242 Short St

Allendale, SC 29810

$69,400B-

2 bd · 1.0 ba · 833 sqft · Built 1975 · SingleFamily · Active · 324 DOM

Cashflow @ list (25.0% down · 7.5%)

• Estimated rent: $864/mo
• Mortgage (P&I): −$364
• Tax + insurance: −$136
• HOA: −$0
• Vac / Maint / Mgmt: −$181
• Net cashflow: $183/mo
• Annual: $2,198/yr
• Cap rate: 9.46%
• Cash-on-cash: 11.31%
• DSCR: 1.50
• 1% rule: 1.25%
• Cash to close: $19,432

Investor read

• This is a 2-bed/1.0-bath single-family listed at $69k.
• At list price, monthly cash flow is $183 ($2k/yr) — positive.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($864 rent vs $69k).
• It's been on market 324 days — a 12% lower offer ($61k) is reasonable based on typical stale-listing flexibility.
• Recommended offer: $61k (12.0% below list) — sets the bar for market timing.
• In year one you build about $3k of equity ($480 loan paydown + $2k appreciation (3.2% local appreciation)).
• Location reads 53/100 on livability (#337 in SC) — a working-class tenant base; expect higher turnover. Strengths: cost of living A+, health & safety A+; Watch: housing C-, schools F, crime F.
• Allendale 01 (rural): math 14% / reading 25% proficiency, ranked #75 of 80 in SC (top 94%) — low school quality limits family demand, transient renter base, plan for 1-2y turnover; 91% free/reduced lunch — lower-income household profile, screen leases tightly.
• Market conditions: 18 active listings in the ZIP; 8 units permitted in Allendale County in 2024 (0 in 5+ unit buildings).
• Allendale County population projected at -35% by 2050 — secular population decline; favor cash flow + early exit over multi-decade hold.
• 6 sale attempts since 2y ago; this cycle's ask has dropped $9k (11%) from the opening price — seller is motivated, your offer sets the floor, not the list.
• Current owner paid $45k; list at $69k implies a 54% gain — meaningful room to come down on a strong offer.
• At projected returns (3.2% appreciation + 3.0% rent growth), your $19k cash investment doubles in ~4 years — after that, you're playing with house money.
• Climate carrying-cost: severe wind risk, 80% chance of damaging wind over 30y; extreme-heat days projected 7→17/yr by 2055 (HVAC capex compounding) — expect insurance premiums to compound above CPI over the hold.

Questions for listing agent

• It's been on market 324 days. Have you received any prior offers? Is the seller open to a 12% concession, seller financing, or rate buy-down credit?
• Built in 1975 — 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 F-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?
• 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.