317 Horse Cove Rd · Summit, SC 29054

$275,000

3 bd · 2.5 ba · 1,976 sqft · Manufactured public records · 7 Days on market

Built 1996 2.00 ac lot

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Why this score? — see what drove the D- grade

The composite is a weighted blend of 9 inputs, each scored 0–100. Each bar is that input's sub-score; the figure is the points it added to the 100-point composite (weight × sub-score).

• Appreciation +10.0/10.0
• ARV discount +7.5/15.0
• Cash flow +5.8/30.0
• Schools +4.2/10.0
• Livability +3.2/5.0
• Rent growth +2.5/5.0
• Condition / age +2.5/5.0
• 1% rule +1.2/10.0
• DSCR +0.2/10.0

Listing remarks

Lake Murray living is closer than you think! If you've dreamed of enjoying the Lake Murray lifestyle without the waterfront price tag, this move-in ready home on 2 private wooded acres is a rare find!Situated on a permanent brick foundation, this de-titled 4BR/2BA manufactured home w/ flex room has these updates: brand new LVP flooring throughout the living areas, new plush carpet and padding in the bedrooms, fresh paint, smooth ceilings, new light fixtures, updated faucets, a brand new architectural shingled roof and new metal front porch roof. The spacious primary suite features a walk-in closet and a separate flex room with French doors that could serve as a home office, nursery, craft r

Key facts

• New plush carpet
• Fresh paint
• Private wooded acres

Tags

• PRIVATE WOODED ACRES
• PERMANENT BRICK FOUNDATION
• BRAND NEW LVP FLOORING
• NEW PLUSH CARPET
• FRESH PAINT
• SMOOTH CEILINGS

Property features AI

Finance

• Other: Property sits on approximately 2 acres; Gravel road access
• Financial info: Details not provided
• HOA & community: Details not provided

Exterior

• Parking: Details not provided
• Security: Details not provided
• Utilities: Well water; Septic sewer
• Home design: Single-story home
• Construction: Vinyl exterior; Crawlspace foundation
• Exterior features: Covered front porch; Uncovered back porch; Chain link fencing at rear

Interior

• Kitchen: Formica countertops; Stained wood cabinets; Luxury vinyl plank flooring
• Bedrooms: Master bedroom on main with double vanity, garden tub, separate shower, private bath, built-ins, ceiling fan, carpet and tile floors; Additional bedrooms on main with private closets and carpeted floors
• Flooring: Luxury vinyl plank in main living areas and formal rooms; Carpet in bedrooms; Tile in master bath
• Bathrooms: Two full bathrooms
• Heating & cooling: Central heating; Central air conditioning
• Interior features: Fireplace (wood burning); Vaulted ceilings with molding; Office; Heated mud room / laundry area; Free-standing smooth-surface range; Electric water heater
• Laundry & utility: Washer and dryer included; Laundry located in heated mud room

What this means for you Summary

Snapshot

• This is a 3-bed/2.5-bath manufactured listed at $275k.

Deal economics

• At list price, monthly cash flow is $-553 ($-7k/yr) — negative.
• To cash-flow at today's rent, offer at most $195k (29.1% below list).
• To meet the 1% rule (rent ≥ 1% of price), the offer needs to be $171k (38.0% below list).
• Recommended offer: $171k (38.0% below list) — sets the bar for 1% rule.

Location & tenants

• Location reads 65/100 on livability (#145 in SC) — a middle-class / working-renter tenant base. Strengths: cost of living A+, housing A+; Watch: crime D+, amenities F, commute F.
• Lexington 01 (suburban): math 42% / reading 53% proficiency, ranked #11 of 80 in SC (top 14%) — families likely to look elsewhere, expect single-tenant / working-renter base with shorter leases.
• Zoned schools: Gilbert High (math 37% / reading 83%, grade C+, #109 of 196 statewide, top 55%, 1,118 students, 38% FRL).
• Zoned-school proficiency averages 60% at this address vs 48% district-wide (+12 pts) — the actual schools serving this property are materially stronger than the Lexington 01 average implies; a family-tenant draw the district grade alone would hide.
• Market conditions: 273 active listings in the ZIP; 1,712 units permitted in Lexington County in 2024 (0 in 5+ unit buildings).

Forward outlook

• In year one you build about $29k of equity ($2k loan paydown + $28k appreciation (10.0% local appreciation)).
• Lexington County population projected at +26% by 2050 — long-run rental-demand tailwind backs the buy-and-hold thesis.
• By year 2, paydown + projected appreciation supports a ~$47k cash-out refi (75% LTV) — recoverable capital for the next deal without selling this one.

Negotiation context

• Only 7 days on market — expect competitive offers; lowballing is unlikely to land.
• Current owner paid $145k; list at $275k implies a 90% gain — meaningful room to come down on a strong offer.

Risks & watch-outs

• Climate carrying-cost: major wind risk, 56% chance of damaging wind over 30y; extreme-heat days projected 7→16/yr by 2055 (HVAC capex compounding) — expect insurance premiums to compound above CPI over the hold.

Recommended offer $170,559 (38.0% below list)

Questions for the listing agent

1. 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?
2. Is there a deadline driving the sale (1031 exchange, divorce, estate, relocation)? That informs how much negotiation room exists.
3. 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?
4. Crime grade is D 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?
5. 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?
6. This sits on a lake — are riparian / water-frontage rights deeded with the parcel? Any dock permits, shoreline easements, or HOA water-use restrictions?
7. What's the documented flood / surge / shoreline-erosion history here (FEMA AND non-FEMA — e.g., storm surge, creek backup, septic-field saturation)?
8. Any water-quality or seasonal algae-bloom issues that affect tenant satisfaction or short-term-rental demand?
9. 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.
10. 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.
11. 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.

Investment metrics

• 1% rule: 0.62% ✗
• Cap rate: 3.88%
• Cash-on-cash: -8.62%
• DSCR: 0.62
• GRM: 13.4

CMA / ARV

No comps found within radius.

Projected returns pro-forma

10.0% appreciation · 3.0% rent growth · sell at horizon

5-year hold

• IRR: 18.2%
• Equity multiple: 2.49×
• Total profit: $114,574
• Equity at exit: $247,742

10-year hold

• IRR: 17.0%
• Equity multiple: 5.74×
• Total profit: $365,153
• Equity at exit: $534,265

Cash invested: $77,000 (down + closing). Projections, not guarantees.

Landlord ↔ Tenant lean methodology

• Overall (STATE): 90 Strongly Landlord-Friendly
• State South Carolina: 90 Strongly Landlord-Friendly · R+6
• County: — inherits STATE
• City: — inherits STATE

5-day notice; preempted; landlord-favorable.

Methodology + full state rankings →

ZIP-level market 29054

• Home prices YoY: 4.7%
• Active inventory: 273
• Price-to-rent: 13.4×

Monthly cashflow live

• Estimated rent: $1,706 medium
• Mortgage (P&I): −$1,442
• Tax est. 1.5%: −$344 /mo · $4,125/yr
• Insurance: −$115
• HOA: −$0
• Vacancy / Maint / Mgmt: −$358
• Net cashflow: $-553

Break-even live

Break-even rent $2,406

Max offer price $194,973

Occupancy floor —

Sensitivity live

Price	-10% $-363	-5% $-458	+0% $-553	+5% $-648	+10% $-743
Rent	-10% $-688	-5% $-620	+0% $-553	+5% $-486	+10% $-418
Rate	-1.0pp $-415	-0.5pp $-483	base $-553	+0.5pp $-624	+1.0pp $-697

UW: 25.0% down · 7.5% · 30yr · 1.5% tax · 5.0% vac · 8.0% maint · 8.0% mgmt

Financing live

Cash to close

• Down payment: $68,750
• Closing costs: $8,250
• Reserves months: —
• Total cash needed: —

Listing history 6 events

1. 2026-06-18
   days on market $275,000 Active 7 DOM
2. 2026-06-17
   days on market $275,000 Active 6 DOM
3. 2026-06-16
   days on market $275,000 Active 5 DOM
4. 2026-06-15
   days on market $275,000 Active 4 DOM
5. 2026-06-14
   remarks 699-char remark
6. 2026-06-14
   listed $275,000 Active 2 DOM

ⓘ Source: listings_history table (triggers on properties + properties_extension) + one-shot backfill from property_details.listing_events for pre-trigger history.

Climate risk First Street

• 🌊 Flood 1/10 Low FEMA zone X (unshaded) · 0% chance over 30 yrs
• 🔥 Wildfire 4/10 Moderate
• 🌡 Heat 6/10 Major 7 d/yr ≥107°F today · 16 d/yr by 30 yrs out
• 💨 Wind 6/10 Major 56% chance of damaging wind over 30 yrs
• 🫁 Air quality 3/10 Moderate 3 unhealthy d/yr today · 3 by 30 yrs out

Taxation est. · year 1

• Rental income: $20,467
• − Mortgage interest: −$15,404
• − Property taxes: −$4,125
• − Insurance: −$1,375
• − Repairs & maintenance: −$1,637
• − Management: −$1,637
• − Depreciation: −$8,000
• Taxable loss: −$11,712
• Est. tax savings @ 24.0%: +$2,811
• After-tax cash flow: $-3,826/yr

For passive investors: Depreciation is non-cash, so a rental often shows a tax loss while cash-flowing — sheltering income. Rental losses are passive: they offset passive income freely, and up to $25,000/yr can offset ordinary (W-2) income if you actively participate and your MAGI is under $100k (phasing out to $0 by $150k); unused losses carry forward. On sale, claimed depreciation is recaptured at up to 25%, and gains may owe capital-gains tax (a 1031 exchange can defer both). Figures are a year-1 estimate at your 24.0% rate — not tax advice; consult a CPA.

Schools (NCES district)

• District: Lexington 01
• NCES district ID: 4502700
• Math proficiency: 42% ▼ -12.00%
• Reading proficiency: 53% ▼ -2.00%
• Median HH income: $61,298
• Composite: 41.75/100
• National rank: #3399
• State rank: #11 of 80 in SC

Livability — Summit

• Score: 65/100
• State rank: #145
• US rank: #13523

Category grades

Amenities F Commute F Cost of living A+ Crime D+ Employment C Housing A+ Health & safety F User ratings A+

Schools grade is shown separately in the Schools card above.

Census & demographics

• Population (ZIP): 10,137

Population outlook (Lexington County) Hauer SSP2

• Today (2025): 322,999 people
• By 2030: 342,356 · +6.0%
• By 2040: 377,715 · +16.9%
• By 2050: 406,984 · +26.0%
• By 2075: 465,447 · +44.1%
• By 2100: 485,674 · +50.4%

Race, ethnicity, and origin ACS 2023

• Neighborhood character: Predominantly White (86%)
• Race & ethnicity: White 86% Hispanic / Latino 6% Two or more races 6% Black 2%
• Hispanic origin (detail): Mexican 4%
• Common ancestry: Slovak 2% Italian 2% Serbian 2%
• Foreign-born: 2% · Canada, Jamaica
• Languages at home: 94% English-only · Spanish 5%

Political lean MEDSL · Lexington

• 2024 margin: Solid R (+33.5) · D 32.5% · R 66.0% · Other 1.4%
• 2008→2024 swing: +4.6pp toward D · 2008: -38.0pp · 2024: -33.5pp
• All cycles: 2024: R+33.5 2020: R+30.1 2016: R+36.7 2012: R+37.8 2008: R+38.0

Not yet ingested

• Civics: —

Market trends

• HPI YoY: ▲ 20.87%
• Current HPI: 461.9332
• Rent YoY: —
• Metro: —
• State GDP YoY: ▲ 4.51%
• F500 in state: 2

Industry mix (Fortune 500 HQ in SC)

Industry	F500 HQs	Revenue
▸Packaging	1	$7B

Price history

+89.7% since first listed

2 events — show timeline

• 2026-06-11 Listed $275,000 Consolidated MLS
• 2004-09-02 Sold (Public Records) $145,000 Public Records

Property tax history

-10.6%/yr

Latest (2024): $415 · +4.5% YoY. Source: county tax records.