RentalCalcs · South Carolina apartment research · October 18, 2026

Separate provisional cap indications from closed-sale evidence

Use actual property documents. Inputs remain in this page; nothing is submitted. Print or save a completed PDF before closing; entries are not persisted. This is an investor worksheet, not an appraisal or lender application.

South Carolina report

Property, city and countyEvidence checked on

1. Match the cap and income basis

Use the regional cap indications to ask for matching sale evidence, not to set an offer automatically. Coastal coverage, tax classification, concessions and the timing of competing deliveries can change the income a buyer can actually capitalize.

Closed sale, close date, geography, asset class, price and NOI conventionEvidence gaps and adjustments required before using this sale

2. Complete the local decision checks

Charleston: recovering leasing and repricing can coexist

Reconcile rent roll to receipts, obtain building-specific flood/wind and business-income terms, and identify how long the reserve must carry deductibles and lost rent. Apply a comparable cap to buyer NOI rather than the seller’s coverage budget.

Document obtained / date / unresolved assumption

Downtown Columbia: a concentrated pipeline changes the renewal window

Map each construction project’s likely opening to the subject renewal calendar, check lease type and guaranties, and budget turnover labor. Ask for actual concessions and net receipts by unit mix instead of underwriting the downtown average.

Document obtained / date / unresolved assumption

Myrtle Beach: an empty pipeline does not erase existing vacancy

Model each free-rent obligation through expiration, check long-term versus transient use, and obtain commercial coverage including the actual deductible. Stress a longer stabilization period before assuming a sale at a stabilized cap.

Document obtained / date / unresolved assumption

Greenville and Spartanburg: improving operations still do not establish one Upstate cap

Obtain separate Greenville and Spartanburg apartment closings, trailing NOI, unit condition and loan sizing. Compare the subject’s net cost to the tenant and owner before deciding how much rent growth is achievable.

Document obtained / date / unresolved assumption

3. Reconcile income and buyer costs

Scheduled annual rent ($)Other recurring income ($)Vacancy, concessions and bad debt ($)Effective income ($)Buyer property taxes ($/year)Insurance ($/year)Management ($/year)Recurring repairs ($/year)Owner utilities ($/year)Payroll / contracts / administration ($/year)Total recurring costs ($/year)NOI = effective income minus recurring costs ($/year)

SCDOR distinguishes the 4% legal-residence assessment ratio from the generally applicable 6% other-real-estate ratio. Neither is the property-tax rate. Verify investor classification, local millage and fees. An assessable transfer can affect value; any statutory ATI exemption for qualifying 6% property requires eligibility and local confirmation, not an automatic 25% discount to the purchase price.

South Carolina DOI says standard commercial package/business-owner coverage generally does not include flood. Obtain commercial flood, wind and property terms for the actual building, including deductibles and lost-rent exclusions. Do not assume a beachfront premium applies to all inland properties or that an inland address eliminates flood exposure.

Buyer tax estimate, quoted coverage, deductible and recurring-cost evidence

4. Price, debt, reserves and cash

Purchase price ($)Going-in cap = NOI ÷ price × 100 (%)Loan ($)Rate (%) / amortization years / feesAnnual debt service ($)Replacement reserve below NOI ($/year)Initial capital work ($)Closing costs ($)Cash invested = price − loan + closing + work ($)Cash flow = NOI − debt − reserve ($/year)Cash-on-cash = cash flow ÷ invested cash × 100 (%)DSCR and lender reserve convention

5. Test the state-specific thesis

Separate provisional cap indications from closed-sale evidence
Bridge concessions through nearby delivery windows
Price buyer taxes and covered coastal risks before bidding

Exit annual NOI ($)Exit cap (%)Gross value = NOI ÷ (cap ÷ 100) ($)Debt payoff / selling costs / taxes ($)

Observed evidence that would invalidate the income or cap thesis

Reconciled reference: assumptions, not a local quote

16 units × $1,600 monthly × 12 = $307,200 scheduled rent; $38,400 loss (12.5%) leaves $268,800 effective income. Recurring expenses $150,000 leave $118,800 NOI. At $1,800,000 price, cap is 6.60%.

$990,000 loan at assumed 6.8%, 30-year monthly amortization gives $77,449 annual debt service. After $12,800 reserve, annual cash is $28,551. Down payment $810,000 + closing $54,000 + work $144,000 = $1,008,000 invested; 2.83% cash-on-cash before tax.

The cost stress asks whether tax and coverage changes erase cash flow even if occupancy recovers. The assumed cap is not the provisional broker indication. Adding $18,000 recurring costs lowers annual NOI and cash by that amount; at an unchanged cap the gross value loss is $272,727. The gross-value test excludes loan payoff, selling costs, taxes and interim cash flow.

Original RentalCalcs worksheet. Sources, scope and refresh triggers. No cap is assigned to an uncovered market.