10 Unit 3 Melissa Ct · Valley Falls, SC 29303

$129,900

2 bd · 2.0 ba · 1,328 sqft · Condo · 5 Days on market

Built 1984 Fair condition

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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 +17.8/30.0
• ARV discount +7.5/15.0
• DSCR +5.6/10.0
• 1% rule +4.8/10.0
• Schools +4.5/10.0
• Livability +3.5/5.0
• 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. Lease in place, till 9/30/2026

Key facts

• Functional kitchen
• Spacious living area
• Investment property

Tags

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

Property features AI

Exterior

• Parking: Driveway (paved) — see remarks
• Utilities: Public water; Public sewer
• Home design: Residential condominium; Two levels
• Construction: Vinyl siding; Composition roof; Slab foundation; Above-grade finished area approximately 1,328
• Exterior features: Level lot; Paved driveway

Interior

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

What this means for you Summary

Snapshot

• This is a 2-bed/2.0-bath condo listed at $130k. Condition is rated fair.

Deal economics

• At list price, monthly cash flow is $108 ($1k/yr) — positive.
• The deal already cash-flows at list — no discount required.
• To meet the 1% rule (rent ≥ 1% of price), the offer needs to be $127k (2.0% below list).
• Recommended offer: $127k (2.0% below list) — sets the bar for 1% rule.
• Cap rate 7.3% vs local median 3.9% in Valley Falls — 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 69/100 on livability (#72 in SC) — a middle-class / working-renter tenant base. Strengths: cost of living A+, housing A-; Watch: crime C-, amenities F, employment D-.
• 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); 378 active listings in the ZIP; 4 comparable units currently listed for rent nearby; rentals at typical pace (median 22d on market — plan ~3-4 weeks tenant-placement turnaround); 3,129 units permitted in Spartanburg County in 2024 (40 in 5+ unit buildings).
• This rent runs 32% 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 $898 of loan paydown is wiped out by about $4k 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.

Negotiation context

• Only 5 days on market — expect competitive offers; lowballing is unlikely to land.

Recommended offer $127,317 (2.0% below list)

Questions for the listing agent

1. Have any recent inspections been done? Can we get a copy of the seller's disclosures and any deferred-maintenance estimates?
2. Any open or pending special assessments — roof, HVAC, plumbing, elevator, façade? What's the per-unit balance and payoff schedule, and is the seller paying it off at close or rolling it to the buyer?
3. Is there a deadline driving the sale (1031 exchange, divorce, estate, relocation)? That informs how much negotiation room exists.
4. Schools are F-rated, which usually means shorter tenancies and higher turnover. Who's the typical renter profile here, and what's been the actual vacancy rate?
5. 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?
6. 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.
7. 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.
8. 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: 0.98% ✗
• Cap rate: 7.29%
• Cash-on-cash: 3.57%
• DSCR: 1.16
• GRM: 8.5

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: -9.9%
• Equity multiple: 0.64×
• Total profit: $-13,256
• Equity at exit: $19,369

10-year hold

• IRR: 0.4%
• Equity multiple: 1.03×
• Total profit: $1,104
• Equity at exit: $11,231

Cash invested: $36,372 (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 →

ZIP-level market 29303

• Home prices YoY: -14.1%
• Rents YoY: 3.7%
• Active inventory: 378
• Price-to-rent: 8.5×

Monthly cashflow live

• Estimated rent: $1,273 medium
• Mortgage (P&I): −$681
• Tax est. 1.5%: −$162 /mo · $1,948/yr
• Insurance: −$54
• HOA: −$0
• Vacancy / Maint / Mgmt: −$267
• Net cashflow: $108

Break-even live

Break-even rent $1,136

Max offer price $129,900

Occupancy floor 87%

Sensitivity live

Price	-10% $198	-5% $153	+0% $108	+5% $63	+10% $18
Rent	-10% $8	-5% $58	+0% $108	+5% $158	+10% $209
Rate	-1.0pp $174	-0.5pp $141	base $108	+0.5pp $74	+1.0pp $40

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: $32,475
• Closing costs: $3,897
• Reserves months: —
• Total cash needed: —

Rent comps 4 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	$1,175	$1.21	14d	1	0.05mi
404 Monks Grove Church Rd Spartanburg, SC	2.0	1.0	950	$1,100	$1.16	22d	1	0.44mi
120 Perry Dr Boiling Springs, SC	2.0	2.5	1025	$1,499	$1.46	22d	1	0.79mi
14 Wedgefield Dr Boiling Springs, SC	2.0	1.0	891	$1,390	$1.56	22d	1	1.33mi

HOA detail condo

• Monthly dues: $0 · $0/yr
• Likely covers: parking
• Assessments: None detected in remarks — confirm with the listing agent.

Listing history 4 events

1. 2026-06-21
   days on market $129,900 Active 5 DOM
2. 2026-06-18
   days on market $129,900 Active 2 DOM
3. 2026-06-16
   remarks 340-char remark
4. 2026-06-16
   listed $129,900 Active 1 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: $15,278
• − Mortgage interest: −$7,276
• − Property taxes: −$1,948
• − Insurance: −$650
• − Repairs & maintenance: −$1,222
• − Management: −$1,222
• − Depreciation: −$3,779
• Taxable loss: −$820
• Est. tax savings @ 24.0%: +$197
• After-tax cash flow: $1,494/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

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

Renovation cost estimate screening

Repair item	Severity	Est. cost
siding · Severe weathering and peeling	Major	$15,000–50,000
paint · Peeling paint on exterior	Major	$15,000–50,000
landscaping · Overgrown vegetation and debris	Major	$15,000–50,000
Total estimated repair cost · 3 items		$45,000–150,000

Value-add ROI direction

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

ⓘ 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 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

Livability — Valley Falls

• Score: 69/100
• State rank: #72
• US rank: #8644

Category grades

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

Schools grade is shown separately in the Schools card above.

Census & demographics

• County: Spartanburg County · 258,607 people
• City population: 28,009
• 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

1 event — show timeline

• 2026-06-16 Listed $129,900 SPMLS