204 Chestnut St · Gaffney, SC 29340

$74,900

2 bd · 1.0 ba · 982 sqft · SingleFamily public records · 19 Days on market

Built 1940 6,970 sqft lot Est $135k · 44% 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 +30.0/30.0
• ARV discount +15.0/15.0
• DSCR +10.0/10.0
• 1% rule +9.0/10.0
• 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

Looking for investment property under 100K? Look no further! Cute investment and even first home opportunity right in the heart of Gaffney SC! This home has character and is so cozy! It is the perfect place to start making your very own at an extremely affordable price! Don't miss out on this!

Key facts

• 6,970 sq ft lot
• Built 1940
• Listed 19 days

Property features AI

Finance

• Other: Lot size approximately 0.16 acres
• Financial info: Tax information provided separately
• HOA & community: No HOA information provided

Exterior

• Parking: No designated parking
• Security: No security features specified
• Utilities: Public water; Public sewer; Electric service
• Home design: Single-family residence; One story
• Construction: Wood siding; Composition roof
• Exterior features: Front porch

Interior

• Kitchen: No kitchen appliances specified
• Bedrooms: Details not provided
• Flooring: Carpet; Laminate
• Bathrooms: 1 full bathroom
• Heating & cooling: Electric heating with heat pump; Central air conditioning; Ceiling fan cooling; Electric-powered cooling
• Interior features: Ceiling fans throughout
• Laundry & utility: Laundry closet; Electric water heater

What this means for you Summary

Snapshot

• This is a 2-bed/1.0-bath single-family listed at $75k.

Deal economics

• At list price, monthly cash flow is $319 ($4k/yr) — positive.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($1k rent vs $75k).
• Recommended offer: $74k (1.5% below list) — sets the bar for market timing.
• Cap rate 11.4% 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, commute F.
• 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.
• Zoned schools: Gaffney Middle (math 25% / reading 37%, grade F, #128 of 229 statewide, top 58%, 921 students, 100% FRL); Gaffney High (math 40% / reading 75%, grade C, #116 of 196 statewide, top 59%, 1,838 students, 84% FRL) — zoned schools average 92% FRL vs 64% district-wide (28 pts higher); higher-poverty schools than district average — tighter screening recommended.
• Market conditions: 158 active listings in the ZIP; 2 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).

Forward outlook

• Local home prices are declining (-3.0%/yr); year-one equity from $518 of loan paydown is wiped out by about $2k of value loss. Plan a longer hold.
• At projected returns (-3.0% appreciation + 3.0% rent growth), your $21k cash investment doubles in ~7 years — after that, you're playing with house money.

Negotiation context

• It's been on market 19 days — a 2% lower offer ($74k) is reasonable based on typical stale-listing flexibility.
• 2 sale attempts; this cycle's ask has dropped $5k (6%) from the opening price — seller is motivated, your offer sets the floor, not the list.
• Current owner paid $14k; list at $75k implies a 435% 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: extreme-heat days projected 7→16/yr by 2055 (HVAC capex compounding) — expect insurance premiums to compound above CPI over the hold.

Recommended offer $73,776 (1.5% below list)

Questions for the listing agent

1. Built in 1940 — 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 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?
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: 1.40% ✓
• Cap rate: 11.40%
• Cash-on-cash: 18.25%
• DSCR: 1.81
• GRM: 6.0

CMA / ARV

• ARV (on-the-fly): $134,534
• Comps found: 12

Show comp detail 12 sales within ~0.75 mi

Address	Dist	Beds/Ba	Sqft	Sold	Price	$/sf	Match
407 Willow St	0.16mi	2/1.0	965 (-2%)	1mo	$37,000	$38	89
502 Beech St	0.16mi	2/1.0	1,010 (+3%)	1mo	$126,900	$126	87
118 Cherry St	0.23mi	2/1.0	1,030 (+5%)	1mo	$58,400	$57	80
204 Chestnut St	0.00mi	2/1.0	850 (-13%)	1mo	$60,000	$71	77
205 E Third St	0.26mi	3/2.0 (+1)	1,005 (+2%)	3mo	$158,000	$157	73
421 Colonial Ave Ave	0.47mi	3/1.0 (+1)	988 (+1%)	2mo	$135,000	$137	71
504 Railroad Ave Ave	0.10mi	2/1.0	1,110 (+13%)	3mo	$75,000	$68	71
320 Providence Rd	0.65mi	2/1.0	984 (+0%)	3mo	$199,900	$203	67
502 Oakland Ave	0.20mi	3/1.0 (+1)	1,088 (+11%)	5mo	$35,000	$32	64
221 Mill St	0.52mi	3/1.0 (+1)	994 (+1%)	6mo	$155,000	$156	64
99 Walnut St	0.19mi	3/2.0 (+1)	1,100 (+12%)	1mo	$199,900	$182	61
330 W Birnie St	0.72mi	2/2.0	1,014 (+3%)	1mo	$170,000	$168	56

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: 9.9%
• Equity multiple: 1.39×
• Total profit: $8,185
• Equity at exit: $11,168

10-year hold

• IRR: 19.0%
• Equity multiple: 2.59×
• Total profit: $33,324
• Equity at exit: $6,476

Cash invested: $20,972 (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: 6.0×

Monthly cashflow live

• Estimated rent: $1,047 medium
• Mortgage (P&I): −$393
• Tax from tax record: −$84 /mo · $1,008/yr
• Insurance: −$31
• HOA: −$0
• Vacancy / Maint / Mgmt: −$220
• Net cashflow: $319

Break-even live

Break-even rent $643

Max offer price $74,900

Occupancy floor 65%

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: $18,725
• Closing costs: $2,247
• Reserves months: —
• Total cash needed: —

Rent comps 2 comps

Address	Beds	Baths	Sqft	Rent	$/sqft	DOM	Units	Dist
266 Goldmine Springs Rd Gaffney, SC	2.0	1.0	730	$1,099	$1.51	23d	1	0.90mi
506 S Oliver St Gaffney, SC	1.0–2.0	1.0	900	$955	$1.06	16d	5	1.15mi

Listing history 7 events

1. 2026-04-29
   historical Active Under Contract 294-char remark

   Show marketing remark (294 chars)

   Looking for investment property under 100K? Look no further! Cute investment and even first home opportunity right in the heart of Gaffney SC! This home has character and is so cozy! It is the perfect place to start making your very own at an extremely affordable price! Don't miss out on this!

2. 2026-04-29
   status Pending

   Show marketing remark (294 chars)

   Looking for investment property under 100K? Look no further! Cute investment and even first home opportunity right in the heart of Gaffney SC! This home has character and is so cozy! It is the perfect place to start making your very own at an extremely affordable price! Don't miss out on this!

3. 2026-04-21
   price $74,900 294-char remark

   Show marketing remark (294 chars)

   Looking for investment property under 100K? Look no further! Cute investment and even first home opportunity right in the heart of Gaffney SC! This home has character and is so cozy! It is the perfect place to start making your very own at an extremely affordable price! Don't miss out on this!

4. 2026-04-21
   price $74,900

   Show marketing remark (294 chars)

   Looking for investment property under 100K? Look no further! Cute investment and even first home opportunity right in the heart of Gaffney SC! This home has character and is so cozy! It is the perfect place to start making your very own at an extremely affordable price! Don't miss out on this!

5. 2026-04-10
   listed $79,900 Active 294-char remark

   Show marketing remark (294 chars)

   Looking for investment property under 100K? Look no further! Cute investment and even first home opportunity right in the heart of Gaffney SC! This home has character and is so cozy! It is the perfect place to start making your very own at an extremely affordable price! Don't miss out on this!

6. 2026-04-10
   listed $79,900 Active

   Show marketing remark (294 chars)

   Looking for investment property under 100K? Look no further! Cute investment and even first home opportunity right in the heart of Gaffney SC! This home has character and is so cozy! It is the perfect place to start making your very own at an extremely affordable price! Don't miss out on this!

7. 2006-04-17
   soldstatus $14,000

ⓘ 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: $1,008 · $84/mo
• Projected year-2 tax: $1,008 · $84/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 ≥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: $12,561
• − Mortgage interest: −$4,196
• − Property taxes: −$1,008
• − Insurance: −$374
• − Repairs & maintenance: −$1,005
• − Management: −$1,005
• − Depreciation: −$2,179
• Taxable income: $2,794
• Est. tax owed @ 24.0%: −$671
• After-tax cash flow: $3,157/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

+435.0% since first listed

7 events — show timeline

• 2026-04-29 Contingent — CCMLS
• 2026-04-29 Pending — SPMLS
• 2026-04-21 Price Changed $74,900 CCMLS
• 2026-04-21 Price Changed $74,900 SPMLS
• 2026-04-10 Listed $79,900 CCMLS
• 2026-04-10 Listed $79,900 SPMLS
• 2006-04-17 Sold (Public Records) $14,000 Public Records

Property tax history

+5.8%/yr

Latest (2025): $1,008 · +4.2% YoY. Source: county tax records.