401 Andrea Ln

Hanahan, SC 29410

$210,000D+

3 bd · 2.0 ba · 1,352 sqft · Built 1970 · SingleFamily · Active · 168 DOM

Cashflow @ list (25.0% down · 7.5%)

• Estimated rent: $2,048/mo
• Mortgage (P&I): −$1,101
• Tax + insurance: −$187
• HOA: −$395
• Vac / Maint / Mgmt: −$430
• Net cashflow: $-65/mo
• Annual: $-786/yr
• Cap rate: 5.92%
• Cash-on-cash: -1.34%
• DSCR: 0.94
• 1% rule: 0.98%
• Cash to close: $58,800

Investor read

• This is a 3-bed/2.0-bath single-family listed at $210k.
• At list price, monthly cash flow is $-65 ($-786/yr) — negative.
• To cash-flow at today's rent, offer at most $198k (5.5% below list).
• To meet the 1% rule (rent ≥ 1% of price), the offer needs to be $205k (2.5% below list).
• It's been on market 168 days — a 12% lower offer ($185k) is reasonable based on typical stale-listing flexibility.
• Recommended offer: $185k (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 72/100 on livability (#45 in SC) — a middle-class / working-renter tenant base. Strengths: housing A+, employment A-, health & safety A-; Watch: amenities F, commute F.
• Berkeley 01 (suburban): math 35% / reading 48% proficiency, ranked #30 of 80 in SC (top 38%) — families likely to look elsewhere, expect single-tenant / working-renter base with shorter leases.
• Zoned schools: Hanahan Elementary (math 41% / reading 40%, grade F, #286 of 597 statewide, top 49%, 923 students, 66% FRL); Hanahan Middle (math 43% / reading 47%, grade D, #48 of 229 statewide, top 22%, 793 students, 39% FRL); Hanahan High (math 52% / reading 87%, grade B, #60 of 196 statewide, top 32%, 1,040 students, 29% FRL) — zoned schools at 45% FRL track the district average.
• Market conditions: Rents rising fast (+4.6%/yr); 72 active listings in the ZIP; 28 comparable units currently listed for rent nearby; rentals at typical pace (median 15d on market — plan ~3-4 weeks tenant-placement turnaround); solid renter incomes; 3,183 units permitted in Berkeley County in 2024 (580 in 5+ unit buildings).
• Berkeley County population projected at +48% by 2050 — long-run rental-demand tailwind backs the buy-and-hold thesis.
• 9 sale attempts since 21y ago; this cycle's ask has dropped $20k (9%) from the opening price — seller is motivated, your offer sets the floor, not the list.
• Cap rate 5.9% vs local median 3.6% in Hanahan — 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 168 days. Have you received any prior offers? Is the seller open to a 12% concession, seller financing, or rate buy-down credit?
• Built in 1970 — when were the roof, HVAC, electrical panel, plumbing, and water heater last replaced?
• What does the HOA fee cover, when was the last increase, and are there any pending special assessments or reserve-fund shortfalls?
• 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.