187 Phillip Dr

South Congaree, SC 29170

$119,500C-

2 bd · 2.0 ba · 924 sqft · Built 1992 · Manufactured · Pending · 8 DOM

Cashflow @ list (25.0% down · 7.5%)

• Estimated rent: $1,183/mo
• Mortgage (P&I): −$627
• Tax + insurance: −$199
• HOA: −$0
• Vac / Maint / Mgmt: −$248
• Net cashflow: $108/mo
• Annual: $1,301/yr
• Cap rate: 7.38%
• Cash-on-cash: 3.89%
• DSCR: 1.17
• 1% rule: 0.99%
• Cash to close: $33,460

Investor read

• This is a 2-bed/2.0-bath manufactured listed at $120k. Condition is rated good.
• At list price, monthly cash flow is $108 ($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 $118k (1.0% below list).
• Only 8 days on market — expect competitive offers; lowballing is unlikely to land.
• Recommended offer: $118k (1.0% below list) — sets the bar for 1% rule.
• Local home prices are declining (-3.0%/yr); year-one equity from $826 of loan paydown is wiped out by about $4k of value loss. Plan a longer hold.
• Location reads 67/100 on livability (#95 in SC) — a middle-class / working-renter tenant base. Strengths: cost of living A+, housing A+, health & safety A+; Watch: amenities F, commute F, employment D-.
• Lexington 02 (suburban): math 30% / reading 38% proficiency, ranked #45 of 80 in SC (top 56%) — families likely to look elsewhere, expect single-tenant / working-renter base with shorter leases.
• Zoned schools: Congaree Elementary (math 27% / reading 24%, grade F, #444 of 597 statewide, top 75%, 368 students, 100% FRL); Airport High (math 40% / reading 79%, grade C+, #110 of 196 statewide, top 58%, 1,428 students, 84% FRL) — zoned schools average 92% FRL vs 59% district-wide (33 pts higher); higher-poverty schools than district average — tighter screening recommended.
• Market conditions: Rents rising fast (+4.6%/yr); 187 active listings in the ZIP; 2 comparable units currently listed for rent nearby; 1,712 units permitted in Lexington County in 2024 (0 in 5+ unit buildings).
• Lexington County population projected at +26% by 2050 — long-run rental-demand tailwind backs the buy-and-hold thesis.
• Climate carrying-cost: major wind risk, 68% chance of damaging wind over 30y; moderate wildfire risk; extreme-heat days projected 7→16/yr by 2055 (HVAC capex compounding) — expect insurance premiums to compound above CPI over the hold.

Questions for listing agent

• 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.