567 Wooden Duck St

Spartanburg, SC 29303

$286,500D-

5 bd · 2.5 ba · 2,167 sqft · Built 2023 · SingleFamily · Active · 30 DOM

Cashflow @ list (25.0% down · 7.5%)

• Estimated rent: $2,146/mo
• Mortgage (P&I): −$1,502
• Tax + insurance: −$288
• HOA: −$0
• Vac / Maint / Mgmt: −$451
• Net cashflow: $-95/mo
• Annual: $-1,142/yr
• Cap rate: 5.89%
• Cash-on-cash: -1.42%
• DSCR: 0.94
• 1% rule: 0.75%
• Cash to close: $80,220

Investor read

• This is a 5-bed/2.5-bath single-family listed at $286k.
• At list price, monthly cash flow is $-95 ($-1k/yr) — negative.
• To cash-flow at today's rent, offer at most $270k (5.9% below list).
• To meet the 1% rule (rent ≥ 1% of price), the offer needs to be $215k (25.1% below list).
• It's been on market 30 days — a 2% lower offer ($282k) is reasonable based on typical stale-listing flexibility.
• Recommended offer: $215k (25.1% below list) — sets the bar for 1% rule.
• Local home prices are declining (-3.0%/yr); year-one equity from $2k of loan paydown is wiped out by about $9k of value loss. Plan a longer hold.
• 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: Carlisle-Foster'S Grove Elementary (math 72% / reading 57%, grade B, #56 of 597 statewide, top 10%, 572 students, 66% FRL); Rainbow Lake Middle (math 37% / reading 46%, grade F, #68 of 229 statewide, top 31%, 1,009 students, 69% FRL); Boiling Springs High (math 62% / reading 88%, grade A-, #37 of 196 statewide, top 18%, 2,671 students, 60% FRL) — zoned schools average 65% FRL vs 44% district-wide (21 pts higher); higher-poverty schools than district average — tighter screening recommended.
• Market conditions: Rents rising (+3.7%/yr); 380 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.
• Climate carrying-cost: extreme-heat days projected 7→15/yr by 2055 (HVAC capex compounding) — expect insurance premiums to compound above CPI over the hold.
• Cap rate 5.9% vs local median 3.9% 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.
• At $2,146/mo this rent would consume 53% of the median local household income ($48k/yr) (locally 1218% of renters already pay >50% of income on rent) — very limited rent-growth headroom before tenants either downsize or default.

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?
• 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?
• 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?
• 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.