206 Elmwood

Summerville, SC 29456

$199,995B-

4 bd · 2.0 ba · 1,968 sqft · Built 1976 · SingleFamily · Active · 1 DOM

Cashflow @ list (25.0% down · 7.5%)

• Estimated rent: $2,257/mo
• Mortgage (P&I): −$1,049
• Tax + insurance: −$331
• HOA: −$0
• Vac / Maint / Mgmt: −$474
• Net cashflow: $403/mo
• Annual: $4,837/yr
• Cap rate: 8.71%
• Cash-on-cash: 8.64%
• DSCR: 1.38
• 1% rule: 1.13%
• Cash to close: $55,999

Investor read

• This is a 4-bed/2.0-bath single-family listed at $200k.
• At list price, monthly cash flow is $403 ($5k/yr) — positive.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($2k rent vs $200k).
• Only 1 days on market — expect competitive offers; lowballing is unlikely to land.
• Local home prices are declining (-3.0%/yr); year-one equity from $1k of loan paydown is wiped out by about $6k of value loss. Plan a longer hold.
• Location reads 63/100 on livability (#167 in SC) — a middle-class / working-renter tenant base. Strengths: housing A+, cost of living B+; Watch: amenities F, commute F, health & safety F.
• Dorchester 02 (suburban): math 40% / reading 55% proficiency, ranked #12 of 80 in SC (top 15%) — families likely to look elsewhere, expect single-tenant / working-renter base with shorter leases.
• Zoned schools: Joseph R. Pye Elementary (math 49% / reading 55%, grade C-, #145 of 597 statewide, top 26%, 823 students, 55% FRL); Oakbrook Middle (math 25% / reading 39%, grade F, #119 of 229 statewide, top 54%, 1,006 students, 67% FRL); Ashley Ridge High (math 73% / reading 93%, grade A, #18 of 196 statewide, top 9%, 2,542 students, 50% FRL) — zoned schools average 57% FRL vs 36% district-wide (21 pts higher); higher-poverty schools than district average — tighter screening recommended.
• Market conditions: Rents rising (+3.6%/yr); 178 active listings in the ZIP; 31 comparable units currently listed for rent nearby; rentals at typical pace (median 15d on market — plan ~3-4 weeks tenant-placement turnaround); solid renter incomes; 1,199 units permitted in Dorchester County in 2024 (0 in 5+ unit buildings).
• Dorchester County population projected at +43% by 2050 — long-run rental-demand tailwind backs the buy-and-hold thesis.
• Current owner paid $52k; list at $200k implies a 287% gain — meaningful room to come down on a strong offer.
• Climate carrying-cost: severe wind risk, 99% 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 8.7% vs local median 4.0% in Summerville — 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.
• This rent runs 35% of the median local income ($78k/yr) — at the standard rent-burdened threshold; future hikes will face affordability resistance.

Questions for listing agent

• Built in 1976 — when were the roof, HVAC, electrical panel, plumbing, and water heater last replaced?
• Is there a deadline driving the sale (1031 exchange, divorce, estate, relocation)? That informs how much negotiation room exists.
• 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?
• 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.