198 Spencer Cir · Summerville, SC 29485

$259,900

3 bd · 2.0 ba · 1,560 sqft · Townhouse public records · 94 Days on market

Built 2021 2,178 sqft lot Est $275k · 5% under $117/mo HOA · 6% of rent

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Why this score? — see what drove the D 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 +11.2/30.0
• ARV discount +9.9/15.0
• Schools +4.1/10.0
• Rent growth +3.5/5.0
• DSCR +3.3/10.0
• Livability +3.2/5.0
• 1% rule +3.0/10.0
• Condition / age +2.5/5.0
• Appreciation +0.0/10.0

Listing remarks MLS

The Richburg is a two-story floorplan with a large open kitchen, dining, and substantial living space, as well as the laundry room and a rear patio. The second floor features a private primary bedroom with a spacious closet, two secondary bedrooms, and bathroom. Shady Oaks is a charming townhome community conveniently located near Dorchester Road just minutes from downtown Summerville and local parks that offer nature trails and athletic fields. This home features stainless-steel appliances, energy efficiency components, and quality name brand products. Home is equipped with smart home technology providing you comfort and peace of mind, along with Rinnai tankless water heater.

Key facts

• Open layout
• Walk in shower
• Double sink vanity

Tags

• OPEN LAYOUT
• STAINLESS STEEL APPLIANCES
• PRIVATE PRIMARY SUITE
• DOUBLE SINK VANITY
• WALK IN SHOWER
• SMART HOME TECHNOLOGY

Property features AI

Finance

• HOA & community: Monthly association fee ($117); Lawn maintenance included; Trash service included; Walk/jog trails

Exterior

• Parking: Off-street parking
• Utilities: Public sewer; Service providers: Dominion Energy; Dorchester County Water and Sewer; Dorchester County Water Authority; Summerville CPW
• Home design: Residential townhouse; Single family attached; Two stories; Ground-level entry
• Construction: Fiberglass roof; Fee simple ownership
• Exterior features: Partial fencing; Interior lot (0 - 0.5 acre)

Interior

• Kitchen: Dishwasher; Disposal; Gas range; Microwave; ENERGY STAR qualified appliances; Tankless water heater
• Bedrooms: 3 bedrooms (master with walk-in closet)
• Flooring: Carpet; Luxury vinyl
• Bathrooms: 2.5 baths
• Heating & cooling: Central air conditioning; Natural gas heating
• Interior features: Smooth ceilings; Walk-in closets; Eat-in kitchen; Family room; Entrance foyer; Living/dining combo; Pantry
• Laundry & utility: Laundry room with washer hookup

What this means for you Summary

Snapshot

• This is a 3-bed/2.0-bath townhouse listed at $260k.

Deal economics

• At list price, monthly cash flow is $-98 ($-1k/yr) — negative.
• To cash-flow at today's rent, offer at most $243k (6.7% below list).
• To meet the 1% rule (rent ≥ 1% of price), the offer needs to be $208k (20.0% below list).
• Recommended offer: $208k (20.0% below list) — sets the bar for 1% rule.
• Cap rate 5.8% 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.

Location & tenants

• 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: Flowertown Elementary (math 41% / reading 48%, grade F, #226 of 597 statewide, top 40%, 853 students, 75% FRL); Gregg Middle (math 28% / reading 45%, grade F, #98 of 229 statewide, top 43%, 850 students, 76% FRL); Ashley Ridge High (math 73% / reading 93%, grade A, #18 of 196 statewide, top 9%, 2,542 students, 50% FRL) — zoned schools average 67% FRL vs 36% district-wide (30 pts higher); higher-poverty schools than district average — tighter screening recommended.
• Market conditions: Rents rising (+3.9%/yr); 691 active listings in the ZIP; 31 comparable units currently listed for rent nearby; rentals leasing fast (median 10d on market — plan ~1-2 weeks tenant-placement turnaround); solid renter incomes; 1,199 units permitted in Dorchester County in 2024 (0 in 5+ unit buildings).
• This rent runs 30% of the median local income ($83k/yr) — at the standard rent-burdened threshold; future hikes will face affordability resistance.

Forward outlook

• Local home prices are declining (-3.0%/yr); year-one equity from $2k of loan paydown is wiped out by about $8k of value loss. Plan a longer hold.
• Dorchester County population projected at +43% by 2050 — long-run rental-demand tailwind backs the buy-and-hold thesis.

Negotiation context

• It's been on market 94 days — a 9% lower offer ($237k) is reasonable based on typical stale-listing flexibility.
• 3 sale attempts since 5y 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.

Recommended offer $207,873 (20.0% below list)

Questions for the listing agent

1. 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?
2. It's been on market 94 days. Have you received any prior offers? Is the seller open to a 20% concession, seller financing, or rate buy-down credit?
3. What does the HOA fee cover, when was the last increase, and are there any pending special assessments or reserve-fund shortfalls?
4. Why hasn't it sold? Are there any deal-killer items the seller is aware of (foundation, flood, title, zoning, code violations)?
5. Is there a deadline driving the sale (1031 exchange, divorce, estate, relocation)? That informs how much negotiation room exists.
6. 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?
7. 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?
8. 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.
9. 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.
10. 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.

Investment metrics

• 1% rule: 0.80% ✗
• Cap rate: 5.84%
• Cash-on-cash: -1.62%
• DSCR: 0.93
• GRM: 10.4

CMA / ARV

• ARV (on-the-fly): $274,560
• Comps found: 12

Show comp detail 12 sales within ~0.75 mi

Address	Dist	Beds/Ba	Sqft	Sold	Price	$/sf	Match
275 Spencer Cir	0.15mi	3/2.5	1,560 (0%)	0mo	$275,000	$176	91
158 Spencer Cir	0.09mi	3/2.5	1,546 (-1%)	13mo	$280,000	$181	82
272 Spencer Cir	0.16mi	3/2.5	1,560 (0%)	14mo	$283,000	$181	79
118 Spencer Cir	0.20mi	3/2.5	1,624 (+4%)	4mo	$267,000	$164	79
246 Spencer Cir	0.09mi	4/3.0 (+1)	1,513 (-3%)	12mo	$277,000	$183	72
143 Spencer Cir	0.13mi	4/3.0 (+1)	1,684 (+8%)	1mo	$280,000	$166	71
163 Spencer Cir	0.09mi	4/3.0 (+1)	1,684 (+8%)	10mo	$295,000	$175	66
183 Spencer Cir	0.04mi	4/3.0 (+1)	1,684 (+8%)	14mo	$273,300	$162	64
157 Spencer Circle Cir	0.10mi	4/3.0 (+1)	1,446 (-7%)	14mo	$285,000	$197	63
127 Steeple Point Ct	0.75mi	3/2.5	1,585 (+2%)	3mo	$270,000	$170	58
137 Steeple Point Ct	0.69mi	3/2.5	1,585 (+2%)	8mo	$315,000	$199	57
108 Woodlake Dr	0.58mi	2/2.0 (-1)	1,334 (-14%)	7mo	$227,000	$170	38

Match score weights: distance 35% · size 25% · config 20% · recency 20%. Top-matched comps best support the ARV.

Projected returns pro-forma

-3.0% appreciation · 3.93% rent growth · sell at horizon

5-year hold

• IRR: -18.0%
• Equity multiple: 0.36×
• Total profit: $-46,417
• Equity at exit: $38,752

10-year hold

• IRR: -8.5%
• Equity multiple: 0.45×
• Total profit: $-40,286
• Equity at exit: $22,471

Cash invested: $72,772 (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 29485

• Rents YoY: 3.9%
• Active inventory: 691
• Price-to-rent: 10.4×

Monthly cashflow live

• Estimated rent: $2,079 high
• Mortgage (P&I): −$1,363
• Tax from tax record: −$152 /mo · $1,828/yr
• Insurance: −$108
• HOA: −$117
• Vacancy / Maint / Mgmt: −$437
• Net cashflow: $-98

Break-even live

Break-even rent $2,203

Max offer price $242,529

Occupancy floor 100%

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: $64,975
• Closing costs: $7,797
• Reserves months: —
• Total cash needed: —

Rent comps 31 comps

Address	Beds	Baths	Sqft	Rent	$/sqft	DOM	Units	Dist
236 Spencer Cir Summerville, SC	4.0	3.0	1542	$2,225	$1.44	23d	1	0.07mi
107 Rawlins Dr Summerville, SC	3.0	2.0	1902	$2,500	$1.31	23d	1	0.44mi
160 Wainwright Mnr Summerville, SC	3.0	2.5	1867	$2,500	$1.34	23d	1	0.47mi
1925 Bacons Bridge Rd Summerville, SC	3.0	2.0	1152	$1,524	$1.32	2d	1	0.60mi
105 Pryors Ln Summerville, SC	4.0	2.0	1381	$2,400	$1.74	2d	1	0.78mi
114 Jedi Ln Unit A Summerville, SC	3.0	2.0	1200	$1,695	$1.41	2d	1	0.80mi
121 Steeple Point Ct Summerville, SC	3.0	2.5	1585	$1,900	$1.20	11d	1	0.82mi
101 Langley Dr Unit C Summerville, SC	3.0	2.5	1320	$1,800	$1.36	23d	1	0.84mi
101 Langley Dr Unit C Summerville, SC	3.0	2.5	1315	$1,800	$1.37	2d	1	0.84mi
101 Langley Dr Unit D Summerville, SC	3.0	2.5	1315	$1,900	$1.44	23d	1	0.84mi
128 Langley Dr Unit C Summerville, SC	2.0	1.5	1088	$1,750	$1.61	23d	1	0.87mi
121 Langley Dr Unit A Summerville, SC	2.0	1.0	1088	$1,750	$1.61	23d	1	0.87mi
121 Langley Dr Summerville, SC	2.0	1.0	1088	$1,750	$1.61	14d	1	0.87mi
1815 Bacons Bridge Rd Summerville, SC	1.0–3.0	1.0–2.0	925	$1,801	$1.95	14d	7	0.96mi
950 Travelers Blvd Summerville, SC	2.0	1.0	695	$1,509	$2.17	2d	4	0.97mi
1 Bosquet Ct Summerville, SC	1.0–3.0	1.0–1.5	940	$1,823	$1.94	2d	15	0.97mi
123 E Edgefield Dr Summerville, SC	3.0	1.5	1107	$1,900	$1.72	2d	1	1.02mi
101 Bridge Pointe Ln Summerville, SC	2.0	2.0	1154	$1,598	$1.38	2d	1	1.03mi
101 Bridge Pointe Ln Summerville, SC	2.0	3.0	1181	$2,040	$1.73	23d	1	1.03mi
101 Bridge Pointe Ln Summerville, SC	3.0	3.0	1668	$2,267	$1.36	14d	1	1.03mi
1425 Old Trolley Rd Summerville, SC	1.0–2.0	1.0–2.0	875	$1,631	$1.86	2d	10	1.04mi
1660 Old Trolley Rd Summerville, SC	1.0–3.0	1.0–2.0	950	$1,795	$1.89	2d	9	1.08mi
583 Travelers Blvd Summerville, SC	2.0	2.5	1250	$1,600	$1.28	23d	1	1.14mi
125 Tiffany Ln Summerville, SC	4.0	2.0	1365	$2,000	$1.47	2d	1	1.15mi
101 Bramblewood Dr Summerville, SC	3.0	2.5	1920	$2,400	$1.25	23d	1	1.19mi
467 Martins Creek Blvd Summerville, SC	3.0	2.5	1285	$2,050	$1.60	2d	1	1.27mi
465 Martins Creek Blvd Summerville, SC	3.0	2.5	1285	$2,050	$1.60	2d	1	1.28mi
463 Martins Creek Blvd Summerville, SC	3.0	2.5	1285	$2,050	$1.60	2d	1	1.28mi
451 Martins Creek Blvd Summerville, SC	3.0	2.5	1285	$2,150	$1.67	23d	1	1.29mi
305 Chessington Cir Summerville, SC	3.0	2.0	1472	$1,995	$1.36	10d	1	1.36mi
111 Springview Ln Summerville, SC	1.0–3.0	1.0–2.0	1072	$1,875	$1.75	2d	16	1.48mi

HOA detail

• Monthly dues: $117 · $1,404/yr
• Likely covers: water

Listing history 25 events

1. 2026-06-18
   days on market $259,900 Active 94 DOM
2. 2026-06-17
   days on market $259,900 Active 93 DOM
3. 2026-06-16
   days on market $259,900 Active 92 DOM
4. 2026-06-15
   days on market $259,900 Active 91 DOM
5. 2026-06-13
   days on market $259,900 Active 89 DOM
6. 2026-06-13
   days on market $259,900 Active 88 DOM
7. 2026-06-10
   days on market $259,900 Active 86 DOM
8. 2026-06-09
   days on market $259,900 Active 85 DOM
9. 2026-06-08
   days on market $259,900 Active 84 DOM
10. 2026-06-07
    days on market $259,900 Active 83 DOM
11. 2026-06-03
    pricedays on market $259,900 Active 79 DOM
12. 2026-06-01
    days on market $265,000 Active 77 DOM
13. 2026-05-31
    days on market $265,000 Active 76 DOM
14. 2026-04-07
    price $265,000
15. 2026-03-26
    price $269,000
16. 2026-03-16
    listed $270,000 Active
17. 2026-03-01
    historical
18. 2026-02-09
    price $274,990
19. 2025-11-26
    price $278,000
20. 2025-10-17
    price $280,000
21. 2025-09-18
    listed $286,000 Active
22. 2021-11-24
    soldstatus $251,900 Closed 685-char remark

    Show marketing remark (685 chars)

    The Richburg is a two-story floorplan with a large open kitchen, dining, and substantial living space, as well as the laundry room and a rear patio. The second floor features a private primary bedroom with a spacious closet, two secondary bedrooms, and bathroom. Shady Oaks is a charming townhome community conveniently located near Dorchester Road just minutes from downtown Summerville and local parks that offer nature trails and athletic fields. This home features stainless-steel appliances, energy efficiency components, and quality name brand products. Home is equipped with smart home technology providing you comfort and peace of mind, along with Rinnai tankless water heater.

23. 2021-07-22
    historical Active Contingent 685-char remark

    Show marketing remark (685 chars)

    The Richburg is a two-story floorplan with a large open kitchen, dining, and substantial living space, as well as the laundry room and a rear patio. The second floor features a private primary bedroom with a spacious closet, two secondary bedrooms, and bathroom. Shady Oaks is a charming townhome community conveniently located near Dorchester Road just minutes from downtown Summerville and local parks that offer nature trails and athletic fields. This home features stainless-steel appliances, energy efficiency components, and quality name brand products. Home is equipped with smart home technology providing you comfort and peace of mind, along with Rinnai tankless water heater.

24. 2021-06-28
    price $256,900 685-char remark

    Show marketing remark (685 chars)

    The Richburg is a two-story floorplan with a large open kitchen, dining, and substantial living space, as well as the laundry room and a rear patio. The second floor features a private primary bedroom with a spacious closet, two secondary bedrooms, and bathroom. Shady Oaks is a charming townhome community conveniently located near Dorchester Road just minutes from downtown Summerville and local parks that offer nature trails and athletic fields. This home features stainless-steel appliances, energy efficiency components, and quality name brand products. Home is equipped with smart home technology providing you comfort and peace of mind, along with Rinnai tankless water heater.

25. 2021-06-25
    listed $259,900 Active 685-char remark

    Show marketing remark (685 chars)

    The Richburg is a two-story floorplan with a large open kitchen, dining, and substantial living space, as well as the laundry room and a rear patio. The second floor features a private primary bedroom with a spacious closet, two secondary bedrooms, and bathroom. Shady Oaks is a charming townhome community conveniently located near Dorchester Road just minutes from downtown Summerville and local parks that offer nature trails and athletic fields. This home features stainless-steel appliances, energy efficiency components, and quality name brand products. Home is equipped with smart home technology providing you comfort and peace of mind, along with Rinnai tankless water heater.

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

Tax reassessment forecast SC · Resets to sale price

• Current annual tax: $1,828 · $152/mo
• Projected year-2 tax: $1,828 · $152/mo
• Expected delta: $0/yr ($0/mo · 0.0%)

ⓘ Screening estimate from a state-policy table — verify with the county assessor before closing.

Taxation est. · year 1

• Rental income: $24,945
• − Mortgage interest: −$14,558
• − Property taxes: −$1,828
• − Insurance: −$1,300
• − Repairs & maintenance: −$1,996
• − Management: −$1,996
• − HOA: −$1,404
• − Depreciation: −$7,561
• Taxable loss: −$5,697
• Est. tax savings @ 24.0%: +$1,367
• After-tax cash flow: $187/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.

Schools (NCES district)

• District: Dorchester 02
• NCES district ID: 4502010
• Math proficiency: 40% ▼ -13.00%
• Reading proficiency: 55% ▼ -4.00%
• Median HH income: $57,937
• Composite: 41.41/100
• National rank: #3475
• State rank: #12 of 80 in SC

Livability — Summerville

• Score: 63/100
• State rank: #167
• US rank: #15058

Category grades

Amenities F Commute F Cost of living B+ Crime B- Employment C Housing A+ Health & safety F User ratings F

Schools grade is shown separately in the Schools card above.

Census & demographics

• County: Dorchester County · 182,866 people
• City population: 171,668
• Metro: Charleston-North Charleston, SC
• Population (ZIP): 58,507
• Household income: $82,987
• Rent vs Own: 25.9% rent · 74.1% own
• Severe rent burden: 1302.0

Population outlook (Dorchester County) Hauer SSP2

• Today (2025): 186,982 people
• By 2030: 203,967 · +9.1%
• By 2040: 237,160 · +26.8%
• By 2050: 267,479 · +43.1%
• By 2075: 333,025 · +78.1%
• By 2100: 366,560 · +96.0%

Race, ethnicity, and origin ACS 2023

• Neighborhood character: Diverse neighborhood (Simpson 0.57)
• Race & ethnicity: White 61% Black 23% Hispanic / Latino 7% Two or more races 7% Asian 3% Pacific Islander 2%
• Hispanic origin (detail): Mexican 4% Puerto Rican 1%
• Common ancestry: Slovak 3% Italian 2% Lithuanian 2%
• Foreign-born: 7% · Canada, China, Vietnam
• Languages at home: 92% English-only · Spanish 4% Chinese 1% Russian/Polish/Slavic 1%

Political lean MEDSL · Dorchester

• 2024 margin: R (+14.6) · D 41.8% · R 56.4% · Other 1.9%
• 2008→2024 swing: +0.9pp no change · 2008: -15.5pp · 2024: -14.6pp
• All cycles: 2024: R+14.6 2020: R+10.5 2016: R+17.5 2012: R+16.0 2008: R+15.5

Not yet ingested

• Civics: —

Market trends

• HPI YoY: ▼ -305.43%
• Current HPI: 210.8607
• Rent YoY: ▲ 3.93%
• Metro: Charleston-North Charleston, 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

+2.0% since first listed

12 events — show timeline

• 2026-04-07 Price Changed $265,000 Charleston Trident MLS
• 2026-03-26 Price Changed $269,000 Charleston Trident MLS
• 2026-03-16 Listed $270,000 Charleston Trident MLS
• 2026-03-01 Listing Removed — Charleston Trident MLS
• 2026-02-09 Price Changed $274,990 Charleston Trident MLS
• 2025-11-26 Price Changed $278,000 Charleston Trident MLS
• 2025-10-17 Price Changed $280,000 Charleston Trident MLS
• 2025-09-18 Listed $286,000 Charleston Trident MLS
• 2021-11-24 Sold (MLS) $251,900 Charleston Trident MLS
• 2021-07-22 Contingent — Charleston Trident MLS
• 2021-06-28 Price Changed $256,900 Charleston Trident MLS
• 2021-06-25 Listed $259,900 Charleston Trident MLS

Property tax history

+46.1%/yr

Latest (2025): $1,828 · +0.0% YoY. Source: county tax records.