32 Briarglen Pl

Greenville, SC 29615

$115,000D

2 bd · 2.5 ba · 1,400 sqft · Built 1983 · Condo · Active · 3 DOM

Cashflow @ list (25.0% down · 7.5%)

• Estimated rent: $1,470/mo
• Mortgage (P&I): −$603
• Tax + insurance: −$205
• HOA: −$405
• Vac / Maint / Mgmt: −$309
• Net cashflow: $-52/mo
• Annual: $-626/yr
• Cap rate: 5.75%
• Cash-on-cash: -1.95%
• DSCR: 0.91
• 1% rule: 1.28%
• Cash to close: $32,200

Investor read

• This is a 2-bed/2.5-bath condo listed at $115k.
• At list price, monthly cash flow is $-52 ($-626/yr) — negative.
• To cash-flow at today's rent, offer at most $106k (8.0% below list).
• Meets the 1% rule at list price ($1k rent vs $115k).
• Only 3 days on market — expect competitive offers; lowballing is unlikely to land.
• Recommended offer: $106k (8.0% below list) — sets the bar for cash-flow.
• Local home prices are declining (-3.0%/yr); year-one equity from $795 of loan paydown is wiped out by about $3k of value loss. Plan a longer hold.
• Location reads 79/100 on livability (#13 in SC, #2,003 nationally) — a middle-class / working-renter tenant base. Strengths: amenities A+, commute A+, health & safety A+; Watch: cost of living D+, crime F.
• Greenville 01 (suburban): math 44% / reading 54% proficiency, ranked #10 of 80 in SC (top 12%) — families likely to look elsewhere, expect single-tenant / working-renter base with shorter leases.
• Zoned schools: East North Street Academy (math 45% / reading 38%, grade F, #269 of 597 statewide, top 46%, 709 students, 100% FRL) — zoned schools average 100% FRL vs 42% district-wide (58 pts higher); higher-poverty schools than district average — tighter screening recommended.
• Watch-outs: HOA is 28% of rent.
• Market conditions: Rents falling (-4.7%/yr); 234 active listings in the ZIP; 38 comparable units currently listed for rent nearby; rentals at typical pace (median 17d on market — plan ~3-4 weeks tenant-placement turnaround); solid renter incomes; 5,595 units permitted in Greenville County in 2024 (566 in 5+ unit buildings).
• Greenville County population projected at +34% by 2050 — long-run rental-demand tailwind backs the buy-and-hold thesis.
• 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 5.7% vs local median 1.9% in Greenville — 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?
• What does the HOA fee cover, when was the last increase, and are there any pending special assessments or reserve-fund shortfalls?
• Any open or pending special assessments — roof, HVAC, plumbing, elevator, façade? What's the per-unit balance and payoff schedule, and is the seller paying it off at close or rolling it to the buyer?
• Is there a deadline driving the sale (1031 exchange, divorce, estate, relocation)? That informs how much negotiation room exists.
• Schools are B-rated — typically a magnet for longer-tenancy family renters. What's the average tenant stay here, and is there a school-zone premium baked into asking?
• 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.