747 N Main St

Inman, SC 29349

$169,000B-

3 bd · 1.0 ba · 1,432 sqft · Built 1955 · SingleFamily · Pending · 7 DOM

Cashflow @ list (25.0% down · 7.5%)

• Estimated rent: $1,783/mo
• Mortgage (P&I): −$886
• Tax + insurance: −$107
• HOA: −$0
• Vac / Maint / Mgmt: −$374
• Net cashflow: $415/mo
• Annual: $4,984/yr
• Cap rate: 9.24%
• Cash-on-cash: 10.53%
• DSCR: 1.47
• 1% rule: 1.06%
• Cash to close: $47,320

Investor read

• This is a 3-bed/1.0-bath single-family listed at $169k.
• At list price, monthly cash flow is $415 ($5k/yr) — positive.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($2k rent vs $169k).
• Only 7 days on market — expect competitive offers; lowballing is unlikely to land.
• Local home prices are declining (-3.0%/yr); year-one equity from $1k of loan paydown is wiped out by about $5k of value loss. Plan a longer hold.
• Location reads 74/100 on livability (#29 in SC, #4,452 nationally) — a middle-class / working-renter tenant base. Strengths: cost of living A+, housing A+, health & safety A+; Watch: amenities D, commute F.
• Spartanburg 01 (rural): math 44% / reading 53% proficiency, ranked #14 of 80 in SC (top 18%) — families likely to look elsewhere, expect single-tenant / working-renter base with shorter leases.
• Zoned schools: Inman Elementary (math 57% / reading 47%, grade C-, #145 of 597 statewide, top 26%, 615 students, 100% FRL) — zoned schools average 100% FRL vs 45% district-wide (55 pts higher); higher-poverty schools than district average — tighter screening recommended.
• Watch-outs: built in 1955 — expect roof / HVAC / electrical / plumbing capex.
• Market conditions: Rents rising (+1.8%/yr); 693 active listings in the ZIP; 1 comparable units currently listed for rent nearby; 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.
• 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.
• Climate carrying-cost: extreme-heat days projected 7→17/yr by 2055 (HVAC capex compounding) — expect insurance premiums to compound above CPI over the hold.
• Cap rate 9.2% vs local median 4.3% in Inman — 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

• Built in 1955 — when were the roof, HVAC, electrical panel, plumbing, and water heater last replaced?
• Is there a deadline driving the sale (1031 exchange, divorce, estate, relocation)? That informs how much negotiation room exists.
• 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.