515 Summit Terrace Ct · Columbia, SC 29229

$154,900

3 bd · 3.0 ba · 1,260 sqft · SingleFamily public records · 1 Days on market

Built 2005 1,742 sqft lot Est $144k · 8% over

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Why this score? — see what drove the C- 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 +21.0/30.0
• 1% rule +7.4/10.0
• DSCR +6.7/10.0
• ARV discount +4.0/15.0
• Livability +3.9/5.0
• Schools +3.6/10.0
• Rent growth +3.2/5.0
• Condition / age +2.5/5.0
• Appreciation +0.0/10.0

Listing remarks

Priced to sell and sold as-is! Great opportunity for investors or first-time buyers. This 3 bed, 2.5 bath home in the desirable neighborhood offers a comfortable and functional layout with kitchen, living, and dining areas on the main floor. Upstairs features a spacious primary suite, plus two generously sized bedrooms with ample closet space and a shared Jack-and-Jill bathroom. Enjoy a fenced backyard providing privacy and space for outdoor living. New water heater installed recently. Conveniently located near shopping, dining, and major highways. Disclaimer: CMLS has not reviewed and, therefore, does not endorse vendors who may appear in listings.

Key facts

• New water heater
• Fenced backyard
• 1,742 sq ft lot

Tags

• FENCED BACKYARD
• SPACIOUS PRIMARY SUITE
• GENEROUSLY SIZED BEDROOMS
• SHARED JACK-AND-JILL BATHROOM
• NEW WATER HEATER

Property features AI

Finance

• HOA & community: Property is part of an association

Exterior

• Utilities: Public water; Public sewer
• Home design: Two-story property
• Construction: Slab foundation
• Exterior features: Vinyl exterior; Wood fencing; Paved road access

Interior

• Bedrooms: Master bedroom located on the second floor
• Bathrooms: Two full bathrooms and one half bathroom
• Interior features: Central heating and central cooling

What this means for you Summary

Snapshot

• This is a 3-bed/3.0-bath single-family listed at $155k.

Deal economics

• At list price, monthly cash flow is $219 ($3k/yr) — positive.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($2k rent vs $155k).
• Cap rate 8.0% vs local median 5.0% in Columbia — 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 78/100 on livability (#18 in SC, #2,436 nationally) — a middle-class / working-renter tenant base. Strengths: amenities A+, commute A+, cost of living A+; Watch: employment D, crime F.
• Richland 02 (suburban): math 35% / reading 47% proficiency, ranked #29 of 80 in SC (top 36%) — families likely to look elsewhere, expect single-tenant / working-renter base with shorter leases.
• Zoned schools: North Springs Elementary (math 37% / reading 37%, grade F, #315 of 597 statewide, top 55%, 703 students, 78% FRL); Ridge View High (math 43% / reading 76%, grade C+, #110 of 196 statewide, top 58%, 1,711 students, 60% FRL) — zoned schools average 69% FRL vs 38% district-wide (31 pts higher); higher-poverty schools than district average — tighter screening recommended.
• Market conditions: Rents rising (+2.8%/yr); 406 active listings in the ZIP; 13 comparable units currently listed for rent nearby; rentals leasing fast (median 11d on market — plan ~1-2 weeks tenant-placement turnaround); 3,472 units permitted in Richland County in 2024 (1,096 in 5+ unit buildings).
• This rent runs 31% of the median local income ($74k/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 $1k of loan paydown is wiped out by about $5k of value loss. Plan a longer hold.
• Richland County population projected at +30% by 2050 — long-run rental-demand tailwind backs the buy-and-hold thesis.

Negotiation context

• Only 1 days on market — expect competitive offers; lowballing is unlikely to land.

Risks & watch-outs

• Watch-outs: property tax is 3.2% of price.
• Climate carrying-cost: major wind risk, 62% chance of damaging wind over 30y; extreme-heat days projected 7→16/yr by 2055 (HVAC capex compounding) — expect insurance premiums to compound above CPI over the hold.

Recommended offer $154,900

Questions for the listing agent

1. Property tax is high relative to price — has the assessment been appealed recently, and will the sale trigger a re-assessment?
2. Is there a deadline driving the sale (1031 exchange, divorce, estate, relocation)? That informs how much negotiation room exists.
3. 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?
4. 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?
5. 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.
6. 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.
7. 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.

Investment metrics

• 1% rule: 1.24% ✓
• Cap rate: 7.99%
• Cash-on-cash: 6.07%
• DSCR: 1.27
• GRM: 6.7

CMA / ARV

• ARV (on-the-fly): $143,640
• Comps found: 1

Show comp detail 1 sale within ~0.75 mi

Address	Dist	Beds/Ba	Sqft	Sold	Price	$/sf	Match
250 Curvewood Rd	0.15mi	3/2.5	1,352 (+7%)	8mo	$154,000	$114	72

Match score weights: distance 35% · size 25% · config 20% · recency 20%. Top-matched comps best support the ARV.

Projected returns pro-forma

-3.0% appreciation · 2.81% rent growth · sell at horizon

5-year hold

• IRR: -7.1%
• Equity multiple: 0.74×
• Total profit: $-11,322
• Equity at exit: $23,096

10-year hold

• IRR: 2.4%
• Equity multiple: 1.17×
• Total profit: $7,321
• Equity at exit: $13,393

Cash invested: $43,372 (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 29229

• Home prices YoY: -21.5%
• Rents YoY: 2.8%
• Active inventory: 406
• Price-to-rent: 6.7×

Monthly cashflow live

• Estimated rent: $1,916 high
• Mortgage (P&I): −$812
• Tax from tax record: −$418 /mo · $5,010/yr
• Insurance: −$65
• HOA: −$0
• Vacancy / Maint / Mgmt: −$402
• Net cashflow: $219

Break-even live

Break-even rent $1,638

Max offer price $154,900

Occupancy floor 84%

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: $38,725
• Closing costs: $4,647
• Reserves months: —
• Total cash needed: —

Rent comps 13 comps

Address	Beds	Baths	Sqft	Rent	$/sqft	DOM	Units	Dist
500 Castle Ridge Dr Columbia, SC	3.0	2.0	1753	$2,150	$1.23	3d	1	0.51mi
112 Turnstone Way Columbia, SC	3.0	2.0	1145	$1,779	$1.55	2d	1	0.63mi
512 N Crossing Dr Columbia, SC	3.0	2.0	1302	$1,799	$1.38	23d	1	0.63mi
440 Town Center Pl Columbia, SC	1.0–2.0	1.0–2.0	1016	$2,610	$2.57	3d	17	0.90mi
1214 Waverly Place Ln Columbia, SC	3.0	2.0	1152	$1,800	$1.56	11d	1	0.95mi
423 Elders Pond Cir Columbia, SC	2.0	2.0	1125	$1,475	$1.31	19d	1	0.99mi
1116 Waverly Place Ln Columbia, SC	3.0	2.0	1428	$1,875	$1.31	14d	1	1.03mi
5 Elders Pond Ct Columbia, SC	3.0	2.5	1640	$1,795	$1.09	14d	1	1.13mi
214 Elders Pond Dr Columbia, SC	3.0	2.5	1400	$1,350	$0.96	11d	1	1.16mi
4500 Hard Scrabble Rd Columbia, SC	1.0–3.0	1.0–2.0	1031	$1,455	$1.41	2d	4	1.24mi
3 Glen Knoll Ct Columbia, SC	3.0	2.0	1320	$1,699	$1.29	11d	1	1.26mi
3 Long Glen Ct Columbia, SC	3.0	2.0	1314	$1,849	$1.41	2d	1	1.36mi
136 Westport Dr Columbia, SC	3.0	2.0	1303	$1,769	$1.36	21d	1	1.38mi

Listing history 20 events

1. 2026-06-18
   days on marketlisting id $154,900 Active 1 DOM
2. 2026-06-17
   days on market $154,900 Active 61 DOM
3. 2026-06-16
   days on market $154,900 Active 60 DOM
4. 2026-06-15
   days on market $154,900 Active 59 DOM
5. 2026-06-14
   days on market $154,900 Active 57 DOM
6. 2026-06-13
   days on market $154,900 Active 56 DOM
7. 2026-06-10
   days on market $154,900 Active 54 DOM
8. 2026-06-09
   days on market $154,900 Active 53 DOM
9. 2026-06-08
   days on market $154,900 Active 52 DOM
10. 2026-06-07
    days on market $154,900 Active 51 DOM
11. 2026-06-05
    days on market $154,900 Active 48 DOM
12. 2026-06-03
    days on market $154,900 Active 47 DOM
13. 2026-06-03
    days on market $154,900 Active 46 DOM
14. 2026-06-01
    days on market $154,900 Active 45 DOM
15. 2026-05-31
    days on market $154,900 Active 44 DOM
16. 2026-05-01
    price $159,900
17. 2026-04-17
    listed $162,900 Active
18. 2022-05-10
    soldstatus $144,000
19. 2018-03-01
    soldstatus $92,500
20. 2017-10-07
    price $95,950

ⓘ 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: $5,010 · $418/mo
• Projected year-2 tax: $5,010 · $418/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 7/10 Severe 7 d/yr ≥107°F today · 16 d/yr by 30 yrs out
• 💨 Wind 6/10 Major 62% 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: $22,995
• − Mortgage interest: −$8,677
• − Property taxes: −$5,010
• − Insurance: −$774
• − Repairs & maintenance: −$1,840
• − Management: −$1,840
• − Depreciation: −$4,506
• Taxable income: $348
• Est. tax owed @ 24.0%: −$84
• After-tax cash flow: $2,550/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: Richland 02
• NCES district ID: 4503390
• Math proficiency: 35% ▼ -15.00%
• Reading proficiency: 47% ▼ -5.00%
• Median HH income: $59,684
• Composite: 36.2/100
• National rank: #4730
• State rank: #29 of 80 in SC

Livability — Columbia

• Score: 78/100
• State rank: #18
• US rank: #2436

Category grades

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

Schools grade is shown separately in the Schools card above.

Census & demographics

• County: Richland County · 389,530 people
• City population: 335,994
• Metro: Columbia, SC
• Population (ZIP): 51,861
• Household income: $74,043
• Rent vs Own: 29.9% rent · 70.1% own
• Severe rent burden: 1939.0

Population outlook (Richland County) Hauer SSP2

• Today (2025): 459,667 people
• By 2030: 487,524 · +6.1%
• By 2040: 542,035 · +17.9%
• By 2050: 595,371 · +29.5%
• By 2075: 732,998 · +59.5%
• By 2100: 820,415 · +78.5%

Race, ethnicity, and origin ACS 2023

• Neighborhood character: Diverse neighborhood (Simpson 0.56)
• Race & ethnicity: Black 62% White 24% Hispanic / Latino 8% Two or more races 6% Asian 3%
• Hispanic origin (detail): Mexican 2% Puerto Rican 2%
• Common ancestry: Slovak 1% Lithuanian 1% Romanian 1%
• Foreign-born: 7% · Canada, South Korea, Jamaica
• Languages at home: 89% English-only · Spanish 6% Other Indo-European 1% Korean 1%

Political lean MEDSL · Richland

• 2024 margin: Solid D (+34.6) · D 66.4% · R 31.8% · Other 1.8%
• 2008→2024 swing: +5.7pp toward D · 2008: 28.9pp · 2024: 34.6pp
• All cycles: 2024: D+34.6 2020: D+38.3 2016: D+32.9 2012: D+33.3 2008: D+28.9

Not yet ingested

• Civics: —

Market trends

• HPI YoY: ▼ -51.11%
• Current HPI: 186.782
• Rent YoY: ▲ 2.81%
• Metro: Columbia, 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

+66.6% since first listed

5 events — show timeline

• 2026-05-01 Price Changed $159,900 Consolidated MLS
• 2026-04-17 Listed $162,900 Consolidated MLS
• 2022-05-10 Sold (Public Records) $144,000 Public Records
• 2018-03-01 Sold (Public Records) $92,500 Public Records
• 2017-10-07 Price Changed $95,950 Consolidated MLS

Property tax history

+6.6%/yr

Latest (2025): $5,010 · +2.6% YoY. Source: county tax records.