3409 Woodcross Dr

Reidville, SC 29369

$323,900F

5 bd · 3.0 ba · 2,511 sqft · Built 2026 · Land · Active · 42 DOM

Cashflow @ list (25.0% down · 7.5%)

• Estimated rent: $2,459/mo
• Mortgage (P&I): −$1,699
• Tax + insurance: −$540
• HOA: −$44
• Vac / Maint / Mgmt: −$516
• Net cashflow: $-340/mo
• Annual: $-4,075/yr
• Cap rate: 5.03%
• Cash-on-cash: -4.49%
• DSCR: 0.80
• 1% rule: 0.76%
• Cash to close: $90,692

Investor read

• This is a 5-bed/3.0-bath land listed at $324k.
• At list price, monthly cash flow is $-340 ($-4k/yr) — negative.
• To cash-flow at today's rent, offer at most $275k (15.2% below list).
• To meet the 1% rule (rent ≥ 1% of price), the offer needs to be $246k (24.1% below list).
• It's been on market 42 days — a 3% lower offer ($314k) is reasonable based on typical stale-listing flexibility.
• Recommended offer: $246k (24.1% below list) — sets the bar for 1% rule.
• Local home prices are declining (-3.0%/yr); year-one equity from $2k of loan paydown is wiped out by about $10k of value loss. Plan a longer hold.
• Location reads 80/100 on livability (#12 in SC, #1,810 nationally) — a professional / high-income tenant draw. Strengths: crime A+, employment A+, housing A+; Watch: amenities F, commute F.
• Spartanburg 05 (suburban): math 45% / reading 51% proficiency, ranked #13 of 80 in SC (top 16%) — families likely to look elsewhere, expect single-tenant / working-renter base with shorter leases.
• Zoned schools: Reidville Elementary (math 57% / reading 57%, grade C+, #102 of 597 statewide, top 18%, 667 students, 46% FRL).
• Market conditions: Rents rising (+1.8%/yr); 355 active listings in the ZIP; 2 comparable units currently listed for rent nearby; solid renter incomes; 3,129 units permitted in Spartanburg County in 2024 (40 in 5+ unit buildings).
• Spartanburg County population projected at +18% by 2050 — long-run rental-demand tailwind backs the buy-and-hold thesis.
• 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: extreme-heat days projected 7→16/yr by 2055 (HVAC capex compounding) — expect insurance premiums to compound above CPI over the hold.
• Cap rate 5.0% vs local median 3.7% in Reidville — 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 36% of the median local income ($83k/yr) — at the standard rent-burdened threshold; future hikes will face affordability resistance.

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?
• It's been on market 42 days. Have you received any prior offers? Is the seller open to a 24% concession, seller financing, or rate buy-down credit?
• What does the HOA fee cover, when was the last increase, and are there any pending special assessments or reserve-fund shortfalls?
• 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?
• 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.