Poplar Plan

Santee, SC 29142

$178,990C-

3 bd · 2.5 ba · 1,442 sqft · Built — · Townhouse · Active · 412 DOM

Cashflow @ list (25.0% down · 7.5%)

• Estimated rent: $2,232/mo
• Mortgage (P&I): −$1,284
• Tax + insurance: −$408
• HOA: −$0
• Vac / Maint / Mgmt: −$469
• Net cashflow: $71/mo
• Annual: $848/yr
• Cap rate: 6.64%
• Cash-on-cash: 1.24%
• DSCR: 1.06
• 1% rule: 0.91%
• Cash to close: $68,562

Investor read

• This is a 3-bed/2.5-bath townhouse listed at $179k. Condition is rated good.
• At list price, monthly cash flow is $71 ($848/yr) — positive.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($2k rent vs $179k).
• It's been on market 412 days — a 12% lower offer ($158k) is reasonable based on typical stale-listing flexibility.
• Recommended offer: $158k (12.0% below list) — sets the bar for market timing.
• In year one you build about $10k of equity ($2k loan paydown + $9k appreciation (3.5% local appreciation)).
• Location reads 61/100 on livability (#202 in SC) — a middle-class / working-renter tenant base. Strengths: cost of living A+, health & safety A+; Watch: schools D+, crime F, amenities F.
• Market conditions: 183 active listings in the ZIP; 12 comparable units currently listed for rent nearby; rentals lingering (median 63d on market — plan ~5-8 weeks vacancy on turnover, expect pricing pressure); 50% of comp listings sitting > 30 days — soft ceiling on asking rent; 87 units permitted in Orangeburg County in 2024 (0 in 5+ unit buildings).
• Orangeburg County population projected at -27% by 2050 — secular population decline; favor cash flow + early exit over multi-decade hold.
• At projected returns (3.5% appreciation + 3.0% rent growth), your $69k cash investment doubles in ~6 years — after that, you're playing with house money.
• By year 4, paydown + projected appreciation supports a ~$34k cash-out refi (75% LTV) — recoverable capital for the next deal without selling this one.
• Cap rate 6.6% vs local median 5.0% in Santee — 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.
• At $2,232/mo this rent would consume 53% of the median local household income ($51k/yr) (locally 31% of renters already pay >50% of income on rent) — very limited rent-growth headroom before tenants either downsize or default.

Questions for listing agent

• It's been on market 412 days. Have you received any prior offers? Is the seller open to a 12% concession, seller financing, or rate buy-down credit?
• 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?
• 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.