215 Mill St

St. Matthews, SC 29135

$170,000D

3 bd · 1.5 ba · 1,500 sqft · Built 1967 · Other · Active · 218 DOM

Cashflow @ list (25.0% down · 7.5%)

• Estimated rent: $1,275/mo
• Mortgage (P&I): −$891
• Tax + insurance: −$247
• HOA: −$0
• Vac / Maint / Mgmt: −$268
• Net cashflow: $-131/mo
• Annual: $-1,573/yr
• Cap rate: 5.37%
• Cash-on-cash: -3.30%
• DSCR: 0.85
• 1% rule: 0.75%
• Cash to close: $47,600

Investor read

• This is a 3-bed/1.5-bath other listed at $170k.
• At list price, monthly cash flow is $-131 ($-2k/yr) — negative.
• To cash-flow at today's rent, offer at most $147k (13.6% below list).
• To meet the 1% rule (rent ≥ 1% of price), the offer needs to be $128k (25.0% below list).
• It's been on market 218 days — a 12% lower offer ($150k) is reasonable based on typical stale-listing flexibility.
• Recommended offer: $128k (25.0% below list) — sets the bar for 1% rule.
• In year one you build about $18k of equity ($1k loan paydown + $17k appreciation (10.0% local appreciation)).
• Location reads: area grade D — affects rentability + tenant quality, not the cash-flow math above.
• Calhoun 01 (rural): math 22% / reading 37% proficiency, ranked #57 of 80 in SC (top 71%) — low school quality limits family demand, transient renter base, plan for 1-2y turnover; 78% free/reduced lunch — lower-income household profile, screen leases tightly.
• Zoned schools: St. Matthews K-8 School (math 14% / reading 22%, grade F, #508 of 597 statewide, top 86%, 553 students, 100% FRL); Calhoun County High (math 27% / reading 82%, grade C-, #130 of 196 statewide, top 69%, 423 students, 99% FRL) — zoned schools average 100% FRL vs 78% district-wide (21 pts higher); higher-poverty schools than district average — tighter screening recommended.
• Market conditions: 40 active listings in the ZIP; 1 comparable units currently listed for rent nearby; 48 units permitted in Calhoun County in 2024 (0 in 5+ unit buildings).
• Calhoun County population projected at -21% by 2050 — secular population decline; favor cash flow + early exit over multi-decade hold.
• 4 sale attempts since 8y ago; this cycle's ask has dropped $20k (11%) from the opening price — seller is motivated, your offer sets the floor, not the list.
• Current owner paid $87k; list at $170k implies a 95% gain — meaningful room to come down on a strong offer.
• By year 3, paydown + projected appreciation supports a ~$46k cash-out refi (75% LTV) — recoverable capital for the next deal without selling this one.
• Climate carrying-cost: severe wind risk, 80% chance of damaging wind over 30y; moderate wildfire risk; 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?
• It's been on market 218 days. Have you received any prior offers? Is the seller open to a 25% concession, seller financing, or rate buy-down credit?
• Built in 1967 — 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.
• 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.