2028 Oakland Rd

Hamer, SC 29547

$119,000D-

3 bd · 1.0 ba · 1,008 sqft · Built 1981 · Manufactured · Active · 20 DOM

Cashflow @ list (25.0% down · 7.5%)

• Estimated rent: $786/mo
• Mortgage (P&I): −$624
• Tax + insurance: −$86
• HOA: −$0
• Vac / Maint / Mgmt: −$165
• Net cashflow: $-89/mo
• Annual: $-1,071/yr
• Cap rate: 5.39%
• Cash-on-cash: -3.21%
• DSCR: 0.86
• 1% rule: 0.66%
• Cash to close: $33,320

Investor read

• This is a 3-bed/1.0-bath manufactured listed at $119k.
• At list price, monthly cash flow is $-89 ($-1k/yr) — negative.
• To cash-flow at today's rent, offer at most $103k (13.2% below list).
• To meet the 1% rule (rent ≥ 1% of price), the offer needs to be $79k (33.9% below list).
• It's been on market 20 days — a 2% lower offer ($117k) is reasonable based on typical stale-listing flexibility.
• Recommended offer: $79k (33.9% below list) — sets the bar for 1% rule.
• In year one you build about $8k of equity ($823 loan paydown + $7k appreciation (6.0% local appreciation)).
• Location reads: area grade D — affects rentability + tenant quality, not the cash-flow math above.
• Dillon 04 (town): math 14% / reading 27% proficiency, ranked #72 of 80 in SC (top 90%) — low school quality limits family demand, transient renter base, plan for 1-2y turnover; 83% free/reduced lunch — lower-income household profile, screen leases tightly.
• Zoned schools: Dillon Middle (math 10% / reading 22%, grade F, #196 of 229 statewide, top 87%, 666 students, 100% FRL); Dillon High (math 12% / reading 67%, grade F, #180 of 196 statewide, top 93%, 869 students, 100% FRL) — zoned schools average 100% FRL vs 83% district-wide (17 pts higher); higher-poverty schools than district average — tighter screening recommended.
• Market conditions: 18 active listings in the ZIP; 41 units permitted in Dillon County in 2024 (0 in 5+ unit buildings).
• Dillon County population projected at -25% by 2050 — secular population decline; favor cash flow + early exit over multi-decade hold.
• Current owner paid $55k; list at $119k implies a 116% gain — meaningful room to come down on a strong offer.
• By year 5, paydown + projected appreciation supports a ~$35k cash-out refi (75% LTV) — recoverable capital for the next deal without selling this one.
• Climate carrying-cost: severe wind risk, 80% chance of damaging wind over 30y; major wildfire risk; extreme-heat days projected 7→17/yr by 2055 (HVAC capex compounding) — expect insurance premiums to compound above CPI over the hold.

Questions for listing agent

• 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?
• Is there a deadline driving the sale (1031 exchange, divorce, estate, relocation)? That informs how much negotiation room exists.
• 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?
• 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.
• 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.
• 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.