Florence, SC Valuation Question

[Jordan Lisnow]

Hello All, 

  I am not crazy familiar with the Florence, SC market, but was presented with a 4/3 in very good condition just around 2500 sq ft in the 29501 zip. I found out that the seller is very motivated and is offering ALL types of creative financing options with rates as low as 3.75%. Would love to see if anyone was willing to help me value this and/or interested in possibly taking a more in-depth loom at it. Thanks!

[Kai Kopsch]

First, let's address the seller's eagerness and their creative financing options. Proceed with caution!
There is a similar home on the market with seller financing 977 Jasmine Ln, Florence, SC 29501 that sold in October 2023 for $345K. The current asking price of $440K for the new listing seems it's a bit of a stretch. The median home list price in Florence, SC, was $220,000 in March 2024, down 2.2% from the previous year. This property is listed with only $1,320/Year Property taxes in 2023. The previous year's Property taxes as an out-of-state rental were $5,893 at a $266,868 Tax value.

If this is an investment property, you would need to get at least $3,500 in rent per month. However, the average rent in Florence is only $977 per month. Happy house hunting!