5 Cornerstone Way

Irmo, SC 29063

$280,000D-

3 bd · 3.0 ba · 1,856 sqft · Built 2018 · SingleFamily · Active · 47 DOM

Cashflow @ list (25.0% down · 7.5%)

• Estimated rent: $2,083/mo
• Mortgage (P&I): −$1,468
• Tax + insurance: −$206
• HOA: −$15
• Vac / Maint / Mgmt: −$437
• Net cashflow: $-44/mo
• Annual: $-529/yr
• Cap rate: 6.10%
• Cash-on-cash: -0.67%
• DSCR: 0.97
• 1% rule: 0.74%
• Cash to close: $78,400

Investor read

• This is a 3-bed/3.0-bath single-family listed at $280k.
• At list price, monthly cash flow is $-44 ($-529/yr) — negative.
• To cash-flow at today's rent, offer at most $272k (2.8% below list).
• To meet the 1% rule (rent ≥ 1% of price), the offer needs to be $208k (25.6% below list).
• It's been on market 47 days — a 3% lower offer ($272k) is reasonable based on typical stale-listing flexibility.
• Recommended offer: $208k (25.6% below list) — sets the bar for 1% rule.
• Local home prices are declining (-3.0%/yr); year-one equity from $2k of loan paydown is wiped out by about $8k of value loss. Plan a longer hold.
• Location reads 73/100 on livability (#38 in SC) — a middle-class / working-renter tenant base. Strengths: cost of living A+, housing A+, employment B; Watch: amenities F, commute F.
• Lexington 05 (suburban): math 47% / reading 55% proficiency, ranked #5 of 80 in SC (top 6%) — acceptable for families but not a draw, mixed tenant base, ~2y average lease.
• Zoned schools: H. E. Corley Elementary (math 42% / reading 52%, grade D-, #209 of 597 statewide, top 36%, 558 students, 74% FRL); Dutch Fork High (math 54% / reading 86%, grade B+, #58 of 196 statewide, top 30%, 1,726 students, 52% FRL) — zoned schools average 63% FRL vs 27% district-wide (36 pts higher); higher-poverty schools than district average — tighter screening recommended.
• Market conditions: Rents flat; 318 active listings in the ZIP; 6 comparable units currently listed for rent nearby; rentals at typical pace (median 16d on market — plan ~3-4 weeks tenant-placement turnaround); solid renter incomes; 3,472 units permitted in Richland County in 2024 (1,096 in 5+ unit buildings).
• Richland County population projected at +30% by 2050 — long-run rental-demand tailwind backs the buy-and-hold thesis.
• 3 sale attempts since 3y ago with the ask held roughly flat each time — persistent listings suggest the price (not the market) is what's stuck; bring a comps-based counter.
• Current owner paid $147k; list at $280k implies a 91% gain — meaningful room to come down on a strong offer.
• Climate carrying-cost: 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 47 days. Have you received any prior offers? Is the seller open to a 26% 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?
• 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?
• 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.