405 E Frederick St · Gaffney, SC 29340

$100,000

3 bd · 2.0 ba · 1,636 sqft · SingleFamily public records · 184 Days on market

Built 1940 9,583 sqft lot

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Why this score? — see what drove the C grade

The composite is a weighted blend of 9 inputs, each scored 0–100. Each bar is that input's sub-score; the figure is the points it added to the 100-point composite (weight × sub-score).

• Cash flow +25.2/30.0
• DSCR +8.3/10.0
• ARV discount +7.5/15.0
• 1% rule +6.3/10.0
• Livability +3.3/5.0
• Schools +2.8/10.0
• Rent growth +2.5/5.0
• Condition / age +2.5/5.0
• Appreciation +0.0/10.0

Listing remarks MLS

Prime Opportunity, in the heart of Gaffney! 1,600+ sq ft home (square footage is estimated; buyer to verify) 3 bed, possible 2 full baths has a flexible layout and excellent potential for renovation or investment. Main level features a front living room, a spacious eat-in kitchen and a primary bedroom. Enjoy the charm of a large covered front porch and the convenience of a fenced front yard. The property also includes an 18? x 20? concrete block workshop, providing multiple possibilities such as a home office, gym, creative studio, in-law suite, or potential studio apartment for additional income (buyer to verify zoning, permits, and allowable use). Additional features include a newer hot water heater and a highly walkable location near downtown shops, dining, and local amenities. The property is zoned Neighborhood Commercial, having added flexibility for future use or redevelopment. Sold as-is. Cash buyers only. An excellent opportunity for investors, builders, or buyers looking to add value in a strong location.

Key facts

• Fenced front yard
• 9,583 sq ft lot
• Built 1940

Tags

• LARGE COVERED FRONT PORCH
• FENCED FRONT YARD
• CONCRETE BLOCK WORKSHOP
• HIGHLY WALKABLE LOCATION
• ZONED NEIGHBORHOOD COMMERCIAL

Property features AI

Finance

• HOA & community: No HOA fees or community amenities listed

Exterior

• Parking: Driveway parking on paved concrete
• Utilities: Public water; Electric water heater; Public sewer; Public garbage pickup
• Home design: Two-story home; Built around 1940; Crawl space foundation
• Construction: Vinyl siding exterior; Composition shingle roof
• Exterior features: Front porch; Fenced yard; Sloped gently lot; Some trees; Outbuilding for storage

Interior

• Kitchen: Kitchen ~14 x 20; No appliances listed
• Bedrooms: Primary bedroom on main level; Main-level bedroom included; Primary bedroom ~13 x 15; Second bedroom ~13 x 18; Third bedroom ~13 x 18
• Flooring: Hardwood floors; Vinyl floors
• Bathrooms: Two full bathrooms (both on main level)
• Heating & cooling: Forced air heating (and other/see remarks); Central forced cooling (and other/see remarks)
• Interior features: Other interior features (see remarks); No fireplace; Workshop
• Laundry & utility: No laundry listed

What this means for you Summary

Snapshot

• This is a 3-bed/2.0-bath single-family listed at $100k.

Deal economics

• At list price, monthly cash flow is $225 ($3k/yr) — positive.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($1k rent vs $100k).
• Recommended offer: $88k (12.0% below list) — sets the bar for market timing.
• Cap rate 9.0% vs local median 2.6% in Gaffney — 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.

Location & tenants

• Location reads 66/100 on livability (#112 in SC) — a middle-class / working-renter tenant base. Strengths: cost of living A+, health & safety A+, housing A-; Watch: amenities D+, crime D, schools D-.
• Cherokee 01 (rural): math 29% / reading 40% proficiency, ranked #47 of 80 in SC (top 59%) — 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.
• Market conditions: 158 active listings in the ZIP; 1 comparable units currently listed for rent nearby; lower-income renter base — watch delinquency; 200 units permitted in Cherokee County in 2024 (0 in 5+ unit buildings).
• This rent runs 31% of the median local income ($44k/yr) — at the standard rent-burdened threshold; future hikes will face affordability resistance.

Forward outlook

• Local home prices are declining (-3.0%/yr); year-one equity from $691 of loan paydown is wiped out by about $3k of value loss. Plan a longer hold.

Negotiation context

• It's been on market 184 days — a 12% lower offer ($88k) is reasonable based on typical stale-listing flexibility.
• 3 sale attempts since 4y 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 $40k; list at $100k implies a 150% gain — meaningful room to come down on a strong offer.

Risks & watch-outs

• Watch-outs: built in 1940 — expect roof / HVAC / electrical / plumbing capex.
• Climate carrying-cost: major flood risk; extreme-heat days projected 7→16/yr by 2055 (HVAC capex compounding) — expect insurance premiums to compound above CPI over the hold.

Recommended offer $88,000 (12.0% below list)

Questions for the listing agent

1. It's been on market 184 days. Have you received any prior offers? Is the seller open to a 12% concession, seller financing, or rate buy-down credit?
2. Built in 1940 — when were the roof, HVAC, electrical panel, plumbing, and water heater last replaced?
3. Why hasn't it sold? Are there any deal-killer items the seller is aware of (foundation, flood, title, zoning, code violations)?
4. Is there a deadline driving the sale (1031 exchange, divorce, estate, relocation)? That informs how much negotiation room exists.
5. Schools are D-rated, which usually means shorter tenancies and higher turnover. Who's the typical renter profile here, and what's been the actual vacancy rate?
6. Crime grade is D 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?
7. 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.
8. 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.
9. 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.

Investment metrics

• 1% rule: 1.13% ✓
• Cap rate: 8.99%
• Cash-on-cash: 9.63%
• DSCR: 1.43
• GRM: 7.4

CMA / ARV

• ARV (on-the-fly): $206,136
• Comps found: 11

Show comp detail 11 sales within ~0.75 mi

Address	Dist	Beds/Ba	Sqft	Sold	Price	$/sf	Match
102 Beech St St	0.03mi	4/2.0 (+1)	1,624 (-1%)	14mo	$174,900	$108	81
207 Magnolia St	0.30mi	4/3.0 (+1)	1,624 (-1%)	2mo	$224,500	$138	74
205 E Robinson St	0.16mi	3/2.0	1,452 (-11%)	7mo	$199,900	$138	68
317 Sycamore St St	0.32mi	3/2.0	1,447 (-12%)	1mo	$189,000	$131	65
933 N Granard St	0.47mi	4/2.5 (+1)	1,622 (-1%)	21mo	$205,000	$126	52
409 Hardin Dr Dr	0.52mi	4/2.0 (+1)	1,586 (-3%)	18mo	$216,000	$136	50
512 E Jefferies St	0.43mi	2/1.0 (-1)	1,436 (-12%)	1mo	$140,000	$97	50
510 W Frederick St	0.68mi	4/2.0 (+1)	1,656 (+1%)	18mo	$85,000	$51	46
412 Barclay Ave	0.63mi	3/1.5	1,404 (-14%)	13mo	$165,000	$118	34
411 W Frederick St	0.61mi	4/2.0 (+1)	1,821 (+11%)	21mo	$195,000	$107	30
203 E Fairview	0.74mi	3/2.0	1,820 (+11%)	22mo	$238,000	$131	28

Match score weights: distance 35% · size 25% · config 20% · recency 20%. Top-matched comps best support the ARV.

Projected returns pro-forma

-3.0% appreciation · 3.0% rent growth · sell at horizon

5-year hold

• IRR: -1.8%
• Equity multiple: 0.93×
• Total profit: $-1,885
• Equity at exit: $14,910

10-year hold

• IRR: 7.9%
• Equity multiple: 1.60×
• Total profit: $16,807
• Equity at exit: $8,646

Cash invested: $28,000 (down + closing). Projections, not guarantees.

Landlord ↔ Tenant lean methodology

• Overall (STATE): 90 Strongly Landlord-Friendly
• State South Carolina: 90 Strongly Landlord-Friendly · R+6
• County: — inherits STATE
• City: — inherits STATE

5-day notice; preempted; landlord-favorable.

Methodology + full state rankings →

ZIP-level market 29340

• Home prices YoY: -29.7%
• Active inventory: 158
• Price-to-rent: 7.4×

Monthly cashflow live

• Estimated rent: $1,132 medium
• Mortgage (P&I): −$524
• Tax from tax record: −$103 /mo · $1,241/yr
• Insurance: −$42
• HOA: −$0
• Vacancy / Maint / Mgmt: −$238
• Net cashflow: $225

Break-even live

Break-even rent $847

Max offer price $100,000

Occupancy floor 75%

UW: 25.0% down · 7.5% · 30yr · 1.5% tax · 5.0% vac · 8.0% maint · 8.0% mgmt

Financing live

Cash to close

• Down payment: $25,000
• Closing costs: $3,000
• Reserves months: —
• Total cash needed: —

Rent comps 1 comps

Address	Beds	Baths	Sqft	Rent	$/sqft	DOM	Units	Dist
506 S Oliver St Gaffney, SC	1.0–2.0	1.0	900	$955	$1.06	16d	5	0.82mi

Listing history 20 events

1. 2026-06-19
   days on market $100,000 Active 184 DOM
2. 2026-06-18
   days on market $100,000 Active 183 DOM
3. 2026-06-17
   days on market $100,000 Active 182 DOM
4. 2026-06-16
   days on market $100,000 Active 181 DOM
5. 2026-06-15
   days on market $100,000 Active 180 DOM
6. 2026-06-14
   days on market $100,000 Active 178 DOM
7. 2026-06-13
   days on market $100,000 Active 177 DOM
8. 2026-06-10
   days on market $100,000 Active 175 DOM
9. 2026-06-09
   days on market $100,000 Active 174 DOM
10. 2026-06-08
    days on market $100,000 Active 173 DOM
11. 2026-06-07
    days on market $100,000 Active 172 DOM
12. 2026-06-02
    days on market $100,000 Active 167 DOM
13. 2026-06-01
    days on market $100,000 Active 166 DOM
14. 2026-05-31
    days on market $100,000 Active 165 DOM
15. 2026-05-30
    days on market $100,000 Active 164 DOM
16. 2025-12-17
    listed $100,000 Active

    Show marketing remark (1030 chars)

    Prime Opportunity, in the heart of Gaffney! 1,600+ sq ft home (square footage is estimated; buyer to verify) 3 bed, possible 2 full baths has a flexible layout and excellent potential for renovation or investment. Main level features a front living room, a spacious eat-in kitchen and a primary bedroom. Enjoy the charm of a large covered front porch and the convenience of a fenced front yard. The property also includes an 18? x 20? concrete block workshop, providing multiple possibilities such as a home office, gym, creative studio, in-law suite, or potential studio apartment for additional income (buyer to verify zoning, permits, and allowable use). Additional features include a newer hot water heater and a highly walkable location near downtown shops, dining, and local amenities. The property is zoned Neighborhood Commercial, having added flexibility for future use or redevelopment. Sold as-is. Cash buyers only. An excellent opportunity for investors, builders, or buyers looking to add value in a strong location.

17. 2025-12-17
    listed $100,000 Active 1030-char remark

    Show marketing remark (1030 chars)

    Prime Opportunity, in the heart of Gaffney! 1,600+ sq ft home (square footage is estimated; buyer to verify) 3 bed, possible 2 full baths has a flexible layout and excellent potential for renovation or investment. Main level features a front living room, a spacious eat-in kitchen and a primary bedroom. Enjoy the charm of a large covered front porch and the convenience of a fenced front yard. The property also includes an 18? x 20? concrete block workshop, providing multiple possibilities such as a home office, gym, creative studio, in-law suite, or potential studio apartment for additional income (buyer to verify zoning, permits, and allowable use). Additional features include a newer hot water heater and a highly walkable location near downtown shops, dining, and local amenities. The property is zoned Neighborhood Commercial, having added flexibility for future use or redevelopment. Sold as-is. Cash buyers only. An excellent opportunity for investors, builders, or buyers looking to add value in a strong location.

18. 2022-03-10
    soldstatus $40,000 Sold In-House 531-char remark

    Show marketing remark (531 chars)

    Investors take note! Over 1600 sqft house with 3 bedrooms and possible 2 full baths. House was being remodeled but seller now wants to sell to the next dreamer. Master BR downstairs, 2 bedrooms upstairs. Huge front porch, Fenced front yard. Includes block 18'x20' concrete block workshop. Super location in walking distance to many downtown amenities. Access to house is from Grant Ln even though house has E. Frederick St address. Has new HW heater. Zoned Neighborhood Commercial. House sold as-is at this price! Cash buyers only!

19. 2022-02-13
    status Pending 531-char remark

    Show marketing remark (531 chars)

    Investors take note! Over 1600 sqft house with 3 bedrooms and possible 2 full baths. House was being remodeled but seller now wants to sell to the next dreamer. Master BR downstairs, 2 bedrooms upstairs. Huge front porch, Fenced front yard. Includes block 18'x20' concrete block workshop. Super location in walking distance to many downtown amenities. Access to house is from Grant Ln even though house has E. Frederick St address. Has new HW heater. Zoned Neighborhood Commercial. House sold as-is at this price! Cash buyers only!

20. 2022-02-10
    listed $36,000 Active 531-char remark

    Show marketing remark (531 chars)

    Investors take note! Over 1600 sqft house with 3 bedrooms and possible 2 full baths. House was being remodeled but seller now wants to sell to the next dreamer. Master BR downstairs, 2 bedrooms upstairs. Huge front porch, Fenced front yard. Includes block 18'x20' concrete block workshop. Super location in walking distance to many downtown amenities. Access to house is from Grant Ln even though house has E. Frederick St address. Has new HW heater. Zoned Neighborhood Commercial. House sold as-is at this price! Cash buyers only!

ⓘ Source: listings_history table (triggers on properties + properties_extension) + one-shot backfill from property_details.listing_events for pre-trigger history.

Tax reassessment forecast SC · Resets to sale price

• Current annual tax: $1,241 · $103/mo
• Projected year-2 tax: $1,241 · $103/mo
• Expected delta: $0/yr ($0/mo · 0.0%)

ⓘ Screening estimate from a state-policy table — verify with the county assessor before closing.

Climate risk First Street

• 🌊 Flood 6/10 Major FEMA zone X (unshaded) · 75% chance over 30 yrs
• 🔥 Wildfire 2/10 Low
• 🌡 Heat 6/10 Major 7 d/yr ≥103°F today · 16 d/yr by 30 yrs out
• 💨 Wind 3/10 Moderate 4% chance of damaging wind over 30 yrs
• 🫁 Air quality 3/10 Moderate 3 unhealthy d/yr today · 4 by 30 yrs out

Taxation est. · year 1

• Rental income: $13,583
• − Mortgage interest: −$5,602
• − Property taxes: −$1,241
• − Insurance: −$500
• − Repairs & maintenance: −$1,087
• − Management: −$1,087
• − Depreciation: −$2,909
• Taxable income: $1,159
• Est. tax owed @ 24.0%: −$278
• After-tax cash flow: $2,419/yr

For passive investors: Depreciation is non-cash, so a rental often shows a tax loss while cash-flowing — sheltering income. Rental losses are passive: they offset passive income freely, and up to $25,000/yr can offset ordinary (W-2) income if you actively participate and your MAGI is under $100k (phasing out to $0 by $150k); unused losses carry forward. On sale, claimed depreciation is recaptured at up to 25%, and gains may owe capital-gains tax (a 1031 exchange can defer both). Figures are a year-1 estimate at your 24.0% rate — not tax advice; consult a CPA.

Schools (NCES district)

• District: Cherokee 01
• NCES district ID: 4501500
• Math proficiency: 29% ▼ -9.00%
• Reading proficiency: 40% ▼ -2.00%
• Median HH income: $34,262
• Composite: 28.39/100
• National rank: #6768
• State rank: #47 of 80 in SC

Livability — Gaffney

• Score: 66/100
• State rank: #112
• US rank: #11549

Category grades

Amenities D+ Commute F Cost of living A+ Crime D Employment F Housing A- Health & safety A+ User ratings F

Schools grade is shown separately in the Schools card above.

Census & demographics

• Census place: Gaffney, SC
• County: Cherokee County · 41,410 people
• City population: 41,410
• Metro: Gaffney, SC
• Population (ZIP): 20,763
• Household income: $44,123
• Rent vs Own: 24.2% rent · 75.8% own
• Severe rent burden: 257.0

Population outlook (Cherokee County) Hauer SSP2

• Today (2025): 58,602 people
• By 2030: 59,336 · +1.3%
• By 2040: 60,266 · +2.8%
• By 2050: 60,314 · +2.9%
• By 2075: 59,276 · +1.2%
• By 2100: 53,788 · -8.2%

Race, ethnicity, and origin ACS 2023

• Neighborhood character: Predominantly White (71%)
• Race & ethnicity: White 71% Black 22% Two or more races 4% Hispanic / Latino 2%
• Common ancestry: Slovak 2% Serbian 2% Italian 2%
• Foreign-born: 2% · Canada, China
• Languages at home: 97% English-only · Spanish 2%

Political lean MEDSL · Cherokee

• 2024 margin: Solid R (+51.4) · D 23.9% · R 75.3%
• 2008→2024 swing: -22.0pp toward R · 2008: -29.3pp · 2024: -51.4pp
• All cycles: 2024: R+51.4 2020: R+43.8 2016: R+41.7 2012: R+29.3 2008: R+29.3

Not yet ingested

• Civics: —

Market trends

• HPI YoY: ▼ -85.24%
• Current HPI: 201.4272
• Rent YoY: —
• Metro: Gaffney, SC
• State GDP YoY: ▲ 4.51%
• F500 in state: 2

Industry mix (Fortune 500 HQ in SC)

Industry	F500 HQs	Revenue
▸Packaging	1	$7B

Price history

+177.8% since first listed

5 events — show timeline

• 2025-12-17 Listed $100,000 SPMLS
• 2025-12-17 Listed $100,000 Greater Greenville MLS
• 2022-03-10 Sold (MLS) $40,000 SPMLS
• 2022-02-13 Pending — SPMLS
• 2022-02-10 Listed $36,000 SPMLS

Property tax history

-11.0%/yr

Latest (2025): $1,241 · +4.2% YoY. Source: county tax records.