Ash 24 Plan

Greenwood, SC 29649

$214,990D

3 bd · 2.5 ba · 1,547 sqft · Built — · Townhouse · Active · 180 DOM

Cashflow @ list (25.0% down · 7.5%)

• Estimated rent: $1,922/mo
• Mortgage (P&I): −$1,095
• Tax + insurance: −$348
• HOA: −$0
• Vac / Maint / Mgmt: −$404
• Net cashflow: $75/mo
• Annual: $903/yr
• Cap rate: 6.73%
• Cash-on-cash: 1.54%
• DSCR: 1.07
• 1% rule: 0.92%
• Cash to close: $58,477

Investor read

• This is a 3-bed/2.5-bath townhouse listed at $215k.
• At list price, monthly cash flow is $75 ($903/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 $192k (10.6% below list).
• It's been on market 180 days — a 12% lower offer ($189k) is reasonable based on typical stale-listing flexibility.
• Recommended offer: $189k (12.0% 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 $6k of value loss. Plan a longer hold.
• Location reads 63/100 on livability (#167 in SC) — a middle-class / working-renter tenant base. Strengths: cost of living A+, health & safety A+, housing A; Watch: amenities D, crime F, commute F.
• Greenwood 52 (rural): math 46% / reading 54% proficiency, ranked #8 of 80 in SC (top 10%) — acceptable for families but not a draw, mixed tenant base, ~2y average lease.
• Zoned schools: Ninety Six Primary (349 students, 65% FRL); Edgewood Middle (math 35% / reading 45%, grade F, #78 of 229 statewide, top 35%, 336 students, 64% FRL); Ninety Six High (math 32% / reading 87%, grade C+, #110 of 196 statewide, top 58%, 474 students, 59% FRL) — zoned schools average 63% FRL vs 47% district-wide (16 pts higher); higher-poverty schools than district average — tighter screening recommended.
• Market conditions: 258 active listings in the ZIP; 193 units permitted in Greenwood County in 2024 (0 in 5+ unit buildings).
• Greenwood County population projected to shrink 8% by 2050 — rents likely to lag national; underwrite the cash flow, not the appreciation.
• Climate carrying-cost: major wind risk, 27% chance of damaging wind over 30y; extreme-heat days projected 7→16/yr by 2055 (HVAC capex compounding) — expect insurance premiums to compound above CPI over the hold.
• Cap rate 6.7% vs local median 3.6% in Greenwood — 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.
• This rent runs 42% of the median local income ($55k/yr) — at the standard rent-burdened threshold; future hikes will face affordability resistance.

Questions for listing agent

• It's been on market 180 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 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?
• 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?
• The area grade is low — what's the realistic commute time and amenity access for the typical tenant pool here? Any planned neighborhood developments (good or bad) we should know about?
• 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.