153 E Pine St

Johnsonville, SC 29555

$15,000C-

2 bd · 1.0 ba · 864 sqft · Built 1935 · SingleFamily · Pending · 184 DOM

Cashflow @ list (25.0% down · 7.5%)

• Estimated rent: $884/mo
• Mortgage (P&I): −$79
• Tax + insurance: −$54
• HOA: −$0
• Vac / Maint / Mgmt: −$186
• Net cashflow: $566/mo
• Annual: $6,791/yr
• Cap rate: 51.56%
• Cash-on-cash: 161.69%
• DSCR: 8.19
• 1% rule: 5.89%
• Cash to close: $4,200

Investor read

• This is a 2-bed/1.0-bath single-family listed at $15k.
• At list price, monthly cash flow is $566 ($7k/yr) — positive.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($884 rent vs $15k).
• It's been on market 184 days — a 12% lower offer ($13k) is reasonable based on typical stale-listing flexibility.
• Recommended offer: $13k (12.0% below list) — sets the bar for market timing.
• In year one you build about $2k of equity ($104 loan paydown + $2k 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: property tax is 3.8% of price; built in 1935 — 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).
• 2 sale attempts; this cycle's ask has dropped $5k (25%) from the opening price — seller is motivated, your offer sets the floor, not the list.
• At projected returns (10.0% appreciation + 3.0% rent growth), your $4k cash investment doubles in ~1 year — after that, you're playing with house money.
• 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 184 days. Have you received any prior offers? Is the seller open to a 12% concession, seller financing, or rate buy-down credit?
• Built in 1935 — when were the roof, HVAC, electrical panel, plumbing, and water heater last replaced?
• Property tax is high relative to price — has the assessment been appealed recently, and will the sale trigger a re-assessment?
• 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.