404 Wimbledon Ct

St. Andrews, SC 29210-7104

$115,000D

2 bd · 2.0 ba · 1,238 sqft · Built 1972 · Condo · Active · 71 DOM

Cashflow @ list (25.0% down · 7.5%)

• Estimated rent: $1,265/mo
• Mortgage (P&I): −$603
• Tax + insurance: −$73
• HOA: −$363
• Vac / Maint / Mgmt: −$266
• Net cashflow: $-39/mo
• Annual: $-469/yr
• Cap rate: 5.89%
• Cash-on-cash: -1.46%
• DSCR: 0.94
• 1% rule: 1.10%
• Cash to close: $32,200

Investor read

• This is a 2-bed/2.0-bath condo listed at $115k.
• At list price, monthly cash flow is $-39 ($-469/yr) — negative.
• To cash-flow at today's rent, offer at most $108k (6.0% below list).
• Meets the 1% rule at list price ($1k rent vs $115k).
• It's been on market 71 days — a 6% lower offer ($108k) is reasonable based on typical stale-listing flexibility.
• Recommended offer: $108k (6.0% below list) — sets the bar for cash-flow.
• In year one you build about $4k of equity ($795 loan paydown + $3k appreciation (3.0% local appreciation)).
• Location reads: area grade D — affects rentability + tenant quality, not the cash-flow math above.
• 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: H. B. Rhame Elementary (math 15% / reading 20%, grade F, #512 of 597 statewide, top 86%, 446 students, 100% FRL); Columbia High (math 17% / reading 67%, grade F, #174 of 196 statewide, top 90%, 665 students, 100% FRL) — zoned schools average 100% FRL vs 64% district-wide (36 pts higher); higher-poverty schools than district average — tighter screening recommended.
• Watch-outs: HOA is 29% of rent.
• Market conditions: 1 active listings in the ZIP; 22 comparable units currently listed for rent nearby; rentals at typical pace (median 19d on market — plan ~3-4 weeks tenant-placement turnaround); 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.
• Current owner paid $40k; list at $115k implies a 188% gain — meaningful room to come down on a strong offer.
• At projected returns (3.0% appreciation + 3.0% rent growth), your $32k cash investment doubles in ~7 years — after that, you're playing with house money.
• By year 8, paydown + projected appreciation supports a ~$31k cash-out refi (75% LTV) — recoverable capital for the next deal without selling this one.
• Climate carrying-cost: major wind risk, 69% chance of damaging wind over 30y; extreme-heat days projected 7→16/yr by 2055 (HVAC capex compounding) — expect insurance premiums to compound above CPI over the hold.

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 71 days. Have you received any prior offers? Is the seller open to a 6% concession, seller financing, or rate buy-down credit?
• Built in 1972 — 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?
• 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?
• 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?