317 Horse Cove Rd

Summit, SC 29054

$275,000D-

3 bd · 2.5 ba · 1,976 sqft · Built 1996 · Manufactured · Active · 7 DOM

Cashflow @ list (25.0% down · 7.5%)

• Estimated rent: $1,706/mo
• Mortgage (P&I): −$1,442
• Tax + insurance: −$458
• HOA: −$0
• Vac / Maint / Mgmt: −$358
• Net cashflow: $-553/mo
• Annual: $-6,637/yr
• Cap rate: 3.88%
• Cash-on-cash: -8.62%
• DSCR: 0.62
• 1% rule: 0.62%
• Cash to close: $77,000

Investor read

• This is a 3-bed/2.5-bath manufactured listed at $275k.
• 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).
• Only 7 days on market — expect competitive offers; lowballing is unlikely to land.
• Recommended offer: $171k (38.0% below list) — sets the bar for 1% rule.
• In year one you build about $29k of equity ($2k loan paydown + $28k appreciation (10.0% local appreciation)).
• 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).
• Lexington County population projected at +26% by 2050 — long-run rental-demand tailwind backs the buy-and-hold thesis.
• Current owner paid $145k; list at $275k implies a 90% gain — meaningful room to come down on a strong offer.
• By year 2, paydown + projected appreciation supports a ~$47k cash-out refi (75% LTV) — recoverable capital for the next deal without selling this one.
• 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.

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?
• 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 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?
• 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?
• This sits on a lake — are riparian / water-frontage rights deeded with the parcel? Any dock permits, shoreline easements, or HOA water-use restrictions?
• What's the documented flood / surge / shoreline-erosion history here (FEMA AND non-FEMA — e.g., storm surge, creek backup, septic-field saturation)?
• Any water-quality or seasonal algae-bloom issues that affect tenant satisfaction or short-term-rental demand?