315 Shirley Cir

Fair Play, SC 29689-4434

$99,000B

2 bd · 2.0 ba · 1,064 sqft · Built 1996 · Manufactured · Pending · 21 DOM

Cashflow @ list (25.0% down · 7.5%)

• Estimated rent: $1,136/mo
• Mortgage (P&I): −$519
• Tax + insurance: −$66
• HOA: −$0
• Vac / Maint / Mgmt: −$239
• Net cashflow: $313/mo
• Annual: $3,753/yr
• Cap rate: 10.08%
• Cash-on-cash: 13.54%
• DSCR: 1.60
• 1% rule: 1.15%
• Cash to close: $27,720

Investor read

• This is a 2-bed/2.0-bath manufactured listed at $99k.
• At list price, monthly cash flow is $313 ($4k/yr) — positive.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($1k rent vs $99k).
• It's been on market 21 days — a 2% lower offer ($98k) is reasonable based on typical stale-listing flexibility.
• Recommended offer: $98k (1.5% below list) — sets the bar for market timing.
• In year one you build about $4k of equity ($684 loan paydown + $3k appreciation (3.0% local appreciation)).
• Location reads 62/100 on livability (#185 in SC) — a middle-class / working-renter tenant base. Strengths: housing A+, crime A, employment B; Watch: cost of living D+, amenities F, commute F.
• Anderson 04 (rural): math 56% / reading 60% proficiency, ranked #4 of 80 in SC (top 5%) — acceptable for families but not a draw, mixed tenant base, ~2y average lease.
• Zoned schools: Townville Elementary (math 67% / reading 62%, grade B, #56 of 597 statewide, top 10%, 281 students, 86% FRL) — zoned schools average 86% FRL vs 46% district-wide (40 pts higher); higher-poverty schools than district average — tighter screening recommended.
• Market conditions: 1 active listings in the ZIP; 1,255 units permitted in Anderson County in 2024 (0 in 5+ unit buildings).
• Anderson County population projected at +14% by 2050 — modest demand growth; plan on rents tracking national, not racing it.
• 2 sale attempts since 2y 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.
• At projected returns (3.0% appreciation + 3.0% rent growth), your $28k cash investment doubles in ~4 years — after that, you're playing with house money.
• By year 9, paydown + projected appreciation supports a ~$31k cash-out refi (75% LTV) — recoverable capital for the next deal without selling this one.
• 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.

Questions for listing agent

• 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?
• 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.
• 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.