209 Shorthorn Rd

Cheraw, SC 29520

$90,000C+

2 bd · 2.0 ba · 1,280 sqft · Built 1996 · Manufactured · Active · 8 DOM

Cashflow @ list (25.0% down · 7.5%)

• Estimated rent: $1,179/mo
• Mortgage (P&I): −$472
• Tax + insurance: −$150
• HOA: −$0
• Vac / Maint / Mgmt: −$247
• Net cashflow: $309/mo
• Annual: $3,709/yr
• Cap rate: 10.41%
• Cash-on-cash: 14.72%
• DSCR: 1.65
• 1% rule: 1.31%
• Cash to close: $25,200

Investor read

• This is a 2-bed/2.0-bath manufactured listed at $90k.
• At list price, monthly cash flow is $309 ($4k/yr) — positive.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($1k rent vs $90k).
• Only 8 days on market — expect competitive offers; lowballing is unlikely to land.
• Local home prices are declining (-3.0%/yr); year-one equity from $622 of loan paydown is wiped out by about $3k of value loss. Plan a longer hold.
• Location reads 52/100 on livability (#354 in SC) — a working-class tenant base; expect higher turnover. Strengths: cost of living A+; Watch: crime F, amenities F, commute F.
• Chesterfield 01 (rural): math 25% / reading 36% proficiency, ranked #55 of 80 in SC (top 69%) — families likely to look elsewhere, expect single-tenant / working-renter base with shorter leases; 63% free/reduced lunch — lower-income household profile, screen leases tightly.
• Zoned schools: Cheraw Primary (468 students, 100% FRL); Long Middle (math 12% / reading 25%, grade F, #186 of 229 statewide, top 82%, 416 students, 100% FRL); Cheraw High (math 42% / reading 67%, grade C-, #130 of 196 statewide, top 69%, 654 students, 100% FRL) — zoned schools average 100% FRL vs 63% district-wide (37 pts higher); higher-poverty schools than district average — tighter screening recommended.
• Market conditions: 84 active listings in the ZIP; 145 units permitted in Chesterfield County in 2024 (10 in 5+ unit buildings).
• Chesterfield County population projected at -17% by 2050 — secular population decline; favor cash flow + early exit over multi-decade hold.
• At projected returns (-3.0% appreciation + 3.0% rent growth), your $25k cash investment doubles in ~8 years — after that, you're playing with house money.
• Cap rate 10.4% vs local median 4.0% in Cheraw — 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.

Questions for listing agent

• 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?
• 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.