126 W Church St

Cowpens, SC 29330

$109,000B+

2 bd · 1.0 ba · 868 sqft · Built 1930 · SingleFamily · Pending · 40 DOM

Cashflow @ list (25.0% down · 7.5%)

• Estimated rent: $1,533/mo
• Mortgage (P&I): −$572
• Tax + insurance: −$110
• HOA: −$0
• Vac / Maint / Mgmt: −$322
• Net cashflow: $529/mo
• Annual: $6,354/yr
• Cap rate: 12.12%
• Cash-on-cash: 20.82%
• DSCR: 1.93
• 1% rule: 1.41%
• Cash to close: $30,520

Investor read

• This is a 2-bed/1.0-bath single-family listed at $109k.
• At list price, monthly cash flow is $529 ($6k/yr) — positive.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($2k rent vs $109k).
• It's been on market 40 days — a 3% lower offer ($106k) is reasonable based on typical stale-listing flexibility.
• Recommended offer: $106k (3.0% below list) — sets the bar for market timing.
• Local home prices are declining (-3.0%/yr); year-one equity from $754 of loan paydown is wiped out by about $3k of value loss. Plan a longer hold.
• Location reads 61/100 on livability (#213 in SC) — a middle-class / working-renter tenant base. Strengths: cost of living A+, housing B+; Watch: amenities F, commute F, employment 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: Cowpens Elementary (math 57% / reading 52%, grade C, #123 of 597 statewide, top 22%, 461 students, 100% FRL); 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 82% FRL vs 57% district-wide (25 pts higher); higher-poverty schools than district average — tighter screening recommended.
• Zoned-school proficiency averages 58% at this address vs 44% district-wide (+14 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.
• Watch-outs: built in 1930 — expect roof / HVAC / electrical / plumbing capex.
• Market conditions: 69 active listings in the ZIP; 2 comparable units currently listed for rent nearby; 3,129 units permitted in Spartanburg County in 2024 (40 in 5+ unit buildings).
• Spartanburg County population projected at +18% by 2050 — long-run rental-demand tailwind backs the buy-and-hold thesis.
• 3 sale attempts since 18y 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 $14k; list at $109k implies a 679% gain — meaningful room to come down on a strong offer.
• At projected returns (-3.0% appreciation + 3.0% rent growth), your $31k cash investment doubles in ~6 years — after that, you're playing with house money.
• 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.

Questions for listing agent

• It's been on market 40 days. Have you received any prior offers? Is the seller open to a 3% concession, seller financing, or rate buy-down credit?
• Built in 1930 — when were the roof, HVAC, electrical panel, plumbing, and water heater last replaced?
• Is there a deadline driving the sale (1031 exchange, divorce, estate, relocation)? That informs how much negotiation room exists.
• 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?
• 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.