109 Neely Ave · Spartanburg, SC 29302

$115,360

3 bd · 1.0 ba · 1,134 sqft · SingleFamily public records · 16 Days on market

Built 1955 0.30 ac lot Est $181k · 36% under

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Why this score? — see what drove the B+ 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 +29.4/30.0
• ARV discount +15.0/15.0
• DSCR +10.0/10.0
• 1% rule +8.5/10.0
• Livability +3.8/5.0
• Rent growth +3.1/5.0
• Schools +3.1/10.0
• Condition / age +2.5/5.0
• Appreciation +0.0/10.0

Listing remarks MLS

Downtown Spartanburg minutes away. Beautiful Duncan Park. 3 bedrooms, 1 bath sweetheart of a bungalow. New roof, new updates, new paint, new appliances, plumbing updates, fantastic hardwood floors, a huge fenced in back yard for fur babies and it is level to enjoy all year long. American preferred home warranty included at closing.

Key facts

• Minutes from lake
• Minutes from park
• Growing area

Tags

• DESIRABLE NEIGHBORHOOD
• MINUTES FROM BASEBALL STADIUM
• MINUTES FROM PARK
• MINUTES FROM TENNIS COURTS
• MINUTES FROM LAKE
• GROWING AREA

Property features AI

Exterior

• Parking: Paved driveway
• Utilities: Public sewer; Electric water heater
• Home design: Single-family residence; One story
• Construction: Above-grade finished living area (approx. 1,134)
• Exterior features: Front porch; Level, wooded lot

Interior

• Kitchen: Range; Dishwasher; Refrigerator
• Bedrooms: Three main-level bedrooms
• Flooring: Hardwood
• Bathrooms: One full bathroom (main level)
• Heating & cooling: Attic fan; Has cooling; No central heating listed
• Interior features: Soaking tub; Fireplace (1)
• Laundry & utility: Washer hookup; Electric dryer hookup; Electric water heater

What this means for you Summary

Snapshot

• This is a 3-bed/1.0-bath single-family listed at $115k.

Deal economics

• At list price, monthly cash flow is $409 ($5k/yr) — positive.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($2k rent vs $115k).
• Recommended offer: $114k (1.5% below list) — sets the bar for market timing.
• Cap rate 10.5% vs local median 3.9% in Spartanburg — 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 76/100 on livability (#24 in SC, #3,679 nationally) — a middle-class / working-renter tenant base. Strengths: amenities A+, commute A+, cost of living A+; Watch: crime F, employment F.
• Spartanburg 07 (urban): math 34% / reading 41% proficiency, ranked #39 of 80 in SC (top 49%) — families likely to look elsewhere, expect single-tenant / working-renter base with shorter leases; 62% free/reduced lunch — lower-income household profile, screen leases tightly.
• Zoned schools: E. P. Todd School (math 18% / reading 29%, grade F, #467 of 597 statewide, top 78%, 576 students, 100% FRL); Spartanburg High (math 67% / reading 79%, grade B+, #44 of 196 statewide, top 23%, 2,056 students, 85% FRL) — zoned schools average 93% FRL vs 62% district-wide (31 pts higher); higher-poverty schools than district average — tighter screening recommended.
• Market conditions: Rents rising (+2.5%/yr); 154 active listings in the ZIP; 6 comparable units currently listed for rent nearby; rentals at typical pace (median 21d on market — plan ~3-4 weeks tenant-placement turnaround); solid renter incomes; 3,129 units permitted in Spartanburg County in 2024 (40 in 5+ unit buildings).

Forward outlook

• Local home prices are declining (-3.0%/yr); year-one equity from $798 of loan paydown is wiped out by about $3k of value loss. Plan a longer hold.
• Spartanburg County population projected at +18% by 2050 — long-run rental-demand tailwind backs the buy-and-hold thesis.
• At projected returns (-3.0% appreciation + 2.5% rent growth), your $32k cash investment doubles in ~9 years — after that, you're playing with house money.

Negotiation context

• It's been on market 16 days — a 2% lower offer ($114k) is reasonable based on typical stale-listing flexibility.
• 6 sale attempts since 11y ago; this cycle's ask has dropped $20k (15%) from the opening price — seller is motivated, your offer sets the floor, not the list.

Risks & watch-outs

• Watch-outs: built in 1955 — expect roof / HVAC / electrical / plumbing capex.
• Climate carrying-cost: extreme-heat days projected 7→16/yr by 2055 (HVAC capex compounding) — expect insurance premiums to compound above CPI over the hold.

Recommended offer $113,629 (1.5% below list)

Questions for the listing agent

1. Built in 1955 — when were the roof, HVAC, electrical panel, plumbing, and water heater last replaced?
2. Is there a deadline driving the sale (1031 exchange, divorce, estate, relocation)? That informs how much negotiation room exists.
3. 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?
4. 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?
5. 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.
6. 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.
7. 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: 1.35% ✓
• Cap rate: 10.55%
• Cash-on-cash: 15.19%
• DSCR: 1.68
• GRM: 6.2

CMA / ARV

• ARV (on-the-fly): $181,440
• Comps found: 11

Show comp detail 11 sales within ~0.75 mi

Address	Dist	Beds/Ba	Sqft	Sold	Price	$/sf	Match
120 First Ave Ave	0.12mi	3/2.0	1,100 (-3%)	2mo	$135,000	$123	83
111 Kreswell Cir	0.08mi	3/1.5	1,250 (+10%)	1mo	$147,000	$118	76
106 Carlton Ct	0.13mi	3/2.0	1,050 (-7%)	5mo	$195,500	$186	73
453 Lucerne Dr	0.27mi	3/1.0	1,224 (+8%)	8mo	$115,000	$94	68
213 Loring St	0.23mi	3/2.0	1,230 (+8%)	10mo	$197,000	$160	63
135 Evvalane Dr	0.51mi	3/2.5	1,152 (+2%)	9mo	$200,000	$174	60
537 Lucerne Dr	0.08mi	2/2.0 (-1)	1,247 (+10%)	15mo	$219,500	$176	58
200 Quarry Rd	0.56mi	2/2.0 (-1)	1,104 (-3%)	15mo	$164,000	$149	48
139 Evvalane Dr	0.54mi	3/2.5	1,262 (+11%)	6mo	$211,500	$168	44
120 Vista Hill Dr	0.56mi	3/2.0	1,274 (+12%)	23mo	$227,000	$178	30
112 Glenrock St	0.60mi	4/1.0 (+1)	988 (-13%)	21mo	$70,000	$71	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 · 2.5% rent growth · sell at horizon

5-year hold

• IRR: 5.3%
• Equity multiple: 1.20×
• Total profit: $6,613
• Equity at exit: $17,201

10-year hold

• IRR: 14.3%
• Equity multiple: 2.12×
• Total profit: $36,287
• Equity at exit: $9,974

Cash invested: $32,301 (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 29302

• Home prices YoY: -25.3%
• Rents YoY: 2.5%
• Active inventory: 154
• Price-to-rent: 6.2×

Monthly cashflow live

• Estimated rent: $1,558 high
• Mortgage (P&I): −$605
• Tax from tax record: −$169 /mo · $2,029/yr
• Insurance: −$48
• HOA: −$0
• Vacancy / Maint / Mgmt: −$327
• Net cashflow: $409

Break-even live

Break-even rent $1,041

Max offer price $115,360

Occupancy floor 69%

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: $28,840
• Closing costs: $3,461
• Reserves months: —
• Total cash needed: —

Rent comps 6 comps

Address	Beds	Baths	Sqft	Rent	$/sqft	DOM	Units	Dist
1097 Union St Spartanburg, SC	1.0–2.0	1.0–2.0	951	$2,009	$2.11	13d	21	0.76mi
88 W Park Dr Unit H Spartanburg, SC	2.0	1.0	950	$875	$0.92	21d	1	0.93mi
102 Harvard Dr Spartanburg, SC	2.0	1.0	1000	$1,300	$1.30	13d	1	1.04mi
630 S Converse St Spartanburg, SC	2.0	1.0	912	$995	$1.09	21d	1	1.23mi
717 Connecticut Ave Spartanburg, SC	3.0	1.0	1320	$1,895	$1.44	13d	1	1.40mi
938 Logan St Unit A Spartanburg, SC	2.0	2.5	980	$1,600	$1.63	21d	1	1.43mi

Listing history 13 events

1. 2026-06-18
   price $115,360 Active 16 DOM
2. 2026-06-18
   days on market $135,000 Active 16 DOM
3. 2026-06-17
   days on market $135,000 Active 15 DOM
4. 2026-06-16
   days on market $135,000 Active 14 DOM
5. 2026-06-15
   days on market $135,000 Active 13 DOM
6. 2026-06-14
   days on market $135,000 Active 11 DOM
7. 2026-06-13
   days on market $135,000 Active 10 DOM
8. 2026-06-10
   days on market $135,000 Active 8 DOM
9. 2026-06-09
   days on market $135,000 Active 7 DOM
10. 2026-06-08
    days on market $135,000 Active 6 DOM
11. 2026-06-07
    days on marketlisting id $135,000 Active 5 DOM
12. 2026-06-03
    remarks 558-char remark
13. 2026-06-03
    listed $135,000 Active 1 DOM

ⓘ 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: $2,029 · $169/mo
• Projected year-2 tax: $2,029 · $169/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 1/10 Low FEMA zone X (unshaded) · 0% chance over 30 yrs
• 🔥 Wildfire 3/10 Moderate
• 🌡 Heat 6/10 Major 7 d/yr ≥105°F today · 16 d/yr by 30 yrs out
• 💨 Wind 2/10 Low 2% chance of damaging wind over 30 yrs
• 🫁 Air quality 4/10 Moderate 4 unhealthy d/yr today · 4 by 30 yrs out

Taxation est. · year 1

• Rental income: $18,699
• − Mortgage interest: −$6,462
• − Property taxes: −$2,029
• − Insurance: −$577
• − Repairs & maintenance: −$1,496
• − Management: −$1,496
• − Depreciation: −$3,356
• Taxable income: $3,284
• Est. tax owed @ 24.0%: −$788
• After-tax cash flow: $4,119/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: Spartanburg 07
• NCES district ID: 4503660
• Math proficiency: 34% ▼ -1.00%
• Reading proficiency: 41% ▼ -1.00%
• Median HH income: $35,825
• Composite: 31.04/100
• National rank: #6087
• State rank: #39 of 80 in SC

Livability — Spartanburg

• Score: 76/100
• State rank: #24
• US rank: #3679

Category grades

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

Schools grade is shown separately in the Schools card above.

Census & demographics

• Census place: Spartanburg, SC
• County: Spartanburg County · 258,607 people
• Metro: Spartanburg, SC
• Population (ZIP): 19,918
• Household income: $80,819
• Rent vs Own: 29.1% rent · 70.9% own
• Severe rent burden: 619.0

Population outlook (Spartanburg County) Hauer SSP2

• Today (2025): 325,495 people
• By 2030: 338,800 · +4.1%
• By 2040: 363,471 · +11.7%
• By 2050: 384,156 · +18.0%
• By 2075: 430,137 · +32.1%
• By 2100: 442,733 · +36.0%

Race, ethnicity, and origin ACS 2023

• Neighborhood character: Predominantly White (71%)
• Race & ethnicity: White 71% Black 16% Two or more races 6% Hispanic / Latino 5% Asian 4%
• Hispanic origin (detail): Mexican 2% Puerto Rican 2%
• Common ancestry: Slovak 5% Serbian 3% Romanian 2%
• Foreign-born: 4% · Canada
• Languages at home: 93% English-only · Other Asian/Pacific 3% Spanish 2% German/W. Germanic 1%

Political lean MEDSL · Spartanburg

• 2024 margin: Solid R (+33.6) · D 32.6% · R 66.2% · Other 1.2%
• 2008→2024 swing: -12.0pp toward R · 2008: -21.6pp · 2024: -33.6pp
• All cycles: 2024: R+33.6 2020: R+27.3 2016: R+30.0 2012: R+23.1 2008: R+21.6

Not yet ingested

• Civics: —

Market trends

• HPI YoY: ▼ -80.20%
• Current HPI: 237.1002
• Rent YoY: ▲ 2.50%
• Metro: Spartanburg, 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

+184.2% since first listed

20 events — show timeline

• 2026-06-02 Listed $135,000 SPMLS
• 2022-11-30 Sold (Public Records) $167,500 Public Records
• 2022-11-30 Sold (MLS) $167,500 SPMLS
• 2022-11-01 Pending — SPMLS
• 2022-10-27 Price Changed $169,900 SPMLS
• 2022-09-26 Relisted — SPMLS
• 2022-09-19 Pending — SPMLS
• 2022-09-03 Price Changed $177,000 SPMLS
• 2022-08-26 Relisted — SPMLS
• 2022-08-11 Pending — SPMLS
• 2022-07-29 Listed $179,900 SPMLS
• 2016-05-04 Sold (Public Records) $153,900 Public Records
• 2016-05-02 Sold (MLS) $68,750 SPMLS
• 2015-10-23 Listed $69,000 SPMLS
• 2015-08-11 Sold (Public Records) $49,900 Public Records
• 2015-08-07 Sold (MLS) $49,900 SPMLS
• 2015-07-15 Listed $49,900 SPMLS
• 2010-02-19 Sold (Public Records) $250,000 Public Records
• 2007-01-05 Sold (Public Records) $67,500 Public Records
• 1994-07-01 Sold (Public Records) $47,500 Public Records

Property tax history

+0.2%/yr

Latest (2025): $2,029 · +0.5% YoY. Source: county tax records.