724 E Victor Hill Rd

Reidville, SC 29334

$129,900C+

3 bd · 2.0 ba · 1,792 sqft · Built 1987 · Manufactured · Pending · 5 DOM

Cashflow @ list (25.0% down · 7.5%)

• Estimated rent: $2,017/mo
• Mortgage (P&I): −$681
• Tax + insurance: −$216
• HOA: −$0
• Vac / Maint / Mgmt: −$423
• Net cashflow: $695/mo
• Annual: $8,345/yr
• Cap rate: 12.72%
• Cash-on-cash: 22.94%
• DSCR: 2.02
• 1% rule: 1.55%
• Cash to close: $36,372

Investor read

• This is a 3-bed/2.0-bath manufactured listed at $130k.
• At list price, monthly cash flow is $695 ($8k/yr) — positive.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($2k rent vs $130k).
• Only 5 days on market — expect competitive offers; lowballing is unlikely to land.
• Local home prices are declining (-3.0%/yr); year-one equity from $898 of loan paydown is wiped out by about $4k of value loss. Plan a longer hold.
• Location reads 80/100 on livability (#12 in SC, #1,810 nationally) — a professional / high-income tenant draw. Strengths: crime A+, employment A+, housing A+; Watch: amenities F, commute F.
• Spartanburg 05 (suburban): math 45% / reading 51% proficiency, ranked #13 of 80 in SC (top 16%) — families likely to look elsewhere, expect single-tenant / working-renter base with shorter leases.
• Zoned schools: Reidville Elementary (math 57% / reading 57%, grade C+, #102 of 597 statewide, top 18%, 667 students, 46% FRL); Florence Chapel Middle (math 43% / reading 52%, grade C-, #42 of 229 statewide, top 18%, 859 students, 53% FRL); James F. Byrnes High (math 31% / reading 75%, grade C-, #140 of 196 statewide, top 72%, 2,217 students, 56% FRL).
• Market conditions: Rents rising (+1.5%/yr); 144 active listings in the ZIP; 7 comparable units currently listed for rent nearby; rentals at typical pace (median 21d on market — plan ~3-4 weeks tenant-placement turnaround); solid renter incomes; 3,129 units permitted in Spartanburg County in 2024 (40 in 5+ unit buildings).
• Spartanburg County population projected at +18% by 2050 — long-run rental-demand tailwind backs the buy-and-hold thesis.
• Current owner paid $37k; list at $130k implies a 252% gain — meaningful room to come down on a strong offer.
• At projected returns (-3.0% appreciation + 1.5% rent growth), your $36k cash investment doubles in ~6 years — after that, you're playing with house money.
• Cap rate 12.7% vs local median 3.7% in Reidville — 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

• Is there a deadline driving the sale (1031 exchange, divorce, estate, relocation)? That informs how much negotiation room exists.
• Schools are B-rated — typically a magnet for longer-tenancy family renters. What's the average tenant stay here, and is there a school-zone premium baked into asking?
• 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.