Brentwood Plan

Inman, SC 29349

$320,000F

4 bd · 2.0 ba · 1,787 sqft · Built — · SingleFamily · Active · 177 DOM

Cashflow @ list (25.0% down · 7.5%)

• Estimated rent: $1,860/mo
• Mortgage (P&I): −$2,142
• Tax + insurance: −$681
• HOA: −$0
• Vac / Maint / Mgmt: −$391
• Net cashflow: $-1,354/mo
• Annual: $-16,246/yr
• Cap rate: 2.32%
• Cash-on-cash: -14.20%
• DSCR: 0.37
• 1% rule: 0.46%
• Cash to close: $114,375

Investor read

• This is a 4-bed/2.0-bath single-family listed at $320k. Condition is rated good.
• At list price, monthly cash flow is $-1k ($-16k/yr) — negative.
• To cash-flow at today's rent, offer at most $213k (33.6% below list).
• To meet the 1% rule (rent ≥ 1% of price), the offer needs to be $186k (41.9% below list).
• It's been on market 177 days — a 12% lower offer ($282k) is reasonable based on typical stale-listing flexibility.
• Recommended offer: $186k (41.9% below list) — sets the bar for 1% rule.
• Local home prices are declining (-3.0%/yr); year-one equity from $3k of loan paydown is wiped out by about $12k of value loss. Plan a longer hold.
• Location reads 74/100 on livability (#29 in SC, #4,452 nationally) — a middle-class / working-renter tenant base. Strengths: cost of living A+, housing A+, health & safety A+; Watch: amenities D, commute F.
• Spartanburg 01 (rural): math 44% / reading 53% proficiency, ranked #14 of 80 in SC (top 18%) — families likely to look elsewhere, expect single-tenant / working-renter base with shorter leases.
• Zoned schools: Holly Springs-Motlow Elementary (math 46% / reading 52%, grade D, #187 of 597 statewide, top 32%, 534 students, 69% FRL); T.E. Mabry Middle (math 31% / reading 43%, grade F, #97 of 229 statewide, top 42%, 444 students, 73% FRL); Chapman High (math 42% / reading 88%, grade B, #85 of 196 statewide, top 45%, 1,046 students, 59% FRL) — zoned schools average 67% FRL vs 45% district-wide (22 pts higher); higher-poverty schools than district average — tighter screening recommended.
• Market conditions: Rents rising (+1.8%/yr); 1028 active listings in the ZIP; solid renter incomes; 3,129 units permitted in Spartanburg County in 2024 (40 in 5+ unit buildings).
• Spartanburg County population projected at +18% by 2050 — long-run rental-demand tailwind backs the buy-and-hold thesis.
• Climate carrying-cost: moderate wildfire risk; extreme-heat days projected 7→17/yr by 2055 (HVAC capex compounding) — expect insurance premiums to compound above CPI over the hold.
• Cap rate 2.3% vs local median 3.6% in Inman — below-typical yield; the buyer is paying a premium for something (appreciation thesis, condition, location) that the cap rate doesn't capture.

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 177 days. Have you received any prior offers? Is the seller open to a 42% concession, seller financing, or rate buy-down credit?
• 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.
• 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.