash needed: —

Listing history 33 events

1. 2026-06-21
   days on market $97,000 Active 106 DOM
2. 2026-06-19
   days on market $97,000 Active 104 DOM
3. 2026-06-18
   days on market $97,000 Active 103 DOM
4. 2026-06-17
   days on market $97,000 Active 102 DOM
5. 2026-06-16
   days on market $97,000 Active 101 DOM
6. 2026-06-15
   days on market $97,000 Active 100 DOM
7. 2026-06-14
   days on market $97,000 Active 98 DOM
8. 2026-06-13
   days on market $97,000 Active 97 DOM
9. 2026-06-10
   days on market $97,000 Active 95 DOM
10. 2026-06-09
    days on market $97,000 Active 94 DOM
11. 2026-06-08
    days on market $97,000 Active 93 DOM
12. 2026-06-07
    days on market $97,000 Active 92 DOM
13. 2026-06-02
    days on market $97,000 Active 87 DOM
14. 2026-06-01
    days on market $97,000 Active 86 DOM
15. 2026-05-31
    days on market $97,000 Active 85 DOM
16. 2026-05-30
    days on market $97,000 Active 84 DOM
17. 2026-04-06
    status Active

    Show marketing remark (678 chars)

    Back on the market at no fault of Seller. Listed well below appraisal value. Well over an acre of land bordered by a natural creek and surrounded by forest. Perfect for enjoying abundant wildlife in a private setting. The 2BR/2BA de-titled manufactured home sits on a block foundation with metal roof, working HVAC, and new water heater. A second small mobile home on site needs to be torn-down, but the septic and hook-ups are in place for another home to replace it if desired. Two wells on the property, along with public water, septic, storage building and carport that convey with purchase. This home should qualify for most types of traditional financing. Ask for details.

18. 2026-04-06
    status Active 678-char remark

    Show marketing remark (678 chars)

    Back on the market at no fault of Seller. Listed well below appraisal value. Well over an acre of land bordered by a natural creek and surrounded by forest. Perfect for enjoying abundant wildlife in a private setting. The 2BR/2BA de-titled manufactured home sits on a block foundation with metal roof, working HVAC, and new water heater. A second small mobile home on site needs to be torn-down, but the septic and hook-ups are in place for another home to replace it if desired. Two wells on the property, along with public water, septic, storage building and carport that convey with purchase. This home should qualify for most types of traditional financing. Ask for details.

19. 2026-02-20
    status Pending 678-char remark

    Show marketing remark (678 chars)

    Back on the market at no fault of Seller. Listed well below appraisal value. Well over an acre of land bordered by a natural creek and surrounded by forest. Perfect for enjoying abundant wildlife in a private setting. The 2BR/2BA de-titled manufactured home sits on a block foundation with metal roof, working HVAC, and new water heater. A second small mobile home on site needs to be torn-down, but the septic and hook-ups are in place for another home to replace it if desired. Two wells on the property, along with public water, septic, storage building and carport that convey with purchase. This home should qualify for most types of traditional financing. Ask for details.

20. 2026-02-20
    status Pending

    Show marketing remark (678 chars)

    Back on the market at no fault of Seller. Listed well below appraisal value. Well over an acre of land bordered by a natural creek and surrounded by forest. Perfect for enjoying abundant wildlife in a private setting. The 2BR/2BA de-titled manufactured home sits on a block foundation with metal roof, working HVAC, and new water heater. A second small mobile home on site needs to be torn-down, but the septic and hook-ups are in place for another home to replace it if desired. Two wells on the property, along with public water, septic, storage building and carport that convey with purchase. This home should qualify for most types of traditional financing. Ask for details.

21. 2026-01-21
    listed $97,000 Active 678-char remark

    Show marketing remark (678 chars)

    Back on the market at no fault of Seller. Listed well below appraisal value. Well over an acre of land bordered by a natural creek and surrounded by forest. Perfect for enjoying abundant wildlife in a private setting. The 2BR/2BA de-titled manufactured home sits on a block foundation with metal roof, working HVAC, and new water heater. A second small mobile home on site needs to be torn-down, but the septic and hook-ups are in place for another home to replace it if desired. Two wells on the property, along with public water, septic, storage building and carport that convey with purchase. This home should qualify for most types of traditional financing. Ask for details.

22. 2026-01-21
    listed $97,000 Active

    Show marketing remark (678 chars)

    Back on the market at no fault of Seller. Listed well below appraisal value. Well over an acre of land bordered by a natural creek and surrounded by forest. Perfect for enjoying abundant wildlife in a private setting. The 2BR/2BA de-titled manufactured home sits on a block foundation with metal roof, working HVAC, and new water heater. A second small mobile home on site needs to be torn-down, but the septic and hook-ups are in place for another home to replace it if desired. Two wells on the property, along with public water, septic, storage building and carport that convey with purchase. This home should qualify for most types of traditional financing. Ask for details.

23. 2026-01-21
    historical

    Show marketing remark (678 chars)

    Back on the market at no fault of Seller. Listed well below appraisal value. Well over an acre of land bordered by a natural creek and surrounded by forest. Perfect for enjoying abundant wildlife in a private setting. The 2BR/2BA de-titled manufactured home sits on a block foundation with metal roof, working HVAC, and new water heater. A second small mobile home on site needs to be torn-down, but the septic and hook-ups are in place for another home to replace it if desired. Two wells on the property, along with public water, septic, storage building and carport that convey with purchase. This home should qualify for most types of traditional financing. Ask for details.

24. 2025-11-13
    price $99,000
25. 2025-11-13
    price $99,000
26. 2025-10-17
    listed $105,000 Active
27. 2025-10-17
    listed $105,000 Active
28. 2023-01-27
    soldstatus $94,000
29. 2023-01-25
    soldstatus $94,000 Sold
30. 2022-10-19
    historical Contingency Contract
31. 2022-09-28
    price $100,000
32. 2022-09-20
    price $120,000
33. 2022-09-12
    listed $130,000 Active

ⓘ Source: listings_history table (triggers on properties + properties_extension) + one-shot backfill from property_details.listing_events for pre-trigger history.

Climate risk First Street

• 🌊 Flood 9/10 Extreme FEMA zone X (unshaded) · 99% chance over 30 yrs
• 🔥 Wildfire 4/10 Moderate
• 🌡 Heat 6/10 Major 7 d/yr ≥104°F today · 16 d/yr by 30 yrs out
• 💨 Wind 3/10 Moderate 5% chance of damaging wind over 30 yrs
• 🫁 Air quality 3/10 Moderate 3 unhealthy d/yr today · 3 by 30 yrs out

Taxation est. · year 1

• Rental income: $11,531
• − Mortgage interest: −$5,434
• − Property taxes: −$1,455
• − Insurance: −$1,282
• − Repairs & maintenance: −$922
• − Management: −$922
• − Depreciation: −$2,822
• Taxable loss: −$1,307
• Est. tax savings @ 24.0%: +$314
• After-tax cash flow: $581/yr

For passive investors: Depreciation is non-cash, so a rental often shows a tax loss while cash-flowing — sheltering income. Rental losses are passive: they offset passive income freely, and up to $25,000/yr can offset ordinary (W-2) income if you actively participate and your MAGI is under $100k (phasing out to $0 by $150k); unused losses carry forward. On sale, claimed depreciation is recaptured at up to 25%, and gains may owe capital-gains tax (a 1031 exchange can defer both). Figures are a year-1 estimate at your 24.0% rate — not tax advice; consult a CPA.

Schools (NCES district)

• District: Cherokee 01
• NCES district ID: 4501500
• Math proficiency: 29% ▼ -9.00%
• Reading proficiency: 40% ▼ -2.00%
• Median HH income: $34,262
• Composite: 28.39/100
• National rank: #6768
• State rank: #47 of 80 in SC

Livability — Gaffney

• Score: 66/100
• State rank: #112
• US rank: #11549

Category grades

Amenities D+ Commute F Cost of living A+ Crime D Employment F Housing A- Health & safety A+ User ratings F

Schools grade is shown separately in the Schools card above.

Census & demographics

• County: Cherokee County · 41,410 people
• City population: 41,410
• Metro: Gaffney, SC
• Population (ZIP): 20,763
• Household income: $44,123
• Rent vs Own: 24.2% rent · 75.8% own
• Severe rent burden: 257.0

Population outlook (Cherokee County) Hauer SSP2

• Today (2025): 58,602 people
• By 2030: 59,336 · +1.3%
• By 2040: 60,266 · +2.8%
• By 2050: 60,314 · +2.9%
• By 2075: 59,276 · +1.2%
• By 2100: 53,788 · -8.2%

Race, ethnicity, and origin ACS 2023

• Neighborhood character: Predominantly White (71%)
• Race & ethnicity: White 71% Black 22% Two or more races 4% Hispanic / Latino 2%
• Common ancestry: Slovak 2% Serbian 2% Italian 2%
• Foreign-born: 2% · Canada, China
• Languages at home: 97% English-only · Spanish 2%

Political lean MEDSL · Cherokee

• 2024 margin: Solid R (+51.4) · D 23.9% · R 75.3%
• 2008→2024 swing: -22.0pp toward R · 2008: -29.3pp · 2024: -51.4pp
• All cycles: 2024: R+51.4 2020: R+43.8 2016: R+41.7 2012: R+29.3 2008: R+29.3

Not yet ingested

• Civics: —

Market trends

• HPI YoY: ▼ -85.24%
• Current HPI: 201.4272
• Rent YoY: —
• Metro: Gaffney, SC
• State GDP YoY: ▲ 4.51%
• F500 in state: 2

Industry mix (Fortune 500 HQ in SC)

Industry	F500 HQs	Revenue
▸Packaging	1	$7B

Price history

-25.4% since first listed

17 events — show timeline

• 2026-04-06 Relisted — Greater Greenville MLS
• 2026-04-06 Relisted — SPMLS
• 2026-02-20 Pending — SPMLS
• 2026-02-20 Pending — Greater Greenville MLS
• 2026-01-21 Listed $97,000 SPMLS
• 2026-01-21 Listing Removed — Greater Greenville MLS
• 2026-01-21 Listed $97,000 Greater Greenville MLS
• 2025-11-13 Price Changed $99,000 Greater Greenville MLS
• 2025-11-13 Price Changed $99,000 SPMLS
• 2025-10-17 Listed $105,000 Greater Greenville MLS
• 2025-10-17 Listed $105,000 SPMLS
• 2023-01-27 Sold (Public Records) $94,000 Public Records
• 2023-01-25 Sold (MLS) $94,000 Greater Greenville MLS
• 2022-10-19 Contingent — Greater Greenville MLS
• 2022-09-28 Price Changed $100,000 Greater Greenville MLS
• 2022-09-20 Price Changed $120,000 Greater Greenville MLS
• 2022-09-12 Listed $130,000 Greater Greenville MLS

Property tax history

-0.2%/yr

Latest (2023): $18 · +4.2% YoY. Source: county tax records.