1901 Carolina Ave

Orangeburg, SC 29115

$71,100C+

3 bd · 2.0 ba · 1,735 sqft · Built 1940 · SingleFamily · Active · 15 DOM

Cashflow @ list (25.0% down · 7.5%)

• Estimated rent: $1,050/mo
• Mortgage (P&I): −$373
• Tax + insurance: −$298
• HOA: −$0
• Vac / Maint / Mgmt: −$220
• Net cashflow: $158/mo
• Annual: $1,901/yr
• Cap rate: 8.97%
• Cash-on-cash: 9.55%
• DSCR: 1.42
• 1% rule: 1.48%
• Cash to close: $19,908

Investor read

• This is a 3-bed/2.0-bath single-family listed at $71k.
• At list price, monthly cash flow is $158 ($2k/yr) — positive.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($1k rent vs $71k).
• It's been on market 15 days — a 2% lower offer ($70k) is reasonable based on typical stale-listing flexibility.
• Recommended offer: $70k (1.5% below list) — sets the bar for market timing.
• Local home prices are declining (-3.0%/yr); year-one equity from $492 of loan paydown is wiped out by about $2k of value loss. Plan a longer hold.
• Location reads 54/100 on livability (#324 in SC) — a working-class tenant base; expect higher turnover. Strengths: cost of living A+, health & safety B; Watch: housing C-, schools F, crime F.
• Watch-outs: property tax is 4.5% of price; built in 1940 — expect roof / HVAC / electrical / plumbing capex.
• Market conditions: 226 active listings in the ZIP; 1 comparable units currently listed for rent nearby; 87 units permitted in Orangeburg County in 2024 (0 in 5+ unit buildings).
• Orangeburg County population projected at -27% by 2050 — secular population decline; favor cash flow + early exit over multi-decade hold.
• 3 sale attempts 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.
• Climate carrying-cost: severe wind risk, 80% 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.
• Cap rate 9.0% vs local median 4.2% in Orangeburg — 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.

Questions for listing agent

• Built in 1940 — 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?
• Is there a deadline driving the sale (1031 exchange, divorce, estate, relocation)? That informs how much negotiation room exists.
• Schools are F-rated, which usually means shorter tenancies and higher turnover. Who's the typical renter profile here, and what's been the actual vacancy rate?
• Crime grade is F in this area — have there been break-ins, vandalism, or insurance claims at this property in the last 3 years? What carrier currently insures it and at what premium?
• 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.