10 Unit 3 Melissa Ct · Spartanburg, SC 29303

$104,900

2 bd · 2.0 ba · 1,328 sqft · Townhouse · 100 Days on market

Built 1984 Fair condition $79/sqft · 48% below area Est $201k · 48% under ↓ 8% since listing

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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 +26.4/30.0
• ARV discount +15.0/15.0
• DSCR +9.0/10.0
• 1% rule +7.1/10.0
• Schools +5.7/10.0
• Livability +3.8/5.0
• Rent growth +3.4/5.0
• Condition / age +2.2/5.0
• Appreciation +0.0/10.0

Listing remarks

Charming 2BR/1.5BA townhome in a convenient Spartanburg location near shopping, dining, schools, and major highways. Features a spacious living area, functional kitchen, private patio, and assigned parking. Seller selling all units 1-4, great investment property, each unit can be rented or sold individually.

Key facts

• Functional kitchen
• Spacious living area
• Investment property

Tags

• SPACIOUS LIVING AREA
• FUNCTIONAL KITCHEN
• PRIVATE PATIO
• ASSIGNED PARKING
• INVESTMENT PROPERTY

What this means for you Summary

Snapshot

• This is a 2-bed/2.0-bath townhouse listed at $105k. Condition is rated fair.

Deal economics

• At list price, monthly cash flow is $274 ($3k/yr) — positive.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($1k rent vs $105k).
• Recommended offer: $95k (9.0% below list) — sets the bar for market timing.
• Cap rate 9.4% vs local median 4.3% in Spartanburg — 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 76/100 on livability (#24 in SC, #3,679 nationally) — a middle-class / working-renter tenant base. Strengths: amenities A+, commute A+, cost of living A+; Watch: crime F, employment F.
• Spartanburg 02 (suburban): math 49% / reading 56% proficiency, ranked #6 of 80 in SC (top 8%) — acceptable for families but not a draw, mixed tenant base, ~2y average lease.
• Zoned schools: James H. Hendrix Elementary (math 55% / reading 45%, grade D+, #163 of 597 statewide, top 28%, 694 students, 89% FRL); Boiling Springs Middle (math 39% / reading 50%, grade D, #52 of 229 statewide, top 23%, 1,068 students, 70% FRL); Boiling Springs High (math 62% / reading 88%, grade A-, #37 of 196 statewide, top 18%, 2,671 students, 60% FRL) — zoned schools average 73% FRL vs 44% district-wide (28 pts higher); higher-poverty schools than district average — tighter screening recommended.
• Market conditions: Rents rising (+3.7%/yr); 615 active listings in the ZIP; 9 comparable units currently listed for rent nearby; rentals leasing fast (median 6d on market — plan ~1-2 weeks tenant-placement turnaround); 3,129 units permitted in Spartanburg County in 2024 (40 in 5+ unit buildings).
• This rent runs 31% of the median local income ($48k/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 $725 of loan paydown is wiped out by about $3k 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 $29k cash investment doubles in ~10 years — after that, you're playing with house money.

Negotiation context

• It's been on market 100 days — a 9% lower offer ($95k) is reasonable based on typical stale-listing flexibility.

Recommended offer $95,459 (9.0% below list)

Questions for the listing agent

1. It's been on market 100 days. Have you received any prior offers? Is the seller open to a 9% concession, seller financing, or rate buy-down credit?
2. Have any recent inspections been done? Can we get a copy of the seller's disclosures and any deferred-maintenance estimates?
3. Why hasn't it sold? Are there any deal-killer items the seller is aware of (foundation, flood, title, zoning, code violations)?
4. Is there a deadline driving the sale (1031 exchange, divorce, estate, relocation)? That informs how much negotiation room exists.
5. 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?
6. Crime grade is F in this area — have there been break-ins, vandalism, or insurance claims at this property in the last 3 years? What carrier currently insures it and at what premium?
7. 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.
8. 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.
9. 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: 1.21% ✓
• Cap rate: 9.43%
• Cash-on-cash: 11.21%
• DSCR: 1.50
• GRM: 6.9

CMA / ARV

• ARV (median comp): $201,436
• List price: $104,900
• Delta: -47.92%
• Verdict: UNDERPRICED
• Comps: 9 within 1.0 mi

Show comp detail 12 sales within ~0.75 mi

Address	Dist	Beds/Ba	Sqft	Sold	Price	$/sf	Match
109 Parwin Rd	1.33mi	3/2.0 (+1)	1,343 (+1%)	1mo	$214,888	$160	57
122 Parwin Rd	1.32mi	3/2.0 (+1)	1,343 (+1%)	1mo	$219,888	$164	57
126 Parwin Rd	1.30mi	3/2.0 (+1)	1,343 (+1%)	1mo	$213,888	$159	57
639 Cotton Branch Dr	1.03mi	3/2.0 (+1)	1,360 (+2%)	1mo	$245,000	$180	55
288 Autumn Gold Dr	1.30mi	3/2.0 (+1)	1,272 (-4%)	0mo	$267,500	$210	53
3998 Dale Ct Ct	0.67mi	3/2.0 (+1)	1,454 (+10%)	0mo	$248,000	$171	47
215 Bondale Dr	1.40mi	3/2.0 (+1)	1,448 (+9%)	0mo	$275,000	$190	45
635 Shadow Dance Ln	0.86mi	3/2.0 (+1)	1,203 (-9%)	1mo	$249,999	$208	44
1303 Springfield Rd	0.74mi	3/2.0 (+1)	1,600 (+20%)	1mo	$259,000	$162	35
638 Branch View Dr	1.10mi	3/2.0 (+1)	1,575 (+19%)	1mo	$249,000	$158	34
114 Parwin Rd	1.31mi	3/2.5 (+1)	1,566 (+18%)	2mo	$227,888	$146	31
161 Davis Dr	1.41mi	3/2.5 (+1)	1,566 (+18%)	2mo	$219,888	$140	31

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 · 3.69% rent growth · sell at horizon

5-year hold

• IRR: 1.2%
• Equity multiple: 1.05×
• Total profit: $1,385
• Equity at exit: $15,641

10-year hold

• IRR: 11.5%
• Equity multiple: 1.94×
• Total profit: $27,472
• Equity at exit: $9,070

Cash invested: $29,372 (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 →

Active competition Active MLS

• For sale now: 6 active · 1 under contract
• Median asking: $149,900 ($99/sqft)
• Median days on market: 100 d
• This list price: lowest-priced of the active set
• ARV vs active asking: +53.9% above current asking $/sqft

Closed sales set the value; these active listings set current market conditions and a practical price ceiling.

ZIP-level market 29303

• Home prices YoY: -14.1%
• Rents YoY: 3.7%
• Active inventory: 615
• Price-to-rent: 6.9×

Monthly cashflow live

• Estimated rent: $1,265 high
• Mortgage (P&I): −$550
• Tax est. 1.5%: −$131 /mo · $1,574/yr
• Insurance: −$44
• HOA: −$0
• Vacancy / Maint / Mgmt: −$266
• Net cashflow: $274

Break-even live

Break-even rent $918

Max offer price $104,900

Occupancy floor 73%

Sensitivity live

Price	-10% $347	-5% $311	+0% $274	+5% $238	+10% $202
Rent	-10% $175	-5% $224	+0% $274	+5% $324	+10% $374
Rate	-1.0pp $327	-0.5pp $301	base $274	+0.5pp $247	+1.0pp $220

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: $26,225
• Closing costs: $3,147
• Club membership (one-time): —
• Reserves months: —
• Total cash needed: —

Rent comps 9 comps

Address	Beds	Baths	Sqft	Rent	$/sqft	DOM	Units	Dist
112 State Road S-42-7449 Unit S-42-7449 Spartanburg, SC	2.0	1.5	971	$1,115	$1.15	6d	1	0.05mi
24 Rachel Ct Unit C Spartanburg, SC	1.0	1.0	918	$895	$0.97	5d	1	0.07mi
404 Monks Grove Church Rd Spartanburg, SC	2.0	1.0	950	$1,100	$1.16	116d	1	0.44mi
846 W Emerald Springs Dr Boiling Springs, SC	3.0	2.0	1288	$1,625	$1.26	6d	1	0.54mi
117 Hendrix Dr Boiling Springs, SC	3.0	2.0	1624	$1,595	$0.98	6d	1	0.55mi
120 Perry Dr Boiling Springs, SC	2.0	2.5	1025	$1,499	$1.46	116d	1	0.79mi
113 Moss Ln Boiling Springs, SC	3.0	2.0	1560	$2,100	$1.35	6d	1	1.30mi
14 Wedgefield Dr Boiling Springs, SC	2.0	1.0	891	$1,390	$1.56	116d	1	1.33mi
161 Davis Dr Spartanburg, SC	3.0	2.5	1595	$1,895	$1.19	6d	1	1.44mi

Property features AI

Exterior

• Parking: Driveway (paved) — see remarks
• Utilities: Public waterPublic sewer
• Home design: Residential condominiumTwo levels
• Construction: Vinyl sidingComposition roofSlab foundationAbove-grade finished area approximately 1,328
• Exterior features: Level lotPaved driveway

Interior

• Flooring: See remarks for flooring details
• Bathrooms: Two full bathrooms
• Heating & cooling: Central air conditioningHeating details: see remarks
• Interior features: See remarks for additional interior details

Listing history 50 events

1. 2026-09-24
   days on market $104,900 Active 100 DOM
2. 2026-09-24
   days on market $104,900 Active 99 DOM
3. 2026-09-22
   days on market $104,900 Active 98 DOM
4. 2026-09-21
   days on market $104,900 Active 97 DOM
5. 2026-09-20
   days on market $104,900 Active 96 DOM
6. 2026-09-18
   days on market $104,900 Active 94 DOM
7. 2026-09-17
   days on market $104,900 Active 93 DOM
8. 2026-09-16
   days on market $104,900 Active 92 DOM
9. 2026-09-15
   days on market $104,900 Active 91 DOM
10. 2026-09-14
    days on market $104,900 Active 90 DOM
11. 2026-09-13
    days on market $104,900 Active 89 DOM
12. 2026-09-12
    days on market $104,900 Active 88 DOM
13. 2026-09-11
    days on market $104,900 Active 87 DOM
14. 2026-09-05
    days on market $104,900 Active 81 DOM
15. 2026-09-04
    days on market $104,900 Active 80 DOM
16. 2026-09-03
    days on market $104,900 Active 79 DOM
17. 2026-08-31
    days on market $104,900 Active 76 DOM
18. 2026-08-30
    days on market $104,900 Active 75 DOM
19. 2026-08-29
    days on market $104,900 Active 74 DOM
20. 2026-08-28
    days on market $104,900 Active 73 DOM
21. 2026-08-27
    days on market $104,900 Active 72 DOM
22. 2026-08-25
    days on market $104,900 Active 70 DOM
23. 2026-08-24
    days on market $104,900 Active 69 DOM
24. 2026-08-23
    days on market $104,900 Active 68 DOM
25. 2026-08-22
    days on market $104,900 Active 67 DOM
26. 2026-08-21
    days on market $104,900 Active 66 DOM
27. 2026-08-20
    days on market $104,900 Active 65 DOM
28. 2026-08-19
    days on market $104,900 Active 64 DOM
29. 2026-08-18
    days on market $104,900 Active 63 DOM
30. 2026-08-17
    days on market $104,900 Active 62 DOM
31. 2026-08-16
    days on market $104,900 Active 61 DOM
32. 2026-08-15
    days on market $104,900 Active 60 DOM
33. 2026-08-15
    pricedays on market $104,900 Active 59 DOM
34. 2026-08-13
    days on market $114,900 Active 58 DOM
35. 2026-08-12
    days on market $114,900 Active 57 DOM
36. 2026-08-11
    days on market $114,900 Active 56 DOM
37. 2026-08-10
    days on market $114,900 Active 55 DOM
38. 2026-08-09
    days on market $114,900 Active 54 DOM
39. 2026-08-08
    days on market $114,900 Active 53 DOM
40. 2026-08-07
    days on market $114,900 Active 52 DOM
41. 2026-08-06
    days on market $114,900 Active 51 DOM
42. 2026-08-05
    days on market $114,900 Active 50 DOM
43. 2026-08-04
    days on market $114,900 Active 49 DOM
44. 2026-08-03
    days on market $114,900 Active 48 DOM
45. 2026-07-31
    pricedays on market $114,900 Active 45 DOM
46. 2026-07-29
    days on market $119,900 Active 43 DOM
47. 2026-07-27
    days on market $119,900 Active 41 DOM
48. 2026-07-25
    days on market $119,900 Active 39 DOM
49. 2026-07-23
    days on market $119,900 Active 37 DOM
50. 2026-07-22
    days on market $119,900 Active 36 DOM

ⓘ 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: $15,181
• − Mortgage interest: −$5,876
• − Property taxes: −$1,574
• − Insurance: −$524
• − Repairs & maintenance: −$1,214
• − Management: −$1,214
• − Depreciation: −$3,052
• Taxable income: $1,726
• Est. tax owed @ 24.0%: −$414
• After-tax cash flow: $2,879/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 45/100 Moderate rehab Est. rehab $33,200–$59,760 screening

This townhouse requires moderate repairs and maintenance to improve its condition and increase its value. Focus on exterior repairs, landscaping, and painting to boost its resale and rental potential.

Repairs flagged

• Major siding — Severe weathering and peeling
• Major paint — Peeling paint on exterior
• Major landscaping — Overgrown vegetation and debris

Value-add opportunities

• Both paint exterior — Enhances curb appeal and value ↑
• Both trim siding — Improves appearance and value ↑
• Both prune vegetation — Enhances curb appeal and value ↑

ⓘ Rehab cost is a screening estimate — Moderate scope × the home's square footage at US $/sqft rules of thumb (the same model as the Flip Finder). Get contractor quotes + a written scope before underwriting.

D Composite school gradezoned avg 56/100

Zoned Schools

Elementary James H. Hendrix Elementary D+ SC #163/597 Nat'l #12,529/41,679 Middle Boiling Springs Middle D SC #52/229 Nat'l #4,747/14,009 High Boiling Springs High A- SC #37/196 Nat'l #1,551/17,239

Schools (NCES district)

• District: Spartanburg 02
• NCES district ID: 4503510
• Math proficiency: 49% ▼ -7.00%
• Reading proficiency: 56% ▲ 2.00%
• Median HH income: $49,591
• Composite: 44.79/100
• National rank: #2742
• State rank: #6 of 80 in SC

B Composite livability gradescore 76/100

Livability — Spartanburg

• Score: 76/100
• State rank: #24
• US rank: #3679

Category grades

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

Schools grade is shown separately in the Schools card above.

Census & demographics

• County: Spartanburg County · 325,495 people
• City population: 120,406
• Metro: Spartanburg, SC
• Population (ZIP): 28,381
• Household income: $48,295
• Rent vs Own: 52.7% rent · 47.3% own
• Severe rent burden: 6% of renters

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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%

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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%

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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

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Industry mix (Fortune 500 HQ in SC)

Industry	F500 HQs	Revenue
▸Packaging	1	$7B

Property features AI

Exterior

• Parking: Driveway (paved) — see remarks
• Utilities: Public waterPublic sewer
• Home design: Residential condominiumTwo levels
• Construction: Vinyl sidingComposition roofSlab foundationAbove-grade finished area approximately 1,328
• Exterior features: Level lotPaved driveway

Interior

• Flooring: See remarks for flooring details
• Bathrooms: Two full bathrooms
• Heating & cooling: Central air conditioningHeating details: see remarks
• Interior features: See remarks for additional interior details

Price history

-7.7% since first listed

3 events — show timeline

• 2026-07-16 Price Changed $119,900 SPMLS
• 2026-07-06 Price Changed $124,900 SPMLS
• 2026-06-16 Listed $129,900 SPMLS