309 Parkridge Way

Simpsonville, SC 29680

$255,000D-

3 bd · 2.5 ba · 1,620 sqft · Built 2020 · Townhouse · Active · 10 DOM

Cashflow @ list (25.0% down · 7.5%)

• Estimated rent: $1,966/mo
• Mortgage (P&I): −$1,337
• Tax + insurance: −$206
• HOA: −$133
• Vac / Maint / Mgmt: −$413
• Net cashflow: $-124/mo
• Annual: $-1,482/yr
• Cap rate: 5.71%
• Cash-on-cash: -2.08%
• DSCR: 0.91
• 1% rule: 0.77%
• Cash to close: $71,400

Investor read

• This is a 3-bed/2.5-bath townhouse listed at $255k.
• At list price, monthly cash flow is $-124 ($-1k/yr) — negative.
• To cash-flow at today's rent, offer at most $233k (8.6% below list).
• To meet the 1% rule (rent ≥ 1% of price), the offer needs to be $197k (22.9% below list).
• Only 10 days on market — expect competitive offers; lowballing is unlikely to land.
• Recommended offer: $197k (22.9% below list) — sets the bar for 1% rule.
• Local home prices are declining (-3.0%/yr); year-one equity from $2k of loan paydown is wiped out by about $8k of value loss. Plan a longer hold.
• Location reads 87/100 on livability (#1 in SC, #295 nationally) — a professional / high-income tenant draw. Strengths: commute A+, housing A+, health & safety A+.
• 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: Plain Elementary (math 60% / reading 63%, grade B, #76 of 597 statewide, top 13%, 932 students, 54% FRL).
• Zoned-school proficiency averages 62% at this address vs 49% district-wide (+12 pts) — the actual schools serving this property are materially stronger than the Greenville 01 average implies; a family-tenant draw the district grade alone would hide.
• Market conditions: Rents rising (+2.9%/yr); 245 active listings in the ZIP; 10 comparable units currently listed for rent nearby; rentals at typical pace (median 16d 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.
• Current owner paid $210k; 21% above their basis — modest negotiation headroom, anchor on the comps not their cost.
• 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 3.9% in Simpsonville — 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?
• 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?
• 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.
• 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.