1902 Iris St Unit A - D · North Charleston, SC 29405

$525,000

12 bd · 7.2 ba · 4,035 sqft · MultiFamily · 34 Days on market

Built 1956 8,276 sqft lot

---

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
• DSCR +10.0/10.0
• 1% rule +9.0/10.0
• ARV discount +7.5/15.0
• Schools +4.3/10.0
• Rent growth +4.1/5.0
• Livability +3.3/5.0
• Condition / age +2.5/5.0
• Appreciation +0.0/10.0

Multi-family units

County records classify this as Multi-Family (5+ Unit). Listing-text estimate: 4 units. estimate disagrees with records

5+ unit building — per-unit beds/baths from public records are typically unavailable; the breakdown below (if shown) is an estimate from the listing text.

Listing remarks MLS

** NEW PRICING, ROOFS AND PAINT + RENTED FOR $3550 MONTHLY...EPIC ROI!TALK ABOUT AN OPPORTUNITY KNOCKIN INVESTORS PAY ATTENTION CLOSELY** Meet 1902 Iris Street, a multi-family listing whose GROSS ROI from rental income is 12%+....WOW! In addition to the great ROI from its rental income, it's proven to be a high demand rental as it has had very little vacancy in years past. Featuring a centralized location, there's an ease of access to the Interstate, Downtown Charleston, Airport and many shops or restaurants. This could very well be one of the best Multi-Family opportunities on the market with our LOW PRICING AND HIGH ROI! Or, for an End User looking for an affordable primary residence, why not have your mortgage paid for by others...? That is quite possible with this property! Live in one unit and rent out the others and you could achieve that. RENTAL RATES ARE: $950, $950, $850 AND $800 AND OWNER SHOULD HAVE SIGNED LEASES AND DEPOSITS FOR ALL OF THEM BY 6/2/18.**AGENTS ITS VERY IMPORTANT AND YOU MUST READ NOTES***Buyer to confirm accuracy of all information provided. These properties are self-managed and the insurances are in a blanket policy. If Rental history or any other data is of importance to you, please submit an offer and make that request as part of your due diligence.

Key facts

• Near park circle
• 8,276 sq ft lot
• Built 1956

Tags

• INVESTMENT OPPORTUNITY
• MULTI-FAMILY PROPERTY
• DUPLEX-STYLE BUILDING
• RENTAL INCOME POTENTIAL
• NEAR PARK CIRCLE
• NEAR DOWNTOWN CHARLESTON

Property features AI

Finance

• Financial info: 4 total units (multifamily)

Exterior

• Utilities: Public sewer; Charleston Water Service; Dominion Energy
• Home design: Residential income property; Duplex / Other structure types
• Exterior features: Asphalt roof; Other on-site structures

Interior

• Kitchen: Gas range
• Bedrooms: 11 total bedrooms
• Bathrooms: 7 total bathrooms
• Interior features: Ceiling fans

What this means for you Summary

Snapshot

• This is a 3×3bd/2ba + 1×2bd/1ba units multifamily listed at $525k.

Deal economics

• At list price, monthly cash flow is $2k ($21k/yr) — positive. Per door: $437/mo.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($7k rent vs $525k).
• Recommended offer: $509k (3.0% below list) — sets the bar for market timing.

Location & tenants

• 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: Chicora Elementary (math 9% / reading 5%, grade F, #596 of 597 statewide, top 100%, 320 students, 100% FRL); Morningside Middle (math 4% / reading 12%, grade F, #226 of 229 statewide, top 99%, 567 students, 100% FRL); North Charleston High (math 27% / reading 57%, grade F, #174 of 196 statewide, top 90%, 768 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 19% at this address vs 50% district-wide (-32 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 fast (+6.4%/yr); 203 active listings in the ZIP; 4,156 units permitted in Charleston County in 2024 (857 in 5+ unit buildings).

Forward outlook

• Local home prices are declining (-3.0%/yr); year-one equity from $4k of loan paydown is wiped out by about $16k of value loss. Plan a longer hold.
• Charleston County population projected at +44% by 2050 — long-run rental-demand tailwind backs the buy-and-hold thesis.
• At projected returns (-3.0% appreciation + 6.4% rent growth), your $147k cash investment doubles in ~7 years — after that, you're playing with house money.

Negotiation context

• It's been on market 34 days — a 3% lower offer ($509k) is reasonable based on typical stale-listing flexibility.
• 4 sale attempts since 8y 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 $300k; list at $525k implies a 75% gain — meaningful room to come down on a strong offer.

Risks & watch-outs

• Watch-outs: flood insurance adds $427/mo; built in 1956 — expect roof / HVAC / electrical / plumbing capex.
• Climate carrying-cost: in FEMA flood zone AE (mandatory federal flood insurance); severe wind risk, 99% chance of damaging wind over 30y; extreme-heat days projected 7→18/yr by 2055 (HVAC capex compounding) — expect insurance premiums to compound above CPI over the hold.

Recommended offer $509,250 (3.0% below list)

Questions for the listing agent

1. It's been on market 34 days. Have you received any prior offers? Is the seller open to a 3% concession, seller financing, or rate buy-down credit?
2. Can we see the unit-by-unit rent roll, current vacancy, and any below-market leases? What's the average tenancy length?
3. What capital expenditures (roof, boiler, parking lot, exteriors) have been made in the last 5 years, and what's planned in the next 2?
4. Built in 1956 — when were the roof, HVAC, electrical panel, plumbing, and water heater last replaced?
5. What's the actual annual flood-insurance premium (NFIP or private), and is the property in a SFHA with mandatory coverage?
6. Is there a deadline driving the sale (1031 exchange, divorce, estate, relocation)? That informs how much negotiation room exists.
7. 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?
8. 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.
9. 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.
10. How much new apartment / multifamily construction is in the pipeline within 1–3 miles? Heavy new supply (>2% of stock underway) typically softens rents 12–24 months out; light construction supports rent growth.

Investment metrics

• 1% rule: 1.40% ✓
• Cap rate: 11.26%
• Cash-on-cash: 17.74%
• DSCR: 1.79
• GRM: 6.0

CMA / ARV

No comps found within radius.

Projected returns pro-forma

-3.0% appreciation · 6.36% rent growth · sell at horizon

5-year hold

• IRR: 8.7%
• Equity multiple: 1.35×
• Total profit: $52,181
• Equity at exit: $78,279

10-year hold

• IRR: 20.8%
• Equity multiple: 3.06×
• Total profit: $303,002
• Equity at exit: $45,392

Cash invested: $147,000 (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 29405

• Home prices YoY: -29.0%
• Rents YoY: 6.4%
• Active inventory: 203
• Price-to-rent: 23.4×

Monthly cashflow live

• Estimated rent: $7,343 high
• Mortgage (P&I): −$2,753
• Tax est. 1.5%: −$656 /mo · $7,875/yr
• Insurance: −$219
• Flood insurance flood zone: −$427 /mo · $5,118/yr
• HOA: −$0
• Vacancy / Maint / Mgmt: −$1,542
• Net cashflow: $1,746

Break-even live

Break-even rent $5,133

Max offer price $525,000

Occupancy floor 71%

4-unit breakdown (identical units grouped — click to expand)

Units	Beds	Baths	Est. rent
▸ 3× units	3	2	$5,604
1× unit	2	1	$1,738
Total (4 units)			$7,343

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: $131,250
• Closing costs: $15,750
• Reserves months: —
• Total cash needed: —

Listing history 21 events

1. 2026-06-18
   days on market $525,000 Active 34 DOM
2. 2026-06-17
   days on market $525,000 Active 33 DOM
3. 2026-06-16
   days on market $525,000 Active 32 DOM
4. 2026-06-15
   days on market $525,000 Active 31 DOM
5. 2026-06-10
   days on market $525,000 Active 26 DOM
6. 2026-06-09
   days on market $525,000 Active 25 DOM
7. 2026-06-08
   days on market $525,000 Active 24 DOM
8. 2026-06-07
   days on market $525,000 Active 23 DOM
9. 2026-06-05
   days on market $525,000 Active 20 DOM
10. 2026-06-03
    days on market $525,000 Active 19 DOM
11. 2026-06-01
    days on market $525,000 Active 17 DOM
12. 2026-05-31
    days on market $525,000 Active 16 DOM
13. 2026-05-15
    listed $525,000 Active
14. 2018-06-29
    soldstatus $300,000 Closed 1301-char remark

    Show marketing remark (1301 chars)

    ** NEW PRICING, ROOFS AND PAINT + RENTED FOR $3550 MONTHLY...EPIC ROI!TALK ABOUT AN OPPORTUNITY KNOCKIN INVESTORS PAY ATTENTION CLOSELY** Meet 1902 Iris Street, a multi-family listing whose GROSS ROI from rental income is 12%+....WOW! In addition to the great ROI from its rental income, it's proven to be a high demand rental as it has had very little vacancy in years past. Featuring a centralized location, there's an ease of access to the Interstate, Downtown Charleston, Airport and many shops or restaurants. This could very well be one of the best Multi-Family opportunities on the market with our LOW PRICING AND HIGH ROI! Or, for an End User looking for an affordable primary residence, why not have your mortgage paid for by others...? That is quite possible with this property! Live in one unit and rent out the others and you could achieve that. RENTAL RATES ARE: $950, $950, $850 AND $800 AND OWNER SHOULD HAVE SIGNED LEASES AND DEPOSITS FOR ALL OF THEM BY 6/2/18.**AGENTS ITS VERY IMPORTANT AND YOU MUST READ NOTES***Buyer to confirm accuracy of all information provided. These properties are self-managed and the insurances are in a blanket policy. If Rental history or any other data is of importance to you, please submit an offer and make that request as part of your due diligence.

15. 2018-06-04
    historical Active Contingent 1301-char remark

    Show marketing remark (1301 chars)

    ** NEW PRICING, ROOFS AND PAINT + RENTED FOR $3550 MONTHLY...EPIC ROI!TALK ABOUT AN OPPORTUNITY KNOCKIN INVESTORS PAY ATTENTION CLOSELY** Meet 1902 Iris Street, a multi-family listing whose GROSS ROI from rental income is 12%+....WOW! In addition to the great ROI from its rental income, it's proven to be a high demand rental as it has had very little vacancy in years past. Featuring a centralized location, there's an ease of access to the Interstate, Downtown Charleston, Airport and many shops or restaurants. This could very well be one of the best Multi-Family opportunities on the market with our LOW PRICING AND HIGH ROI! Or, for an End User looking for an affordable primary residence, why not have your mortgage paid for by others...? That is quite possible with this property! Live in one unit and rent out the others and you could achieve that. RENTAL RATES ARE: $950, $950, $850 AND $800 AND OWNER SHOULD HAVE SIGNED LEASES AND DEPOSITS FOR ALL OF THEM BY 6/2/18.**AGENTS ITS VERY IMPORTANT AND YOU MUST READ NOTES***Buyer to confirm accuracy of all information provided. These properties are self-managed and the insurances are in a blanket policy. If Rental history or any other data is of importance to you, please submit an offer and make that request as part of your due diligence.

16. 2018-05-25
    price $317,774 1301-char remark

    Show marketing remark (1301 chars)

    ** NEW PRICING, ROOFS AND PAINT + RENTED FOR $3550 MONTHLY...EPIC ROI!TALK ABOUT AN OPPORTUNITY KNOCKIN INVESTORS PAY ATTENTION CLOSELY** Meet 1902 Iris Street, a multi-family listing whose GROSS ROI from rental income is 12%+....WOW! In addition to the great ROI from its rental income, it's proven to be a high demand rental as it has had very little vacancy in years past. Featuring a centralized location, there's an ease of access to the Interstate, Downtown Charleston, Airport and many shops or restaurants. This could very well be one of the best Multi-Family opportunities on the market with our LOW PRICING AND HIGH ROI! Or, for an End User looking for an affordable primary residence, why not have your mortgage paid for by others...? That is quite possible with this property! Live in one unit and rent out the others and you could achieve that. RENTAL RATES ARE: $950, $950, $850 AND $800 AND OWNER SHOULD HAVE SIGNED LEASES AND DEPOSITS FOR ALL OF THEM BY 6/2/18.**AGENTS ITS VERY IMPORTANT AND YOU MUST READ NOTES***Buyer to confirm accuracy of all information provided. These properties are self-managed and the insurances are in a blanket policy. If Rental history or any other data is of importance to you, please submit an offer and make that request as part of your due diligence.

17. 2018-05-08
    listed $319,000 Active 1301-char remark

    Show marketing remark (1301 chars)

    ** NEW PRICING, ROOFS AND PAINT + RENTED FOR $3550 MONTHLY...EPIC ROI!TALK ABOUT AN OPPORTUNITY KNOCKIN INVESTORS PAY ATTENTION CLOSELY** Meet 1902 Iris Street, a multi-family listing whose GROSS ROI from rental income is 12%+....WOW! In addition to the great ROI from its rental income, it's proven to be a high demand rental as it has had very little vacancy in years past. Featuring a centralized location, there's an ease of access to the Interstate, Downtown Charleston, Airport and many shops or restaurants. This could very well be one of the best Multi-Family opportunities on the market with our LOW PRICING AND HIGH ROI! Or, for an End User looking for an affordable primary residence, why not have your mortgage paid for by others...? That is quite possible with this property! Live in one unit and rent out the others and you could achieve that. RENTAL RATES ARE: $950, $950, $850 AND $800 AND OWNER SHOULD HAVE SIGNED LEASES AND DEPOSITS FOR ALL OF THEM BY 6/2/18.**AGENTS ITS VERY IMPORTANT AND YOU MUST READ NOTES***Buyer to confirm accuracy of all information provided. These properties are self-managed and the insurances are in a blanket policy. If Rental history or any other data is of importance to you, please submit an offer and make that request as part of your due diligence.

18. 2018-05-08
    historical

    Show marketing remark (1301 chars)

    ** NEW PRICING, ROOFS AND PAINT + RENTED FOR $3550 MONTHLY...EPIC ROI!TALK ABOUT AN OPPORTUNITY KNOCKIN INVESTORS PAY ATTENTION CLOSELY** Meet 1902 Iris Street, a multi-family listing whose GROSS ROI from rental income is 12%+....WOW! In addition to the great ROI from its rental income, it's proven to be a high demand rental as it has had very little vacancy in years past. Featuring a centralized location, there's an ease of access to the Interstate, Downtown Charleston, Airport and many shops or restaurants. This could very well be one of the best Multi-Family opportunities on the market with our LOW PRICING AND HIGH ROI! Or, for an End User looking for an affordable primary residence, why not have your mortgage paid for by others...? That is quite possible with this property! Live in one unit and rent out the others and you could achieve that. RENTAL RATES ARE: $950, $950, $850 AND $800 AND OWNER SHOULD HAVE SIGNED LEASES AND DEPOSITS FOR ALL OF THEM BY 6/2/18.**AGENTS ITS VERY IMPORTANT AND YOU MUST READ NOTES***Buyer to confirm accuracy of all information provided. These properties are self-managed and the insurances are in a blanket policy. If Rental history or any other data is of importance to you, please submit an offer and make that request as part of your due diligence.

19. 2018-04-09
    status Active
20. 2018-04-09
    historical
21. 2018-03-29
    listed $319,000 Active

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

Climate risk First Street

• 🌊 Flood 6/10 Major FEMA zone AE · 55% chance over 30 yrs
• 🔥 Wildfire 2/10 Low
• 🌡 Heat 10/10 Extreme 7 d/yr ≥105°F today · 18 d/yr by 30 yrs out
• 💨 Wind 9/10 Extreme 99% chance of damaging wind over 30 yrs
• 🫁 Air quality 3/10 Moderate 3 unhealthy d/yr today · 3 by 30 yrs out

Taxation est. · year 1

• Rental income: $88,116
• − Mortgage interest: −$29,408
• − Property taxes: −$7,875
• − Insurance: −$7,744
• − Repairs & maintenance: −$7,049
• − Management: −$7,049
• − Depreciation: −$15,273
• Taxable income: $13,718
• Est. tax owed @ 24.0%: −$3,292
• After-tax cash flow: $17,663/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: Charleston 01
• NCES district ID: 4501440
• Math proficiency: 48% ▼ -2.00%
• Reading proficiency: 53% ▬ 0.00%
• Median HH income: $52,376
• Composite: 43.41/100
• National rank: #3018
• State rank: #7 of 80 in SC

Livability — North Charleston

• Score: 66/100
• State rank: #122
• US rank: #12222

Category grades

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

Schools grade is shown separately in the Schools card above.

Census & demographics

• Census place: North Charleston, SC
• County: Charleston County · 366,793 people
• City population: 108,266
• Metro: Charleston-North Charleston, SC
• Population (ZIP): 26,254
• Household income: $56,600
• Rent vs Own: 49.4% rent · 50.6% own
• Severe rent burden: 1564.0

Population outlook (Charleston County) Hauer SSP2

• Today (2025): 480,562 people
• By 2030: 525,921 · +9.4%
• By 2040: 612,189 · +27.4%
• By 2050: 691,627 · +43.9%
• By 2075: 847,979 · +76.5%
• By 2100: 926,482 · +92.8%

Race, ethnicity, and origin ACS 2023

• Neighborhood character: Majority Black (57%)
• Race & ethnicity: Black 57% White 34% Hispanic / Latino 5% Two or more races 4%
• Hispanic origin (detail): Mexican 2%
• Common ancestry: Slovak 1% Lithuanian 1% Italian 1%
• Foreign-born: 4% · Canada
• Languages at home: 93% English-only · Spanish 5%

Political lean MEDSL · Charleston

• 2024 margin: Lean D (+5.7) · D 51.9% · R 46.3% · Other 1.8%
• 2008→2024 swing: -2.7pp toward R · 2008: 8.3pp · 2024: 5.7pp
• All cycles: 2024: D+5.7 2020: D+12.9 2016: D+7.9 2012: D+2.4 2008: D+8.3

Not yet ingested

• Civics: —

Market trends

• HPI YoY: ▼ -152.19%
• Current HPI: 372.8886
• Rent YoY: ▲ 6.36%
• Metro: Charleston-North Charleston, 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

+64.6% since first listed

9 events — show timeline

• 2026-05-15 Listed $525,000 Charleston Trident MLS
• 2018-06-29 Sold (MLS) $300,000 Charleston Trident MLS
• 2018-06-04 Contingent — Charleston Trident MLS
• 2018-05-25 Price Changed $317,774 Charleston Trident MLS
• 2018-05-08 Listing Removed — Charleston Trident MLS
• 2018-05-08 Listed $319,000 Charleston Trident MLS
• 2018-04-09 Relisted — Charleston Trident MLS
• 2018-04-09 Listing Removed — Charleston Trident MLS
• 2018-03-29 Listed $319,000 Charleston Trident MLS