3106 Bethel Rd Unit 70

Simpsonville, SC 29681

$169,900D

3 bd · 2.5 ba · 1,614 sqft · Built — · Condo · Active · 184 DOM

Cashflow @ list (25.0% down · 7.5%)

• Estimated rent: $1,872/mo
• Mortgage (P&I): −$891
• Tax + insurance: −$283
• HOA: −$495
• Vac / Maint / Mgmt: −$393
• Net cashflow: $-190/mo
• Annual: $-2,281/yr
• Cap rate: 4.95%
• Cash-on-cash: -4.79%
• DSCR: 0.79
• 1% rule: 1.10%
• Cash to close: $47,572

Investor read

• This is a 3-bed/2.5-bath condo listed at $170k. Condition is rated good.
• At list price, monthly cash flow is $-190 ($-2k/yr) — negative.
• To cash-flow at today's rent, offer at most $142k (16.2% below list).
• Meets the 1% rule at list price ($2k rent vs $170k).
• It's been on market 184 days — a 12% lower offer ($150k) is reasonable based on typical stale-listing flexibility.
• Recommended offer: $142k (16.2% below list) — sets the bar for cash-flow.
• Local home prices are declining (-3.0%/yr); year-one equity from $1k of loan paydown is wiped out by about $5k of value loss. Plan a longer hold.
• Location reads 87/100 on livability (#1 in SC, #295 nationally) — a professional / high-income tenant draw. Strengths: commute A+, housing A+, health & safety A+.
• Greenville 01 (suburban): math 44% / reading 54% proficiency, ranked #10 of 80 in SC (top 12%) — families likely to look elsewhere, expect single-tenant / working-renter base with shorter leases.
• Zoned schools: Bethel Elementary (math 61% / reading 59%, grade B-, #87 of 597 statewide, top 15%, 897 students, 52% FRL).
• Watch-outs: HOA is 26% of rent.
• Market conditions: Rents rising fast (+4.1%/yr); 916 active listings in the ZIP; 25 comparable units currently listed for rent nearby; rentals lingering (median 55d on market — plan ~5-8 weeks vacancy on turnover, expect pricing pressure); 64% of comp listings sitting > 30 days — soft ceiling on asking rent; high-income renter base; 5,595 units permitted in Greenville County in 2024 (566 in 5+ unit buildings).
• Greenville County population projected at +34% by 2050 — long-run rental-demand tailwind backs the buy-and-hold thesis.
• 6 sale attempts since 8y ago; this cycle's ask has dropped $10k (6%) from the opening price — seller is motivated, your offer sets the floor, not the list.
• Climate carrying-cost: extreme-heat days projected 7→17/yr by 2055 (HVAC capex compounding) — expect insurance premiums to compound above CPI over the hold.
• Cap rate 5.0% vs local median 4.0% in Simpsonville — meaningfully above typical; check what's discounted (condition, days-on-market, listing class) to confirm the premium yield is real.

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 184 days. Have you received any prior offers? Is the seller open to a 16% concession, seller financing, or rate buy-down credit?
• What does the HOA fee cover, when was the last increase, and are there any pending special assessments or reserve-fund shortfalls?
• Any open or pending special assessments — roof, HVAC, plumbing, elevator, façade? What's the per-unit balance and payoff schedule, and is the seller paying it off at close or rolling it to the buyer?
• 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 B-rated — typically a magnet for longer-tenancy family renters. What's the average tenant stay here, and is there a school-zone premium baked into asking?
• 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?