Sullivan Plan

Graniteville, SC 29829

$216,500C-

3 bd · 2.0 ba · 1,184 sqft · Built — · Townhouse · Active · 45 DOM

Cashflow @ list (25.0% down · 7.5%)

• Estimated rent: $2,018/mo
• Mortgage (P&I): −$1,130
• Tax + insurance: −$359
• HOA: −$0
• Vac / Maint / Mgmt: −$424
• Net cashflow: $105/mo
• Annual: $1,259/yr
• Cap rate: 6.88%
• Cash-on-cash: 2.09%
• DSCR: 1.09
• 1% rule: 0.94%
• Cash to close: $60,337

Investor read

• This is a 3-bed/2.0-bath townhouse listed at $216k. Condition is rated good.
• At list price, monthly cash flow is $105 ($1k/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 $202k (6.8% below list).
• It's been on market 45 days — a 3% lower offer ($210k) is reasonable based on typical stale-listing flexibility.
• Recommended offer: $202k (6.8% below list) — sets the bar for 1% rule.
• In year one you build about $20k of equity ($1k loan paydown + $18k appreciation (8.4% local appreciation)).
• Location reads 59/100 on livability (#240 in SC) — a working-class tenant base; expect higher turnover. Strengths: cost of living A+, crime B+; Watch: schools F, amenities F, commute F.
• Aiken 01 (suburban): math 31% / reading 44% proficiency, ranked #36 of 80 in SC (top 45%) — families likely to look elsewhere, expect single-tenant / working-renter base with shorter leases.
• Market conditions: 299 active listings in the ZIP; 1 comparable units currently listed for rent nearby; solid renter incomes; 2,500 units permitted in Aiken County in 2024 (1,023 in 5+ unit buildings).
• Aiken County population projected at +9% by 2050 — modest demand growth; plan on rents tracking national, not racing it.
• At projected returns (8.4% appreciation + 3.0% rent growth), your $60k cash investment doubles in ~3 years — after that, you're playing with house money.
• By year 2, paydown + projected appreciation supports a ~$31k cash-out refi (75% LTV) — recoverable capital for the next deal without selling this one.
• Cap rate 6.9% vs local median 5.7% in Graniteville — meaningfully above typical; check what's discounted (condition, days-on-market, listing class) to confirm the premium yield is real.

Questions for listing agent

• It's been on market 45 days. Have you received any prior offers? Is the seller open to a 7% concession, seller financing, or rate buy-down credit?
• Is there a deadline driving the sale (1031 exchange, divorce, estate, relocation)? That informs how much negotiation room exists.
• Schools are F-rated, which usually means shorter tenancies and higher turnover. Who's the typical renter profile here, and what's been the actual vacancy rate?
• 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.