215 Jordan Dr

Travelers Rest, SC 29690

$195,000F

2 bd · 2.0 ba · 840 sqft · Built — · Land · Active · 95 DOM

Cashflow @ list (25.0% down · 7.5%)

• Estimated rent: $1,385/mo
• Mortgage (P&I): −$1,023
• Tax + insurance: −$325
• HOA: −$0
• Vac / Maint / Mgmt: −$291
• Net cashflow: $-254/mo
• Annual: $-3,042/yr
• Cap rate: 4.73%
• Cash-on-cash: -5.57%
• DSCR: 0.75
• 1% rule: 0.71%
• Cash to close: $54,600

Investor read

• This is a 2-bed/2.0-bath land listed at $195k.
• At list price, monthly cash flow is $-254 ($-3k/yr) — negative.
• To cash-flow at today's rent, offer at most $158k (18.8% below list).
• To meet the 1% rule (rent ≥ 1% of price), the offer needs to be $138k (29.0% below list).
• It's been on market 95 days — a 9% lower offer ($177k) is reasonable based on typical stale-listing flexibility.
• Recommended offer: $138k (29.0% below list) — sets the bar for 1% rule.
• 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 73/100 on livability (#41 in SC) — a middle-class / working-renter tenant base. Strengths: health & safety A+, cost of living A, amenities B+; Watch: commute F, employment F.
• Greenville 01 (suburban): math 44% / reading 54% proficiency, ranked #10 of 80 in SC (top 12%) — families likely to look elsewhere, expect single-tenant / working-renter base with shorter leases.
• Zoned schools: Heritage Elementary (math 52% / reading 47%, grade D, #168 of 597 statewide, top 31%, 561 students, 83% FRL) — zoned schools average 83% FRL vs 42% district-wide (40 pts higher); higher-poverty schools than district average — tighter screening recommended.
• Market conditions: 344 active listings in the ZIP; 5,595 units permitted in Greenville County in 2024 (566 in 5+ unit buildings).
• Greenville County population projected at +34% by 2050 — long-run rental-demand tailwind backs the buy-and-hold thesis.
• 2 sale attempts 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.
• Current owner paid $40k; list at $195k implies a 385% gain — meaningful room to come down on a strong offer.
• Climate carrying-cost: extreme-heat days projected 7→16/yr by 2055 (HVAC capex compounding) — expect insurance premiums to compound above CPI over the hold.
• Cap rate 4.7% vs local median 2.3% in Travelers Rest — 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.

Questions for listing agent

• What do current leases actually rent for vs. the listed asking? Can we see a recent rent roll and the last 12 months of T-12 income?
• It's been on market 95 days. Have you received any prior offers? Is the seller open to a 29% 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.
• 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.
• 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.