104 Forest Park Dr

Easley, SC 29642-2513

$300,000D+

4 bd · 3.0 ba · 2,000 sqft · Built 1974 · SingleFamily · Active · 157 DOM

Cashflow @ list (25.0% down · 7.5%)

• Estimated rent: $2,231/mo
• Mortgage (P&I): −$1,573
• Tax + insurance: −$240
• HOA: −$0
• Vac / Maint / Mgmt: −$469
• Net cashflow: $-50/mo
• Annual: $-603/yr
• Cap rate: 6.09%
• Cash-on-cash: -0.72%
• DSCR: 0.97
• 1% rule: 0.74%
• Cash to close: $84,000

Investor read

• This is a 4-bed/3.0-bath single-family listed at $300k.
• At list price, monthly cash flow is $-50 ($-603/yr) — negative.
• To cash-flow at today's rent, offer at most $291k (3.0% below list).
• To meet the 1% rule (rent ≥ 1% of price), the offer needs to be $223k (25.6% below list).
• It's been on market 157 days — a 12% lower offer ($264k) is reasonable based on typical stale-listing flexibility.
• Recommended offer: $223k (25.6% below list) — sets the bar for 1% rule.
• In year one you build about $11k of equity ($2k loan paydown + $9k appreciation (3.0% local appreciation)).
• Location reads 71/100 on livability (#47 in SC) — a middle-class / working-renter tenant base. Strengths: cost of living A+, housing A+; Watch: amenities D, commute F.
• Pickens 01 (rural): math 42% / reading 50% proficiency, ranked #21 of 80 in SC (top 26%) — families likely to look elsewhere, expect single-tenant / working-renter base with shorter leases.
• Zoned schools: Crosswell Elementary (math 44% / reading 44%, grade F, #239 of 597 statewide, top 41%, 531 students, 100% FRL); Richard H. Gettys Middle (math 37% / reading 39%, grade F, #86 of 229 statewide, top 39%, 1,284 students, 74% FRL); Easley High (math 47% / reading 83%, grade B, #85 of 196 statewide, top 45%, 1,904 students, 65% FRL) — zoned schools average 80% FRL vs 42% district-wide (38 pts higher); higher-poverty schools than district average — tighter screening recommended.
• Market conditions: 1 active listings in the ZIP; 17 comparable units currently listed for rent nearby; rentals leasing fast (median 12d on market — plan ~1-2 weeks tenant-placement turnaround); 1,440 units permitted in Pickens County in 2024 (245 in 5+ unit buildings).
• Pickens County population projected at +6% by 2050 — modest demand growth; plan on rents tracking national, not racing it.
• 7 sale attempts since 14y ago; this cycle's ask has dropped $50k (14%) from the opening price — seller is motivated, your offer sets the floor, not the list.
• At projected returns (3.0% appreciation + 3.0% rent growth), your $84k cash investment doubles in ~7 years — after that, you're playing with house money.
• By year 4, paydown + projected appreciation supports a ~$38k cash-out refi (75% LTV) — recoverable capital for the next deal without selling this one.
• Climate carrying-cost: extreme-heat days projected 7→17/yr by 2055 (HVAC capex compounding) — expect insurance premiums to compound above CPI over the hold.
• Cap rate 6.1% vs local median 4.0% in Easley — 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

• 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 157 days. Have you received any prior offers? Is the seller open to a 26% concession, seller financing, or rate buy-down credit?
• Built in 1974 — when were the roof, HVAC, electrical panel, plumbing, and water heater last replaced?
• 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?
• 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.