285 Stone St · Pacolet, SC 29372

$84,900

4 bd · 2.0 ba · 1,520 sqft · MultiFamily public records · 5 Days on market

Built 1920 0.30 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 +30.0/30.0
• 1% rule +10.0/10.0
• DSCR +10.0/10.0
• ARV discount +7.5/15.0
• Schools +3.7/10.0
• Livability +3.5/5.0
• Rent growth +2.5/5.0
• Condition / age +2.5/5.0
• Appreciation +0.0/10.0

Multi-family units

County records classify this as Multi-Family (2-4 Unit). Listing-text estimate: 1 unit. estimate disagrees with records

Listing remarks MLS

Great investment property. 3BR/2B house could be turned back into a duplex and made a rental investment. Still has two units, could have two kitchens. Come take a look great opportunity either way.

Key facts

• Remodeled bathroom
• Two power meters
• Scenic walking trail

Tags

• INVESTMENT OPPORTUNITY
• INCOME PRODUCING POTENTIAL
• TWO SEPARATE ENTRANCES
• TWO POWER METERS
• REMODELED BATHROOM
• SCENIC WALKING TRAIL

Property features AI

Exterior

• Utilities: Public water; Public sewer
• Home design: Duplex; One story
• Construction: Aluminum siding
• Exterior features: Front porch; Level lot

Interior

• Kitchen: Free-standing range
• Flooring: Laminate flooring
• Bathrooms: 2 full bathrooms
• Heating & cooling: Electric heating; Ductless heating
• Interior features: Electric water heater; Free-standing range
• Laundry & utility: Washer hookup on main level; Electric dryer hookup

What this means for you Summary

Snapshot

• This is a 4-bed/2.0-bath multifamily listed at $85k.

Deal economics

• At list price, monthly cash flow is $398 ($5k/yr) — positive.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($1k rent vs $85k).
• Cap rate 11.9% vs local median 3.4% in Pacolet — 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 (#69 in SC) — a middle-class / working-renter tenant base. Strengths: cost of living A+, housing A+; Watch: employment D, amenities F, commute F.
• Spartanburg 03 (suburban): math 39% / reading 49% proficiency, ranked #28 of 80 in SC (top 35%) — families likely to look elsewhere, expect single-tenant / working-renter base with shorter leases.
• Zoned schools: Clifdale Middle (695 students, 78% FRL); Broome High (math 42% / reading 80%, grade C+, #105 of 196 statewide, top 54%, 825 students, 68% FRL) — zoned schools average 73% FRL vs 57% district-wide (16 pts higher); higher-poverty schools than district average — tighter screening recommended.
• Zoned-school proficiency averages 61% at this address vs 44% district-wide (+17 pts) — the actual schools serving this property are materially stronger than the Spartanburg 03 average implies; a family-tenant draw the district grade alone would hide.
• Market conditions: 40 active listings in the ZIP; 3,129 units permitted in Spartanburg County in 2024 (40 in 5+ unit buildings).

Forward outlook

• Local home prices are declining (-3.0%/yr); year-one equity from $587 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 + 3.0% rent growth), your $24k cash investment doubles in ~7 years — after that, you're playing with house money.

Negotiation context

• Only 5 days on market — expect competitive offers; lowballing is unlikely to land.
• 4 sale attempts since 12y 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.
• Current owner paid $41k; list at $85k implies a 106% gain — meaningful room to come down on a strong offer.

Risks & watch-outs

• Watch-outs: built in 1920 — expect roof / HVAC / electrical / plumbing capex.
• Climate carrying-cost: extreme-heat days projected 7→16/yr by 2055 (HVAC capex compounding) — expect insurance premiums to compound above CPI over the hold.

Recommended offer $84,900

Questions for the listing agent

1. Built in 1920 — when were the roof, HVAC, electrical panel, plumbing, and water heater last replaced?
2. Is there a deadline driving the sale (1031 exchange, divorce, estate, relocation)? That informs how much negotiation room exists.
3. 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?
4. 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.
5. 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.
6. 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: 1.52% ✓
• Cap rate: 11.92%
• Cash-on-cash: 20.11%
• DSCR: 1.89
• GRM: 5.5

CMA / ARV

No comps found within radius.

Projected returns pro-forma

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

5-year hold

• IRR: 12.3%
• Equity multiple: 1.49×
• Total profit: $11,660
• Equity at exit: $12,659

10-year hold

• IRR: 21.3%
• Equity multiple: 2.81×
• Total profit: $42,994
• Equity at exit: $7,341

Cash invested: $23,772 (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 29372

• Home prices YoY: -12.1%
• Active inventory: 40
• Price-to-rent: 5.5×

Monthly cashflow live

• Estimated rent: $1,290 medium
• Mortgage (P&I): −$445
• Tax from tax record: −$140 /mo · $1,680/yr
• Insurance: −$35
• HOA: −$0
• Vacancy / Maint / Mgmt: −$271
• Net cashflow: $398

Break-even live

Break-even rent $786

Max offer price $84,900

Occupancy floor 64%

Sensitivity live

Price	-10% $447	-5% $422	+0% $398	+5% $374	+10% $350
Rent	-10% $297	-5% $347	+0% $398	+5% $449	+10% $500
Rate	-1.0pp $441	-0.5pp $420	base $398	+0.5pp $376	+1.0pp $354

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: $21,225
• Closing costs: $2,547
• Reserves months: —
• Total cash needed: —

Listing history 6 events

1. 2026-06-18
   days on market $84,900 Active 5 DOM
2. 2026-06-17
   days on market $84,900 Active 4 DOM
3. 2026-06-16
   days on market $84,900 Active 3 DOM
4. 2026-06-15
   days on market $84,900 Active 2 DOM
5. 2026-06-14
   remarks 699-char remark
6. 2026-06-14
   listed $84,900 Active 1 DOM

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

Tax reassessment forecast SC · Resets to sale price

• Current annual tax: $1,680 · $140/mo
• Projected year-2 tax: $1,680 · $140/mo
• Expected delta: $0/yr ($0/mo · 0.0%)

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

Climate risk First Street

• 🌊 Flood 1/10 Low FEMA zone X (unshaded) · 0% chance over 30 yrs
• 🔥 Wildfire 4/10 Moderate
• 🌡 Heat 6/10 Major 7 d/yr ≥105°F today · 16 d/yr by 30 yrs out
• 💨 Wind 3/10 Moderate 4% chance of damaging wind over 30 yrs
• 🫁 Air quality 3/10 Moderate 3 unhealthy d/yr today · 3 by 30 yrs out

Taxation est. · year 1

• Rental income: $15,479
• − Mortgage interest: −$4,756
• − Property taxes: −$1,680
• − Insurance: −$424
• − Repairs & maintenance: −$1,238
• − Management: −$1,238
• − Depreciation: −$2,470
• Taxable income: $3,672
• Est. tax owed @ 24.0%: −$881
• After-tax cash flow: $3,900/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: Spartanburg 03
• NCES district ID: 4503540
• Math proficiency: 39% ▼ -5.00%
• Reading proficiency: 49% ▲ 6.00%
• Median HH income: $36,898
• Composite: 36.52/100
• National rank: #4645
• State rank: #28 of 80 in SC

Livability — Pacolet

• Score: 69/100
• State rank: #69
• US rank: #8417

Category grades

Amenities F Commute F 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

• Census place: Pacolet, SC
• City population: 293
• Population (ZIP): 3,440

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: Predominantly White (79%)
• Race & ethnicity: White 79% Black 16% Hispanic / Latino 3% Two or more races 2%
• Common ancestry: Lithuanian 1% Slovak 1% Iranian 1%
• Foreign-born: 2% · Canada
• Languages at home: 95% English-only · Spanish 4% German/W. Germanic 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: ▼ -30.46%
• Current HPI: 222.0245
• Rent YoY: —
• Metro: —
• 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

+208.7% since first listed

8 events — show timeline

• 2026-06-13 Listed $84,900 SPMLS
• 2021-03-25 Sold (Public Records) $41,300 Public Records
• 2015-07-21 Sold (Public Records) $23,000 Public Records
• 2015-07-20 Sold (MLS) $23,000 SPMLS
• 2015-07-06 Listed $23,000 SPMLS
• 2015-01-15 Listed $27,000 SPMLS
• 2014-03-18 Listed $29,999 SPMLS
• 2007-08-07 Sold (Public Records) $27,500 Public Records

Property tax history

+10.5%/yr

Latest (2025): $1,680 · +1.4% YoY. Source: county tax records.