164 N Cleveland Park Dr Dr Unit *** · Hilltop, SC 29303

$199,000

4 bd · 0.0 ba · 1,930 sqft · MultiFamily · 35 Days on market

Built 1947 Fair condition 0.50 ac lot

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Why this score? — see what drove the B- grade

The composite is a weighted blend of 9 inputs, each scored 0–100. Each bar is that input's sub-score; the figure is the points it added to the 100-point composite (weight × sub-score).

• Cash flow +28.6/30.0
• DSCR +10.0/10.0
• 1% rule +7.9/10.0
• ARV discount +7.5/15.0
• Rent growth +3.4/5.0
• Schools +3.1/10.0
• Livability +2.5/5.0
• Condition / age +2.0/5.0
• Appreciation +0.0/10.0

Multi-family units

County records classify this as Multi-Family (2-4 Unit). Listing-text estimate: 2 units. confirmed

Listing remarks

Calling all investors, builders, and visionaries! This unique property presents an incredible opportunity to bring your next project to life. Offering approximately 1,500 sqft on the upper level and 1,600 sqft on the lower level, the possibilities are endless. The upper level has already been framed for two separate units — one designed as a 2-bedroom, 2-bathroom layout and the other as a 3-bedroom, 2-bathroom layout. Electrical, plumbing, and framing work have already been completed upstairs, giving you a major head start on the renovation process. The lower level is currently a blank slate, ready for your custom design and creative vision. Whether you’re looking to create inco

Key facts

• Upper level framed
• Unique property
• 0.5 acre lot

Tags

• UNIQUE PROPERTY
• UPPER LEVEL FRAMED
• ELECTRICAL PLUMBING WORK
• LOWER LEVEL BLANK SLATE
• INCOME PRODUCING RENTAL UNITS
• MULTIFAMILY INVESTMENT

Property features AI

Finance

• Financial info: Annual property tax approximately $1,563

Exterior

• Utilities: Served by standard municipal utilities
• Home design: Residential income triplex
• Construction: Approximately 1,930 total building area
• Exterior features: Located in the Cleveland Park subdivision

Interior

• Interior features: Two levels

What this means for you Summary

Snapshot

• This is a 1×2bd/2ba + 1×3bd/2ba units multifamily listed at $199k. Condition is rated fair.

Deal economics

• At list price, monthly cash flow is $656 ($8k/yr) — positive. Per door: $328/mo.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($3k rent vs $199k).
• Recommended offer: $193k (3.0% below list) — sets the bar for market timing.

Location & tenants

• Location reads: area grade B — affects rentability + tenant quality, not the cash-flow math above.
• Spartanburg 07 (urban): math 34% / reading 41% proficiency, ranked #39 of 80 in SC (top 49%) — families likely to look elsewhere, expect single-tenant / working-renter base with shorter leases; 62% free/reduced lunch — lower-income household profile, screen leases tightly.
• Zoned schools: Spartanburg High (math 67% / reading 79%, grade B+, #44 of 196 statewide, top 23%, 2,056 students, 85% FRL) — zoned schools average 85% FRL vs 62% district-wide (24 pts higher); higher-poverty schools than district average — tighter screening recommended.
• Zoned-school proficiency averages 73% at this address vs 38% district-wide (+36 pts) — the actual schools serving this property are materially stronger than the Spartanburg 07 average implies; a family-tenant draw the district grade alone would hide.
• Market conditions: Rents rising (+3.7%/yr); 378 active listings in the ZIP; 4 comparable units currently listed for rent nearby; rentals at typical pace (median 14d on market — plan ~3-4 weeks tenant-placement turnaround); 3,129 units permitted in Spartanburg County in 2024 (40 in 5+ unit buildings).
• At $2,571/mo this rent would consume 64% of the median local household income ($48k/yr) (locally 1218% of renters already pay >50% of income on rent) — very limited rent-growth headroom before tenants either downsize or default.

Forward outlook

• 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.
• Spartanburg County population projected at +18% by 2050 — long-run rental-demand tailwind backs the buy-and-hold thesis.
• At projected returns (-3.0% appreciation + 3.7% rent growth), your $56k cash investment doubles in ~8 years — after that, you're playing with house money.

Negotiation context

• It's been on market 35 days — a 3% lower offer ($193k) is reasonable based on typical stale-listing flexibility.
• 4 sale attempts since 6y ago 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.

Risks & watch-outs

• Watch-outs: built in 1947 — expect roof / HVAC / electrical / plumbing capex.

Recommended offer $193,030 (3.0% below list)

Questions for the listing agent

1. It's been on market 35 days. Have you received any prior offers? Is the seller open to a 3% concession, seller financing, or rate buy-down credit?
2. Can we see the unit-by-unit rent roll, current vacancy, and any below-market leases? What's the average tenancy length?
3. What capital expenditures (roof, boiler, parking lot, exteriors) have been made in the last 5 years, and what's planned in the next 2?
4. Have any recent inspections been done? Can we get a copy of the seller's disclosures and any deferred-maintenance estimates?
5. Built in 1947 — when were the roof, HVAC, electrical panel, plumbing, and water heater last replaced?
6. Is there a deadline driving the sale (1031 exchange, divorce, estate, relocation)? That informs how much negotiation room exists.
7. This sits on a lake — are riparian / water-frontage rights deeded with the parcel? Any dock permits, shoreline easements, or HOA water-use restrictions?
8. What's the documented flood / surge / shoreline-erosion history here (FEMA AND non-FEMA — e.g., storm surge, creek backup, septic-field saturation)?
9. Any water-quality or seasonal algae-bloom issues that affect tenant satisfaction or short-term-rental demand?
10. 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.
11. 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.
12. How much new apartment / multifamily construction is in the pipeline within 1–3 miles? Heavy new supply (>2% of stock underway) typically softens rents 12–24 months out; light construction supports rent growth.

Investment metrics

• 1% rule: 1.29% ✓
• Cap rate: 10.25%
• Cash-on-cash: 14.12%
• DSCR: 1.63
• GRM: 6.5

CMA / ARV

No comps found within radius.

Projected returns pro-forma

-3.0% appreciation · 3.69% rent growth · sell at horizon

5-year hold

• IRR: 5.2%
• Equity multiple: 1.20×
• Total profit: $11,361
• Equity at exit: $29,672

10-year hold

• IRR: 15.3%
• Equity multiple: 2.28×
• Total profit: $71,316
• Equity at exit: $17,206

Cash invested: $55,720 (down + closing). Projections, not guarantees.

Landlord ↔ Tenant lean methodology

• Overall (STATE): 90 Strongly Landlord-Friendly
• State South Carolina: 90 Strongly Landlord-Friendly · R+6
• County: — inherits STATE
• City: — inherits STATE

5-day notice; preempted; landlord-favorable.

Methodology + full state rankings →

ZIP-level market 29303

• Home prices YoY: -14.1%
• Rents YoY: 3.7%
• Active inventory: 378
• Price-to-rent: 14.1×

Monthly cashflow live

• Estimated rent: $2,571 high
• Mortgage (P&I): −$1,044
• Tax est. 1.5%: −$249 /mo · $2,985/yr
• Insurance: −$83
• HOA: −$0
• Vacancy / Maint / Mgmt: −$540
• Net cashflow: $656

Break-even live

Break-even rent $1,741

Max offer price $199,000

Occupancy floor 69%

Sensitivity live

Price	-10% $793	-5% $725	+0% $656	+5% $587	+10% $518
Rent	-10% $453	-5% $554	+0% $656	+5% $757	+10% $859
Rate	-1.0pp $756	-0.5pp $706	base $656	+0.5pp $604	+1.0pp $552

2-unit breakdown (identical units grouped — click to expand)

Units	Beds	Baths	Est. rent
1× unit	2	2	$1,176
1× unit	3	2	$1,395
Total (2 units)			$2,571

UW: 25.0% down · 7.5% · 30yr · 1.5% tax · 5.0% vac · 8.0% maint · 8.0% mgmt

Financing live

Cash to close

• Down payment: $49,750
• Closing costs: $5,970
• Reserves months: —
• Total cash needed: —

Rent comps 4 comps

Address	Beds	Baths	Sqft	Rent	$/sqft	DOM	Units	Dist
515 Howard St Spartanburg, SC	3.0–4.0	2.5–3.5	1729	$2,195	$1.27	14d	70	0.99mi
500 Howard St Spartanburg, SC	1.0–3.0	1.0–2.0	999	$1,650	$1.65	14d	1	1.03mi
458 Arch St Spartanburg, SC	4.0	1.5	1380	$1,325	$0.96	21d	1	1.12mi
731 Old Whitney Rd Spartanburg, SC	3.0	2.5	1450	$1,700	$1.17	14d	1	1.47mi

Listing history 24 events

1. 2026-06-18
   days on market $199,000 Active 35 DOM
2. 2026-06-17
   days on market $199,000 Active 34 DOM
3. 2026-06-16
   days on market $199,000 Active 33 DOM
4. 2026-06-15
   days on market $199,000 Active 32 DOM
5. 2026-06-14
   days on market $199,000 Active 30 DOM
6. 2026-06-13
   days on market $199,000 Active 29 DOM
7. 2026-06-10
   days on market $199,000 Active 27 DOM
8. 2026-06-09
   days on market $199,000 Active 26 DOM
9. 2026-06-08
   days on market $199,000 Active 25 DOM
10. 2026-06-07
    days on market $199,000 Active 24 DOM
11. 2026-06-02
    days on market $199,000 Active 19 DOM
12. 2026-06-01
    days on market $199,000 Active 18 DOM
13. 2026-05-31
    days on market $199,000 Active 17 DOM
14. 2026-05-30
    days on market $199,000 Active 16 DOM
15. 2026-05-14
    listed $199,000 Active
16. 2025-04-21
    price $210,000
17. 2024-12-11
    listed $220,000 Active
18. 2024-12-11
    historical
19. 2024-08-20
    price $220,000
20. 2024-07-24
    listed $245,000 Active
21. 2020-11-28
    historical
22. 2020-09-24
    price $119,900
23. 2020-09-14
    price $124,900
24. 2020-09-09
    listed $134,000 Active

ⓘ Source: listings_history table (triggers on properties + properties_extension) + one-shot backfill from property_details.listing_events for pre-trigger history.

Taxation est. · year 1

• Rental income: $30,852
• − Mortgage interest: −$11,147
• − Property taxes: −$2,985
• − Insurance: −$995
• − Repairs & maintenance: −$2,468
• − Management: −$2,468
• − Depreciation: −$5,789
• Taxable income: $4,999
• Est. tax owed @ 24.0%: −$1,200
• After-tax cash flow: $6,670/yr

For passive investors: Depreciation is non-cash, so a rental often shows a tax loss while cash-flowing — sheltering income. Rental losses are passive: they offset passive income freely, and up to $25,000/yr can offset ordinary (W-2) income if you actively participate and your MAGI is under $100k (phasing out to $0 by $150k); unused losses carry forward. On sale, claimed depreciation is recaptured at up to 25%, and gains may owe capital-gains tax (a 1031 exchange can defer both). Figures are a year-1 estimate at your 24.0% rate — not tax advice; consult a CPA.

Condition & rehab AI · 12 photos

Fair 40/100 Extensive rehab

This property requires extensive renovations, including exterior repairs, interior finishing, and plumbing/electrical upgrades. Landscaping and curb appeal improvements will significantly enhance its value.

Repairs flagged

• Major siding — Significant wear and tear
• Major exterior walls — Exposed brick and uneven condition
• Major interior walls — Exposed framing and unfinished interior
• Major flooring — Exposed subflooring
• Minor roof — No visible damage
• Major plumbing — Exposed plumbing
• Major electrical — Exposed wiring

Value-add opportunities

• Both Landscaping and exterior improvements — Enhances curb appeal and property value
• Both Interior finishing and flooring — Completes the interior and makes the property move-in ready
• Both Plumbing and electrical upgrades — Ensures the property is safe and functional

Renovation cost estimate screening

Repair item	Severity	Est. cost
siding · Significant wear and tear	Major	$15,000–50,000
exterior walls · Exposed brick and uneven condition	Major	$15,000–50,000
interior walls · Exposed framing and unfinished interior	Major	$15,000–50,000
flooring · Exposed subflooring	Major	$15,000–50,000
roof · No visible damage	Minor	$500–3,000
plumbing · Exposed plumbing	Major	$15,000–50,000
electrical · Exposed wiring	Major	$15,000–50,000
Total estimated repair cost · 7 items		$90,500–303,000

Value-add ROI direction

• Both Landscaping and exterior improvements — Enhances curb appeal and property value ↑
• Both Interior finishing and flooring — Completes the interior and makes the property move-in ready ↑
• Both Plumbing and electrical upgrades — Ensures the property is safe and functional ↑

ⓘ Cost ranges are severity-bucket heuristics (US national rule-of-thumb). Get contractor quotes + a written scope before underwriting a rehab budget.

Schools (NCES district)

• District: Spartanburg 07
• NCES district ID: 4503660
• Math proficiency: 34% ▼ -1.00%
• Reading proficiency: 41% ▼ -1.00%
• Median HH income: $35,825
• Composite: 31.04/100
• National rank: #6087
• State rank: #39 of 80 in SC

Livability — Hilltop

No livability data for this city. (Only ~50 U.S. cities are tracked.)

Census & demographics

• Census place: Hilltop, SC
• County: Spartanburg County · 258,607 people
• Metro: Spartanburg, SC
• Population (ZIP): 28,381
• Household income: $48,295
• Rent vs Own: 52.7% rent · 47.3% own
• Severe rent burden: 1218.0

Population outlook (Spartanburg County) Hauer SSP2

• Today (2025): 325,495 people
• By 2030: 338,800 · +4.1%
• By 2040: 363,471 · +11.7%
• By 2050: 384,156 · +18.0%
• By 2075: 430,137 · +32.1%
• By 2100: 442,733 · +36.0%

Race, ethnicity, and origin ACS 2023

• Neighborhood character: Diverse neighborhood (Simpson 0.67)
• Race & ethnicity: White 42% Black 36% Hispanic / Latino 16% Two or more races 11% Asian 2%
• Hispanic origin (detail): Mexican 10% Puerto Rican 2%
• Common ancestry: Slovak 2% Italian 1% Subsaharan African 1%
• Foreign-born: 11% · Canada
• Languages at home: 81% English-only · Spanish 15% Russian/Polish/Slavic 2% Other Asian/Pacific 1%

Political lean MEDSL · Spartanburg

• 2024 margin: Solid R (+33.6) · D 32.6% · R 66.2% · Other 1.2%
• 2008→2024 swing: -12.0pp toward R · 2008: -21.6pp · 2024: -33.6pp
• All cycles: 2024: R+33.6 2020: R+27.3 2016: R+30.0 2012: R+23.1 2008: R+21.6

Not yet ingested

• Civics: —

Market trends

• HPI YoY: ▼ -45.19%
• Current HPI: 274.443
• Rent YoY: ▲ 3.69%
• Metro: Spartanburg, SC
• State GDP YoY: ▲ 4.51%
• F500 in state: 2

Industry mix (Fortune 500 HQ in SC)

Industry	F500 HQs	Revenue
▸Packaging	1	$7B

Price history

+48.5% since first listed

10 events — show timeline

• 2026-05-14 Listed $199,000 SPMLS
• 2025-04-21 Price Changed $210,000 SPMLS
• 2024-12-11 Listed $220,000 SPMLS
• 2024-12-11 Delisted — SPMLS
• 2024-08-20 Price Changed $220,000 SPMLS
• 2024-07-24 Listed $245,000 SPMLS
• 2020-11-28 Delisted — SPMLS
• 2020-09-24 Price Changed $119,900 SPMLS
• 2020-09-14 Price Changed $124,900 SPMLS
• 2020-09-09 Listed $134,000 SPMLS