228 Perry Ave · Simpsonville, SC 29681

$229,000

3 bd · 2.0 ba · 1,398 sqft · SingleFamily public records · 6 Days on market

Built 1968 0.39 ac lot Est $271k · 16% under

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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).

• ARV discount +14.5/15.0
• Cash flow +13.5/30.0
• Livability +4.4/5.0
• Schools +4.2/10.0
• DSCR +4.1/10.0
• Rent growth +3.5/5.0
• 1% rule +2.6/10.0
• Condition / age +2.5/5.0
• Appreciation +0.0/10.0

Listing remarks

Welcome to 228 Perry Road in Simpsonville—a charming home conveniently located near shopping, dining, and major roadways. This 3-bedroom, 2-bath residence offers approximately 1,470 square feet of comfortable, single-level living. This property is sold as-is. Inside, you’ll find a functional layout featuring a spacious living room with a fireplace. The kitchen offers ample cabinet space, dishwasher, oven, and refrigerator. A convenient walk-in laundry area is also located on the main level. All three bedrooms are located on the main floor, including a well-sized primary suite. The home has two full bathrooms providing added convenience for daily living. Flooring throughout inclu

Key facts

• 0.39 acre lot
• 2 garage spots
• Listed 6 days

Property features AI

Finance

• HOA & community: No HOA fees (HOA fee includes: None); No community amenities

Exterior

• Parking: Detached 2-car garage; Driveway parking (paved)
• Utilities: Public water; Public sewer; Public garbage pickup; Electric water heater; Electric power
• Home design: Single-story home; Approximately 50+ years old; Residential property (lead-based paint disclosure required)
• Construction: Vinyl siding exterior; Architectural roof; Crawl space foundation; Garage storage
• Exterior features: Patio; Corner lot with some trees

Interior

• Kitchen: Kitchen (approx. 11 x 11); Dishwasher; Refrigerator; Electric oven
• Bedrooms: Primary bedroom on main level with full bath, tub/shower and multiple closets (approx. 14 x 13); Second bedroom (approx. 11 x 11); Third bedroom (approx. 11 x 13)
• Flooring: Carpet; Hardwood
• Bathrooms: Two full bathrooms (both on main level)
• Heating & cooling: Forced air heating; Central forced cooling; Electric water heater
• Interior features: Cable available; Ceiling fan(s); Laminate countertops; One masonry fireplace
• Laundry & utility: Laundry on first floor with walk-in area

What this means for you Summary

Snapshot

• This is a 3-bed/2.0-bath single-family listed at $229k.

Deal economics

• At list price, monthly cash flow is $7 ($90/yr) — positive.
• The deal already cash-flows at list — no discount required.
• To meet the 1% rule (rent ≥ 1% of price), the offer needs to be $175k (23.7% below list).
• Recommended offer: $175k (23.7% below list) — sets the bar for 1% rule.
• Cap rate 6.3% vs local median 3.9% in Simpsonville — 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 87/100 on livability (#1 in SC, #295 nationally) — a professional / high-income tenant draw. Strengths: commute A+, housing A+, health & safety A+.
• Greenville 01 (suburban): math 44% / reading 54% proficiency, ranked #10 of 80 in SC (top 12%) — families likely to look elsewhere, expect single-tenant / working-renter base with shorter leases.
• Zoned schools: Simpsonville Elementary (math 52% / reading 52%, grade C-, #145 of 597 statewide, top 26%, 744 students, 71% FRL) — zoned schools average 71% FRL vs 42% district-wide (28 pts higher); higher-poverty schools than district average — tighter screening recommended.
• Market conditions: Rents rising fast (+4.1%/yr); 531 active listings in the ZIP; 11 comparable units currently listed for rent nearby; rentals at typical pace (median 16d on market — plan ~3-4 weeks tenant-placement turnaround); high-income renter base; 5,595 units permitted in Greenville County in 2024 (566 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.
• Greenville County population projected at +34% by 2050 — long-run rental-demand tailwind backs the buy-and-hold thesis.

Negotiation context

• Only 6 days on market — expect competitive offers; lowballing is unlikely to land.
• Current owner paid $165k; 39% above their basis — modest negotiation headroom, anchor on the comps not their cost.

Risks & watch-outs

• 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 $174,688 (23.7% below list)

Questions for the listing agent

1. Built in 1968 — 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 B-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: 0.76% ✗
• Cap rate: 6.33%
• Cash-on-cash: 0.14%
• DSCR: 1.01
• GRM: 10.9

CMA / ARV

• ARV (on-the-fly): $271,212
• Comps found: 6

Show comp detail 6 sales within ~0.75 mi

Address	Dist	Beds/Ba	Sqft	Sold	Price	$/sf	Match
228 Perry Ave	0.00mi	3/2.0	1,479 (+6%)	1mo	$222,500	$150	90
103 Morgan Cir	0.53mi	3/2.0	1,383 (-1%)	15mo	$305,000	$221	60
215 Beattie St	0.71mi	2/1.0 (-1)	1,330 (-5%)	3mo	$299,900	$225	47
605 Brookmere Rd	0.70mi	3/1.5	1,250 (-11%)	4mo	$192,500	$154	44
131 Abbotsford Dr	0.68mi	3/2.0	1,300 (-7%)	22mo	$250,000	$192	38
207 Tollgate Rd	0.63mi	3/2.0	1,600 (+14%)	12mo	$310,000	$194	36

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 · 4.09% rent growth · sell at horizon

5-year hold

• IRR: -15.1%
• Equity multiple: 0.46×
• Total profit: $-34,798
• Equity at exit: $34,145

10-year hold

• IRR: -5.0%
• Equity multiple: 0.66×
• Total profit: $-21,980
• Equity at exit: $19,800

Cash invested: $64,120 (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 29681

• Rents YoY: 4.1%
• Active inventory: 531
• Price-to-rent: 10.9×

Monthly cashflow live

• Estimated rent: $1,747 high
• Mortgage (P&I): −$1,201
• Tax from tax record: −$76 /mo · $915/yr
• Insurance: −$95
• HOA: −$0
• Vacancy / Maint / Mgmt: −$367
• Net cashflow: $7

Break-even live

Break-even rent $1,737

Max offer price $229,000

Occupancy floor 95%

Sensitivity live

Price	-10% $137	-5% $72	+0% $7	+5% $-57	+10% $-122
Rent	-10% $-131	-5% $-62	+0% $7	+5% $76	+10% $145
Rate	-1.0pp $123	-0.5pp $66	base $7	+0.5pp $-52	+1.0pp $-112

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: $57,250
• Closing costs: $6,870
• Reserves months: —
• Total cash needed: —

Rent comps 11 comps

Address	Beds	Baths	Sqft	Rent	$/sqft	DOM	Units	Dist
209 Jonesville Rd Simpsonville, SC	2.0	1.0	900	$1,380	$1.53	16d	1	0.27mi
103 Jones Ave Unit B Simpsonville, SC	2.0	1.5	1360	$1,700	$1.25	25d	1	0.30mi
300 Florence Dr Simpsonville, SC	3.0	2.0	1080	$1,525	$1.41	25d	1	0.46mi
202 Newgate Dr Simpsonville, SC	4.0	2.0	1656	$1,795	$1.08	16d	1	0.54mi
114 Edwards St Simpsonville, SC	4.0	4.0	1800	$1,850	$1.03	16d	1	0.85mi
100 Garden District Dr Simpsonville, SC	1.0–3.0	1.0–2.0	939	$1,636	$1.74	25d	4	1.14mi
10 Capewood Rd Simpsonville, SC	1.0–2.0	1.0–2.0	875	$1,293	$1.48	5d	12	1.19mi
1000 Princeton Elm Ct Simpsonville, SC	2.0	2.0	1007	$1,199	$1.19	25d	1	1.33mi
8001 Pointe Grand Pl Simpsonville, SC	1.0–2.0	2.0	1153	$1,395	$1.21	5d	9	1.43mi
206 Manassas Dr Simpsonville, SC	3.0	2.5	1568	$1,849	$1.18	25d	1	1.48mi
24 Magnolia Crest Dr Simpsonville, SC	2.0	2.0	1200	$1,600	$1.33	16d	1	1.48mi

Listing history 3 events

1. 2026-05-11
   status Pending
2. 2026-05-05
   listed $229,000 Active
3. 2026-04-29
   soldstatus $165,000

ⓘ 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: $915 · $76/mo
• Projected year-2 tax: $1,305 · $109/mo
• Expected delta: +$390/yr (+$33/mo · 42.7%)

ⓘ 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 2/10 Low 2% chance of damaging wind over 30 yrs
• 🫁 Air quality 4/10 Moderate 3 unhealthy d/yr today · 4 by 30 yrs out

Taxation est. · year 1

• Rental income: $20,963
• − Mortgage interest: −$12,828
• − Property taxes: −$915
• − Insurance: −$1,145
• − Repairs & maintenance: −$1,677
• − Management: −$1,677
• − Depreciation: −$6,662
• Taxable loss: −$3,941
• Est. tax savings @ 24.0%: +$946
• After-tax cash flow: $1,035/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: Greenville 01
• NCES district ID: 4502310
• Math proficiency: 44% ▼ -10.00%
• Reading proficiency: 54% ▼ -2.00%
• Median HH income: $49,596
• Composite: 41.88/100
• National rank: #3370
• State rank: #10 of 80 in SC

Livability — Simpsonville

• Score: 87/100
• State rank: #1
• US rank: #295

Category grades

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

Schools grade is shown separately in the Schools card above.

Census & demographics

• Census place: Simpsonville, SC
• County: Greenville County · 573,815 people
• City population: 104,420
• Metro: Greenville-Anderson, SC
• Population (ZIP): 68,650
• Household income: $114,986
• Rent vs Own: 15.4% rent · 84.6% own
• Severe rent burden: 865.0

Population outlook (Greenville County) Hauer SSP2

• Today (2025): 574,580 people
• By 2030: 615,615 · +7.1%
• By 2040: 695,373 · +21.0%
• By 2050: 769,367 · +33.9%
• By 2075: 933,296 · +62.4%
• By 2100: 1,029,196 · +79.1%

Race, ethnicity, and origin ACS 2023

• Neighborhood character: Predominantly White (71%)
• Race & ethnicity: White 71% Black 12% Hispanic / Latino 8% Two or more races 8% Asian 4%
• Hispanic origin (detail): Mexican 2% Puerto Rican 1%
• Common ancestry: Romanian 3% Italian 3% Slovak 3%
• Foreign-born: 8% · Canada, Jamaica, South Korea
• Languages at home: 89% English-only · Spanish 6% Other Indo-European 1% Other Asian/Pacific 1%

Political lean MEDSL · Greenville

• 2024 margin: Strong R (+22.2) · D 38.0% · R 60.2% · Other 1.8%
• 2008→2024 swing: +1.7pp toward D · 2008: -23.9pp · 2024: -22.2pp
• All cycles: 2024: R+22.2 2020: R+18.2 2016: R+24.7 2012: R+27.8 2008: R+23.9

Not yet ingested

• Civics: —

Market trends

• HPI YoY: ▼ -144.64%
• Current HPI: 226.5252
• Rent YoY: ▲ 4.09%
• Metro: Greenville-Anderson, 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

+38.8% since first listed

3 events — show timeline

• 2026-05-11 Pending — Greater Greenville MLS
• 2026-05-05 Listed $229,000 Greater Greenville MLS
• 2026-04-29 Sold (Public Records) $165,000 Public Records

Property tax history

+8.3%/yr

Latest (2025): $915 · +3.3% YoY. Source: county tax records.