2152 Congaree Rd

Gadsden, SC 29044

$79,800B+

2 bd · 1.0 ba · 1,120 sqft · Built 1991 · Manufactured · Pending · 137 DOM

Cashflow @ list (25.0% down · 7.5%)

• Estimated rent: $1,355/mo
• Mortgage (P&I): −$418
• Tax + insurance: −$74
• HOA: −$0
• Vac / Maint / Mgmt: −$284
• Net cashflow: $577/mo
• Annual: $6,928/yr
• Cap rate: 14.97%
• Cash-on-cash: 31.01%
• DSCR: 2.38
• 1% rule: 1.70%
• Cash to close: $22,344

Investor read

• This is a 2-bed/1.0-bath manufactured listed at $80k.
• At list price, monthly cash flow is $577 ($7k/yr) — positive.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($1k rent vs $80k).
• It's been on market 137 days — a 12% lower offer ($70k) is reasonable based on typical stale-listing flexibility.
• Recommended offer: $70k (12.0% below list) — sets the bar for market timing.
• In year one you build about $9k of equity ($552 loan paydown + $8k appreciation (10.0% local appreciation)).
• Location reads 52/100 on livability (#356 in SC) — a working-class tenant base; expect higher turnover. Strengths: cost of living A+; Watch: housing C-, crime F, amenities F.
• Richland 01 (urban): math 26% / reading 36% proficiency, ranked #54 of 80 in SC (top 68%) — families likely to look elsewhere, expect single-tenant / working-renter base with shorter leases; 64% free/reduced lunch — lower-income household profile, screen leases tightly.
• Zoned schools: Webber School (math 30% / reading 30%, grade F, #394 of 597 statewide, top 66%, 190 students, 100% FRL); Lower Richland High (math 5% / reading 64%, grade F, #185 of 196 statewide, top 94%, 1,244 students, 100% FRL) — zoned schools average 100% FRL vs 64% district-wide (36 pts higher); higher-poverty schools than district average — tighter screening recommended.
• Market conditions: 54 active listings in the ZIP; 3,472 units permitted in Richland County in 2024 (1,096 in 5+ unit buildings).
• Richland County population projected at +30% by 2050 — long-run rental-demand tailwind backs the buy-and-hold thesis.
• 4 sale attempts; this cycle's ask is 6284% above the opening price — seller raised mid-cycle; expect resistance to lowballs.
• Current owner paid $12k; list at $80k implies a 579% gain — meaningful room to come down on a strong offer.
• At projected returns (10.0% appreciation + 3.0% rent growth), your $22k cash investment doubles in ~2 years — after that, you're playing with house money.
• By year 4, paydown + projected appreciation supports a ~$30k cash-out refi (75% LTV) — recoverable capital for the next deal without selling this one.
• Climate carrying-cost: major wind risk, 70% chance of damaging wind over 30y; major wildfire risk; extreme-heat days projected 7→15/yr by 2055 (HVAC capex compounding) — expect insurance premiums to compound above CPI over the hold.

Questions for listing agent

• It's been on market 137 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?
• 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.