112 Menlo Dr

St. Andrews, SC 29210

$39,000B-

2 bd · 2.0 ba · 972 sqft · Built 1973 · Condo · Active · 146 DOM

Cashflow @ list (25.0% down · 7.5%)

• Estimated rent: $1,144/mo
• Mortgage (P&I): −$205
• Tax + insurance: −$66
• HOA: −$492
• Vac / Maint / Mgmt: −$240
• Net cashflow: $141/mo
• Annual: $1,692/yr
• Cap rate: 10.63%
• Cash-on-cash: 15.49%
• DSCR: 1.69
• 1% rule: 2.93%
• Cash to close: $10,920

Investor read

• This is a 2-bed/2.0-bath condo listed at $39k.
• At list price, monthly cash flow is $141 ($2k/yr) — positive.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($1k rent vs $39k).
• It's been on market 146 days — a 12% lower offer ($34k) is reasonable based on typical stale-listing flexibility.
• Recommended offer: $34k (12.0% below list) — sets the bar for market timing.
• Local home prices are declining (-3.0%/yr); year-one equity from $270 of loan paydown is wiped out by about $1k of value loss. Plan a longer hold.
• Location reads: area grade B — affects rentability + tenant quality, not the cash-flow math above.
• Richland 01 (urban): math 26% / reading 36% proficiency, ranked #54 of 80 in SC (top 68%) — families likely to look elsewhere, expect single-tenant / working-renter base with shorter leases; 64% free/reduced lunch — lower-income household profile, screen leases tightly.
• Zoned schools: Sandel Elementary (math 12% / reading 17%, grade F, #553 of 597 statewide, top 95%, 477 students, 100% FRL); Columbia High (math 17% / reading 67%, grade F, #174 of 196 statewide, top 90%, 665 students, 100% FRL) — zoned schools average 100% FRL vs 64% district-wide (36 pts higher); higher-poverty schools than district average — tighter screening recommended.
• Watch-outs: HOA is 43% of rent.
• Market conditions: Rents rising fast (+5.0%/yr); 145 active listings in the ZIP; 34 comparable units currently listed for rent nearby; rentals at typical pace (median 24d on market — plan ~3-4 weeks tenant-placement turnaround); 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.
• 2 sale attempts; this cycle's ask has dropped $9k (19%) from the opening price — seller is motivated, your offer sets the floor, not the list.
• Current owner paid $22k; list at $39k implies a 73% gain — meaningful room to come down on a strong offer.
• At projected returns (-3.0% appreciation + 5.0% rent growth), your $11k cash investment doubles in ~6 years — after that, you're playing with house money.

Questions for listing agent

• It's been on market 146 days. Have you received any prior offers? Is the seller open to a 12% concession, seller financing, or rate buy-down credit?
• Built in 1973 — when were the roof, HVAC, electrical panel, plumbing, and water heater last replaced?
• 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.
• 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.