109 Merowey Ct · Chapin, SC 29036

$225,000

3 bd · 2.0 ba · 1,404 sqft · SingleFamily public records · 1 Days on market

Built 2005

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Why this score? — see what drove the D- 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 +11.6/30.0
• ARV discount +7.5/15.0
• Schools +4.5/10.0
• 1% rule +4.2/10.0
• DSCR +3.4/10.0
• Livability +3.2/5.0
• Rent growth +2.5/5.0
• Condition / age +2.5/5.0
• Appreciation +0.0/10.0

Listing remarks

3 bedroom 2 full bath 1 car garage. The interior is freshly painted. The entire house has new flooring. New granite countertops. Porch is screened in. All appliances are provided including the washer and dryer. No smoking allowed in the unit. Renter is responsible for all utilities.

Key facts

• Screened in porch
• New flooring
• Built 2005

Tags

• NEW FLOORING
• NEW GRANITE COUNTERTOPS
• SCREENED IN PORCH
• ALL APPLIANCES PROVIDED

What this means for you Summary

Snapshot

• This is a 3-bed/2.0-bath single-family listed at $225k.

Deal economics

• At list price, monthly cash flow is $-72 ($-863/yr) — negative.
• To cash-flow at today's rent, offer at most $212k (5.6% below list).
• To meet the 1% rule (rent ≥ 1% of price), the offer needs to be $206k (8.3% below list).
• Recommended offer: $206k (8.3% below list) — sets the bar for 1% rule.

Location & tenants

• Location reads 65/100 on livability (#133 in SC) — a middle-class / working-renter tenant base. Strengths: schools A+, cost of living A+, housing A+; Watch: crime C-, employment C-, amenities F.
• Lexington 05 (suburban): math 47% / reading 55% proficiency, ranked #5 of 80 in SC (top 6%) — acceptable for families but not a draw, mixed tenant base, ~2y average lease.
• Market conditions: 434 active listings in the ZIP; 5 comparable units currently listed for rent nearby; rentals leasing fast (median 3d on market — plan ~1-2 weeks tenant-placement turnaround); high-income renter base; 1,712 units permitted in Lexington County in 2024 (0 in 5+ unit buildings).

Forward outlook

• Local home prices are declining (-3.0%/yr); year-one equity from $2k of loan paydown is wiped out by about $7k of value loss. Plan a longer hold.
• Lexington County population projected at +26% by 2050 — long-run rental-demand tailwind backs the buy-and-hold thesis.

Negotiation context

• Only 1 days on market — expect competitive offers; lowballing is unlikely to land.
• 4 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 $190k; 18% above their basis — modest negotiation headroom, anchor on the comps not their cost.

Risks & watch-outs

• Climate carrying-cost: major wind risk, 56% chance of damaging wind over 30y; extreme-heat days projected 7→17/yr by 2055 (HVAC capex compounding) — expect insurance premiums to compound above CPI over the hold.

Recommended offer $206,221 (8.3% below list)

Questions for the listing agent

1. 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?
2. Is there a deadline driving the sale (1031 exchange, divorce, estate, relocation)? That informs how much negotiation room exists.
3. Schools are A-rated — typically a magnet for longer-tenancy family renters. What's the average tenant stay here, and is there a school-zone premium baked into asking?
4. 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?
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: 0.92% ✗
• Cap rate: 5.91%
• Cash-on-cash: -1.37%
• DSCR: 0.94
• GRM: 9.1

CMA / ARV

No comps found within radius.

Projected returns pro-forma

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

5-year hold

• IRR: -18.5%
• Equity multiple: 0.35×
• Total profit: $-40,922
• Equity at exit: $33,548

10-year hold

• IRR: -10.7%
• Equity multiple: 0.35×
• Total profit: $-41,044
• Equity at exit: $19,454

Cash invested: $63,000 (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 29036

• Active inventory: 434
• Price-to-rent: 9.1×

Monthly cashflow live

• Estimated rent: $2,062 high
• Mortgage (P&I): −$1,180
• Tax from tax record: −$427 /mo · $5,129/yr
• Insurance: −$94
• HOA: −$0
• Vacancy / Maint / Mgmt: −$433
• Net cashflow: $-72

Break-even live

Break-even rent $2,153

Max offer price $212,288

Occupancy floor 98%

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: $56,250
• Closing costs: $6,750
• Reserves months: —
• Total cash needed: —

Rent comps 5 comps

Address	Beds	Baths	Sqft	Rent	$/sqft	DOM	Units	Dist
120 W Horn Ct Chapin, SC	2.0	2.0	1080	$1,995	$1.85	21d	1	0.12mi
151 Fair Haven Way Chapin, SC	2.0	2.0	1080	$1,625	$1.50	3d	1	0.14mi
129 Fair Haven Way Chapin, SC	2.0	2.0	1080	$1,550	$1.44	3d	1	0.18mi
305 Clark St Chapin, SC	3.0	2.0	1650	$1,750	$1.06	3d	1	0.46mi
206 Columbia Ave Chapin, SC	3.0	2.0	1435	$1,625	$1.13	3d	1	0.63mi

Listing history 8 events

1. 2026-05-26
   listed $225,000 Active
2. 2022-09-02
   soldstatus $190,000
3. 2022-08-24
   historical
4. 2022-08-23
   status Active
5. 2022-08-20
   historical
6. 2022-08-17
   status Active
7. 2022-07-03
   historical
8. 2022-06-29
   listed $200,000 Active

ⓘ 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: $5,129 · $427/mo
• Projected year-2 tax: $5,129 · $427/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 4/10 Moderate
• 🌡 Heat 7/10 Severe 7 d/yr ≥107°F today · 17 d/yr by 30 yrs out
• 💨 Wind 6/10 Major 56% chance of damaging wind over 30 yrs
• 🫁 Air quality 3/10 Moderate 2 unhealthy d/yr today · 2 by 30 yrs out

Taxation est. · year 1

• Rental income: $24,747
• − Mortgage interest: −$12,603
• − Property taxes: −$5,129
• − Insurance: −$1,125
• − Repairs & maintenance: −$1,980
• − Management: −$1,980
• − Depreciation: −$6,545
• Taxable loss: −$4,616
• Est. tax savings @ 24.0%: +$1,108
• After-tax cash flow: $244/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: Lexington 05
• NCES district ID: 4502820
• Math proficiency: 47% ▼ -7.00%
• Reading proficiency: 55% ▼ -4.00%
• Median HH income: $67,732
• Composite: 45.28/100
• National rank: #2656
• State rank: #5 of 80 in SC

Livability — Chapin

• Score: 65/100
• State rank: #133
• US rank: #12994

Category grades

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

Schools grade is shown separately in the Schools card above.

Census & demographics

• Census place: Chapin, SC
• County: Lexington County · 232,571 people
• City population: 26,620
• Metro: Columbia, SC
• Population (ZIP): 26,620
• Household income: $113,986
• Rent vs Own: 8.1% rent · 91.9% own
• Severe rent burden: 212.0

Population outlook (Lexington County) Hauer SSP2

• Today (2025): 322,999 people
• By 2030: 342,356 · +6.0%
• By 2040: 377,715 · +16.9%
• By 2050: 406,984 · +26.0%
• By 2075: 465,447 · +44.1%
• By 2100: 485,674 · +50.4%

Race, ethnicity, and origin ACS 2023

• Neighborhood character: Predominantly White (86%)
• Race & ethnicity: White 86% Asian 5% Two or more races 4% Black 3% Hispanic / Latino 3%
• Common ancestry: Lithuanian 4% Slovak 4% Italian 2%
• Foreign-born: 6% · Canada, South Korea, China
• Languages at home: 95% English-only · Other Indo-European 2% Spanish 1% Korean 1%

Political lean MEDSL · Lexington

• 2024 margin: Solid R (+33.5) · D 32.5% · R 66.0% · Other 1.4%
• 2008→2024 swing: +4.6pp toward D · 2008: -38.0pp · 2024: -33.5pp
• All cycles: 2024: R+33.5 2020: R+30.1 2016: R+36.7 2012: R+37.8 2008: R+38.0

Not yet ingested

• Civics: —

Market trends

• HPI YoY: ▼ -134.76%
• Current HPI: 248.3807
• Rent YoY: —
• Metro: Columbia, 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

+12.5% since first listed

8 events — show timeline

• 2026-05-26 Listed $225,000 FSBO.com
• 2022-09-02 Sold (Public Records) $190,000 Public Records
• 2022-08-24 Delisted — Consolidated MLS
• 2022-08-23 Relisted — Consolidated MLS
• 2022-08-20 Delisted — Consolidated MLS
• 2022-08-17 Relisted — Consolidated MLS
• 2022-07-03 Delisted — Consolidated MLS
• 2022-06-29 Listed $200,000 Consolidated MLS

Property tax history

+10.9%/yr

Latest (2024): $5,129 · +0.2% YoY. Source: county tax records.