125 Adger Rd

Pendleton, SC 29670

$209,900D

3 bd · 3.0 ba · 1,264 sqft · Built 2023 · Other · Pending · 25 DOM

Cashflow @ list (25.0% down · 7.5%)

• Estimated rent: $1,879/mo
• Mortgage (P&I): −$1,101
• Tax + insurance: −$281
• HOA: −$124
• Vac / Maint / Mgmt: −$395
• Net cashflow: $-21/mo
• Annual: $-254/yr
• Cap rate: 6.17%
• Cash-on-cash: -0.43%
• DSCR: 0.98
• 1% rule: 0.90%
• Cash to close: $58,772

Investor read

• This is a 3-bed/3.0-bath other listed at $210k. Condition is rated good.
• At list price, monthly cash flow is $-21 ($-254/yr) — negative.
• To cash-flow at today's rent, offer at most $206k (1.8% below list).
• To meet the 1% rule (rent ≥ 1% of price), the offer needs to be $188k (10.5% below list).
• It's been on market 25 days — a 2% lower offer ($207k) is reasonable based on typical stale-listing flexibility.
• Recommended offer: $188k (10.5% below list) — sets the bar for 1% rule.
• 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 68/100 on livability (#82 in SC) — a middle-class / working-renter tenant base. Strengths: cost of living A+, housing A, health & safety B+; Watch: amenities F, commute F, employment F.
• Anderson 04 (rural): math 56% / reading 60% proficiency, ranked #4 of 80 in SC (top 5%) — acceptable for families but not a draw, mixed tenant base, ~2y average lease.
• Zoned schools: Pendleton Elementary (math 32% / reading 37%, grade F, #344 of 597 statewide, top 60%, 479 students, 100% FRL); Riverside Middle (math 48% / reading 55%, grade C, #34 of 229 statewide, top 15%, 426 students, 63% FRL); Pendleton High (math 72% / reading 92%, grade A, #19 of 196 statewide, top 10%, 880 students, 59% FRL) — zoned schools average 74% FRL vs 46% district-wide (28 pts higher); higher-poverty schools than district average — tighter screening recommended.
• Market conditions: 160 active listings in the ZIP; 2 comparable units currently listed for rent nearby; 1,255 units permitted in Anderson County in 2024 (0 in 5+ unit buildings).
• Anderson County population projected at +14% by 2050 — modest demand growth; plan on rents tracking national, not racing it.
• 3 sale attempts since 3y 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.
• Climate carrying-cost: extreme-heat days projected 7→18/yr by 2055 (HVAC capex compounding) — expect insurance premiums to compound above CPI over the hold.
• Cap rate 6.2% vs local median 3.9% in Pendleton — 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 31% of the median local income ($72k/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?
• 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 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.
• 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.