123 E Pine St

Johnsonville, SC 29555

$79,000B+

3 bd · 1.0 ba · 1,104 sqft · Built 1949 · SingleFamily · Pending · 67 DOM

Cashflow @ list (25.0% down · 7.5%)

• Estimated rent: $1,054/mo
• Mortgage (P&I): −$414
• Tax + insurance: −$50
• HOA: −$0
• Vac / Maint / Mgmt: −$221
• Net cashflow: $368/mo
• Annual: $4,421/yr
• Cap rate: 11.89%
• Cash-on-cash: 19.99%
• DSCR: 1.89
• 1% rule: 1.33%
• Cash to close: $22,120

Investor read

• This is a 3-bed/1.0-bath single-family listed at $79k.
• At list price, monthly cash flow is $368 ($4k/yr) — positive.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($1k rent vs $79k).
• It's been on market 67 days — a 6% lower offer ($74k) is reasonable based on typical stale-listing flexibility.
• Recommended offer: $74k (6.0% below list) — sets the bar for market timing.
• In year one you build about $8k of equity ($546 loan paydown + $8k appreciation (10.0% local appreciation)).
• Location reads 65/100 on livability (#130 in SC) — a middle-class / working-renter tenant base. Strengths: cost of living A+, crime A, health & safety B+; Watch: amenities F, commute F, employment D-.
• Florence 05 (rural): math 34% / reading 38% proficiency, ranked #42 of 80 in SC (top 52%) — families likely to look elsewhere, expect single-tenant / working-renter base with shorter leases.
• Watch-outs: built in 1949 — expect roof / HVAC / electrical / plumbing capex.
• Market conditions: 62 active listings in the ZIP; 657 units permitted in Florence County in 2024 (40 in 5+ unit buildings).
• Current owner paid $40k; list at $79k implies a 98% gain — meaningful room to come down on a strong offer.
• At projected returns (10.0% appreciation + 3.0% rent growth), your $22k cash investment doubles in ~2 years — after that, you're playing with house money.
• By year 5, paydown + projected appreciation supports a ~$39k 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; extreme-heat days projected 7→16/yr by 2055 (HVAC capex compounding) — expect insurance premiums to compound above CPI over the hold.

Questions for listing agent

• It's been on market 67 days. Have you received any prior offers? Is the seller open to a 6% concession, seller financing, or rate buy-down credit?
• Built in 1949 — when were the roof, HVAC, electrical panel, plumbing, and water heater last replaced?
• Why hasn't it sold? Are there any deal-killer items the seller is aware of (foundation, flood, title, zoning, code violations)?
• Is there a deadline driving the sale (1031 exchange, divorce, estate, relocation)? That informs how much negotiation room exists.
• 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.