Wilkinson Plan

Columbia, SC 29045

$333,000F

5 bd · 3.5 ba · 3,488 sqft · Built — · SingleFamily · Active · 106 DOM

Cashflow @ list (25.0% down · 7.5%)

• Estimated rent: $2,610/mo
• Mortgage (P&I): −$3,226
• Tax + insurance: −$1,025
• HOA: −$0
• Vac / Maint / Mgmt: −$548
• Net cashflow: $-2,189/mo
• Annual: $-26,272/yr
• Cap rate: 2.02%
• Cash-on-cash: -15.25%
• DSCR: 0.32
• 1% rule: 0.42%
• Cash to close: $172,230

Investor read

• This is a 5-bed/3.5-bath single-family listed at $333k. Condition is rated good.
• At list price, monthly cash flow is $-2k ($-26k/yr) — negative.
• To cash-flow at today's rent, offer at most $298k (10.4% below list).
• To meet the 1% rule (rent ≥ 1% of price), the offer needs to be $261k (21.6% below list).
• It's been on market 106 days — a 9% lower offer ($303k) is reasonable based on typical stale-listing flexibility.
• Recommended offer: $261k (21.6% below list) — sets the bar for 1% rule.
• Local home prices are declining (-3.0%/yr); year-one equity from $4k of loan paydown is wiped out by about $18k of value loss. Plan a longer hold.
• 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: Summit Parkway Middle (math 23% / reading 38%, grade F, #389 of 597 statewide, top 66%, 1,154 students, 62% FRL); Spring Valley High (math 53% / reading 92%, grade B+, #46 of 196 statewide, top 24%, 2,187 students, 49% FRL) — zoned schools average 55% FRL vs 38% district-wide (17 pts higher); higher-poverty schools than district average — tighter screening recommended.
• Watch-outs: property tax is 2.8% of price.
• Market conditions: Rents rising (+2.7%/yr); 584 active listings in the ZIP; 3 comparable units currently listed for rent nearby; rentals lingering (median 88d on market — plan ~5-8 weeks vacancy on turnover, expect pricing pressure); 67% of comp listings sitting > 30 days — soft ceiling on asking rent; solid renter incomes; 3,472 units permitted in Richland County in 2024 (1,096 in 5+ unit buildings).
• Richland County population projected at +30% by 2050 — long-run rental-demand tailwind backs the buy-and-hold thesis.
• Climate carrying-cost: major wind risk, 68% chance of damaging wind over 30y; moderate wildfire risk; extreme-heat days projected 7→16/yr by 2055 (HVAC capex compounding) — expect insurance premiums to compound above CPI over the hold.
• Cap rate 2.0% vs local median 5.0% in Columbia — below-typical yield; the buyer is paying a premium for something (appreciation thesis, condition, location) that the cap rate doesn't capture.
• This rent runs 36% of the median local income ($87k/yr) — at the standard rent-burdened threshold; future hikes will face affordability resistance.

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?
• It's been on market 106 days. Have you received any prior offers? Is the seller open to a 22% concession, seller financing, or rate buy-down credit?
• Property tax is high relative to price — has the assessment been appealed recently, and will the sale trigger a re-assessment?
• Why hasn't it sold? Are there any deal-killer items the seller is aware of (foundation, flood, title, zoning, code violations)?
• 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?