2182 Spoleto Ln

North Charleston, SC 29406

$189,900F

2 bd · 2.0 ba · 951 sqft · Built 1985 · Condo · Active · 49 DOM

Cashflow @ list (25.0% down · 7.5%)

• Estimated rent: $1,631/mo
• Mortgage (P&I): −$996
• Tax + insurance: −$316
• HOA: −$200
• Vac / Maint / Mgmt: −$343
• Net cashflow: $-224/mo
• Annual: $-2,682/yr
• Cap rate: 4.88%
• Cash-on-cash: -5.04%
• DSCR: 0.78
• 1% rule: 0.86%
• Cash to close: $53,172

Investor read

• This is a 2-bed/2.0-bath condo listed at $190k. Condition is rated fair.
• At list price, monthly cash flow is $-224 ($-3k/yr) — negative.
• To cash-flow at today's rent, offer at most $186k (1.8% below list).
• To meet the 1% rule (rent ≥ 1% of price), the offer needs to be $163k (14.1% below list).
• It's been on market 49 days — a 3% lower offer ($184k) is reasonable based on typical stale-listing flexibility.
• Recommended offer: $163k (14.1% 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 66/100 on livability (#122 in SC) — a middle-class / working-renter tenant base. Strengths: housing A+, health & safety A+, cost of living A; Watch: employment C-, crime F, amenities F.
• Charleston 01 (urban): math 48% / reading 53% proficiency, ranked #7 of 80 in SC (top 9%) — acceptable for families but not a draw, mixed tenant base, ~2y average lease.
• Zoned schools: A. C. Corcoran Elementary (math 21% / reading 16%, grade F, #506 of 597 statewide, top 85%, 767 students, 100% FRL); Northwoods Middle (math 11% / reading 16%, grade F, #207 of 229 statewide, top 91%, 738 students, 100% FRL); Rb Stall High (math 49% / reading 63%, grade C, #126 of 196 statewide, top 65%, 1,952 students, 100% FRL) — zoned schools average 100% FRL vs 44% district-wide (56 pts higher); higher-poverty schools than district average — tighter screening recommended.
• Zoned-school proficiency averages 29% at this address vs 50% district-wide (-21 pts) — the specific schools serving this property underperform the Charleston 01 average; the district grade overstates school quality for this exact location.
• Market conditions: Rents rising (+1.4%/yr); 174 active listings in the ZIP; 9 comparable units currently listed for rent nearby; rentals leasing fast (median 12d on market — plan ~1-2 weeks tenant-placement turnaround); 4,156 units permitted in Charleston County in 2024 (857 in 5+ unit buildings).
• Charleston County population projected at +44% by 2050 — long-run rental-demand tailwind backs the buy-and-hold thesis.
• 2 sale attempts since 20y ago 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 $100k; list at $190k implies a 90% gain — meaningful room to come down on a strong offer.
• Climate carrying-cost: severe wind risk, 99% chance of damaging wind over 30y; extreme-heat days projected 7→17/yr by 2055 (HVAC capex compounding) — expect insurance premiums to compound above CPI over the hold.
• Cap rate 4.9% vs local median 4.0% in North Charleston — meaningfully above typical; check what's discounted (condition, days-on-market, listing class) to confirm the premium yield is real.
• This rent runs 39% of the median local income ($50k/yr) — at the standard rent-burdened threshold; future hikes will face affordability resistance.

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 49 days. Have you received any prior offers? Is the seller open to a 14% concession, seller financing, or rate buy-down credit?
• Have any recent inspections been done? Can we get a copy of the seller's disclosures and any deferred-maintenance estimates?
• What does the HOA fee cover, when was the last increase, and are there any pending special assessments or reserve-fund shortfalls?
• Any open or pending special assessments — roof, HVAC, plumbing, elevator, façade? What's the per-unit balance and payoff schedule, and is the seller paying it off at close or rolling it to the buyer?
• Is there a deadline driving the sale (1031 exchange, divorce, estate, relocation)? That informs how much negotiation room exists.
• 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?
• 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?

Repairs flagged (vision-AI assessment)

• Major: kitchen cabinets — dated and in poor condition
• Major: kitchen countertops — dated and in poor condition
• Major: kitchen appliances — dated and in poor condition
• Major: bathroom vanity — dated and in poor condition
• Minor: landscaping — overgrown yard