1556 Switchback Cir

Roebuck, SC 29369

$304,333D

5 bd · 3.0 ba · 2,674 sqft · Built 2026 · Land · Pending · 105 DOM

Cashflow @ list (25.0% down · 7.5%)

• Estimated rent: $2,659/mo
• Mortgage (P&I): −$1,596
• Tax + insurance: −$507
• HOA: −$42
• Vac / Maint / Mgmt: −$558
• Net cashflow: $-44/mo
• Annual: $-531/yr
• Cap rate: 6.12%
• Cash-on-cash: -0.62%
• DSCR: 0.97
• 1% rule: 0.87%
• Cash to close: $85,213

Investor read

• This is a 5-bed/3.0-bath land listed at $304k.
• At list price, monthly cash flow is $-44 ($-531/yr) — negative.
• To cash-flow at today's rent, offer at most $298k (2.1% below list).
• To meet the 1% rule (rent ≥ 1% of price), the offer needs to be $266k (12.6% below list).
• It's been on market 105 days — a 9% lower offer ($277k) is reasonable based on typical stale-listing flexibility.
• Recommended offer: $266k (12.6% 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 $9k of value loss. Plan a longer hold.
• Location reads 64/100 on livability (#147 in SC) — a middle-class / working-renter tenant base. Strengths: crime A+, cost of living A+, housing A+; Watch: amenities F, commute F, health & safety 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: River Ridge Elementary (math 53% / reading 48%, grade D+, #160 of 597 statewide, top 27%, 778 students, 64% FRL); Berry Shoals Intermediate (math 54% / reading 48%, grade C, #36 of 229 statewide, top 16%, 902 students, 56% FRL); James F. Byrnes High (math 31% / reading 75%, grade C-, #140 of 196 statewide, top 72%, 2,217 students, 56% FRL) — zoned schools average 59% FRL vs 39% district-wide (19 pts higher); higher-poverty schools than district average — tighter screening recommended.
• Market conditions: Rents rising (+1.8%/yr); 357 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; this cycle's ask has dropped $34k (10%) from the opening price — seller is motivated, your offer sets the floor, not the list.
• Cap rate 6.1% vs local median 4.7% in Roebuck — 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 38% 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 105 days. Have you received any prior offers? Is the seller open to a 13% 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?
• 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.
• Schools are D-rated, which usually means shorter tenancies and higher turnover. Who's the typical renter profile here, and what's been the actual vacancy rate?
• 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.