Flip / Investment Deal Overview

157 Brookhaven Circle, Spartanburg SC

A buy at the right price, a pass at the wrong one.

Off-market, tax-delinquent, mid-renovation brick ranch. 3 bed / 1.5 bath, 1,008 sqft, built 1973, 29307.

157 Brookhaven Circle: brick ranch, severely overgrown lot.

The house

A small brick ranch on a quiet older street in east Spartanburg (29307), mid-renovation and sitting empty. New vinyl windows and new LVP flooring are already in; the kitchen and both bathrooms are unfinished, two electrical panels are open, and the lot is badly overgrown. The county still lists it as a 2 bed / 1 bath, but it has been reconfigured to a 3 bed / 1.5 bath.

The deal

It is off-market with no asking price. An LLC bought it out of foreclosure in July 2024 for $122,000, and it is now tax-delinquent (sold at tax sale in both 2024 and 2025). After a roughly $45,500 completion-grade rehab it should be worth about $170,000. The whole question is the acquisition price.

What makes it work

The exit is proven on the same street: 713 Brookhaven was bought distressed at $128,000, fully renovated, and resold for about $182,000 to $189,000. The two priciest items, windows and flooring, are already done, so this is a completion, not a gut, and the rehab is only about 26 percent of the after-repair value. The tax-delinquency is a lever, not just a liability: it is the reason a price well below the owner's basis is realistic.

What doesn't (the risks)

There is no set price, so it only works if you negotiate the buy down to roughly $63,000 to $73,000 or below; at the owner's $122,000 basis it loses money. Three cost drivers could not be confirmed from the video: the electrical panel brand (an FPE or Zinsco panel would add cost), the HVAC system, and the water heater, none of which were on camera. Two ceiling stains point to an active roof leak. The 1.5 bath is a step below the 3/2 comps. And this read is from video only, not an on-site inspection.

What would put it more in your favor

Buy at or below $63,000 (the price that nets a $45,000 profit) and clear the back taxes as part of the deal. Refilm the panel label, the HVAC unit, and the water heater (see the filming guide inside) to convert the three biggest unknowns into firm numbers, and confirm the roof leak is a localized repair, not a new roof. If the budget allows, adding a second full bath to make it a true 3/2 would lift the resale toward the stronger comps.

Kitchen: cabinets in, no appliances, unfinished

157 Brookhaven Circle, Spartanburg, SC 29307

Part 1 of 4

Overview & opportunity

The verdict, the money, and the ways to make it.

Verdict: it works at a deep-discount acquisition, and there is more than one way to profit. A pass at the owner's basis. This is an off-market, tax-delinquent property (sold at tax sale 2024 and 2025) with no set price; at the owner's $122,000 foreclosure basis every path loses money. Bought low it pays, and you have options: a retail flip nets the $45,000 target if you acquire at about $63,000 or below (the 70% rule supports ~$73,000) and resell near the $170,000 after-repair value; a rental or BRRRR hold tolerates a higher buy, about $84,000 for a 7% cap, because it carries no selling costs and a refinance can recycle most of the capital; and a wholesale assignment works if you tie it up cheap and never renovate. The exit is proven on the same street: 713 Brookhaven was bought distressed at $128,000 and resold for $181,900. See Ways to make money below for each path. Clear the back taxes as part of any acquisition.

The price & the record

Off-market, no set price (modeled at owner basis)

$122,000

Last recorded sale$122,000 · Jul 31, 2024 (foreclosure deed [withheld])

Currently MLS-listed?Off-market (not listed). Owner: Out-of-state LLC, location withheld.

The opportunity

Working ARV (after repair)$170,000

70% rule max offer
0.70 x $170,000 ARV - $45,540 rehab$73,460

Profit at modeled price($14,920)

Ways to make money

Strategy	Max buy-in	Capital / cash	Expected return	When it is the play
Retail flip	$62,966	All cash or hard money into purchase + rehab; one-time gain at resale.	$45,000 net	You can acquire at or below that price and want a one-time gain.
Rental hold	$83,972	Down payment + rehab + closing stay in; financed long-term.	5.3% cap, $10/mo cash flow at ask	You can hold and the buy is above the flip ceiling.
BRRRR	$83,972	$29,870 left in after a $127,500 refinance (75% of ARV).	$10/mo cash flow plus capital recycled	Appraisal supports the refi and you want to recycle capital into the next deal.
Wholesale / assign	Below the flip max offer	No renovation; you never close, you assign the contract.	5,000 to 15,000 assignment fee (typical)	You can tie it up cheap and do not want to renovate.

Max buy-in and returns are engine-computed at the $122,000 reference; the flip max is the buy-in that nets the $45,000 target, the hold and BRRRR max is the 7% cap ceiling. Wholesale carries no engine number; the fee is a market-typical range. The BRRRR capital-left-in is shown at the $122,000 reference price; at the strategic hold buy-in (around the 7% cap ceiling) the same refinance recovers nearly all of the invested capital, so the BRRRR upside is larger than the reference figure suggests.

Max flip offer by rehab and ARV

ARV \ Rehab	$33,000	$45,540	$58,000
$160,000	$66,108	$53,754	$41,478
$170,000	$75,320	$62,966 (base)	$50,690
$180,000	$84,532	$72,177	$59,901

The base case (ARV $170,000, rehab $45,540) is the headline; the grid shows how the max flip offer (the price that nets the $45,000 target) moves with the two levers.

Profit by purchase price (at $170,000 ARV, $45,540 rehab)

Purchase price	Projected net profit
$50,000	$58,160
$65,000	$42,935
$80,000	$27,710
$122,000 (asking price)	($14,920)

To make this a real flip (target ~$45,000 profit) you would need to buy in around $62,966 or below, not $122,000.

Suggested move: if interested, counter near the 70% rule ($73,460) after a contractor confirms the scope. Otherwise pass.

Part 2 of 4

Property details

Condition, the county record, and the photo set.

Property condition

Condition read from 6 narrated walkthrough videos plus 1 exterior photo by the Agent (two passes, no on-site inspection). A mid-renovation brick ranch: new LVP and new United vinyl windows are largely in, but the kitchen and both baths are unfinished, two electrical panels sit uncovered with exposed wiring, two ceiling stains point to an active roof leak, the rear door opens to a 3 to 4 ft drop with no stairs, and the lot is severely overgrown. FACT = clearly visible in the footage; OBSERVATION = inferred. County record is POOR condition, 1 full bath; the walkthrough confirms a 3BR / 1.5BA reconfiguration.

Area	Condition note
Kitchen	FACT: mid-renovation. White shaker cabinets installed (one base cabinet open and empty), no countertops fully set, no appliances, sink present but not connected, subway backsplash partial. Water stain on the ceiling/wall. Completion needed.
Full bathroom (hall)	FACT: gutted. Tub/shower area framed, no surround or fixtures, vanity missing, drywall cut around the shower pipe, toilet present. No exhaust fan visible. Full build-out.
Half bathroom (master)	FACT: floating wall sink and toilet installed, near complete. OBSERVATION: no GFCI visible. Minor completion.
Flooring	FACT: new LVP through most of the home, mostly complete with gaps at some transitions and missing baseboard. OBSERVATION: subfloor reads solid; no rot shown.
Windows	FACT: new United (United Window and Door) double-pane vinyl replacements throughout, some with stickers still on. A value-add already done.
Electrical	FACT: two panel boxes in the hallway, deadfront covers off, live wiring exposed (safety hazard). Brand NOT legible on video (motion blur). FACT: exposed wires throughout where fixtures and switch plates should be. Licensed eval required; FPE/Zinsco risk unresolved until read on site.
Plumbing	OBSERVATION: PEX supply (red/blue) visible in an open laundry-wall cavity, suggesting partial updates. Drain-line condition not shown.
HVAC	FACT: central ducted system (floor/ceiling registers). OBSERVATION: condenser, air handler, and water heater never shown in any clip; age and condition unknown (on-site item).
Roof	FACT/OBSERVATION: architectural shingle, single layer, looks to have 10 to 15 years left from the street, BUT two interior ceiling stains (kitchen, master bath) indicate an active leak at a penetration or flashing. Budget localized repair, not a full re-roof, pending attic check.
Foundation / crawlspace	FACT: brick foundation, dirt-floor crawlspace with debris and no visible vapor barrier. OBSERVATION: no standing water or obvious structural failure seen, but the view was brief and dark.
Rear egress	FACT: the rear door opens to a 3 to 4 ft drop with no deck, stairs, or landing. Safety and code item; needs a built landing plus stairs.
Site / exterior	FACT: brick exterior in fair condition (needs pressure wash), missing front gutters, severe waist-high overgrowth across the lot, a mature front tree with dead branches (hazard), cracked driveway apron. Major cleanout.

Kitchen: cabinets set, no appliances, unfinished

Hall bath: gutted, vanity and surround missing

Bedroom: new vinyl window, new LVP floor

Front door deadbolt: not properly secured

About this read (video only) and how to get a sharper one: This condition assessment was produced by the Agent from 6 walkthrough videos plus one exterior photo, with no on-site inspection. Fast panning left high-cost items unreadable: the electrical panel brand could not be read (motion blur, not resolution, so zooming did not recover it), and the HVAC system and water heater were never on camera. For estimates we can stand behind, refilm with these rules: (1) move slowly and hold 3 to 5 seconds on each item, slow is the single biggest fix; (2) get within 1 to 2 feet and steady on the open electrical panel label and breakers, the outdoor AC condenser and indoor furnace, the water heater label, under every sink, and any ceiling stain; (3) light it up, open blinds, lights on, phone flashlight in the panel, crawlspace, and utility areas; (4) film the crawlspace, joists, subfloor, moisture, and pipe material; (5) walk the roofline from the yard; (6) narrate each item and shoot in landscape at 1080p or higher. Capturing the panel label, the HVAC age plate, and the water heater age plate alone would convert the three biggest unknowns in this report into firm numbers.

Spartanburg County tax record

OwnerOut-of-state LLC (location withheld)

Assessed value (2025)$6,234

Land / Building$21,400 / $82,500

Annual property tax (used)$2,786/yr

qPublic 2025 market value $103,900 (land $21,400 + improvement $82,500); assessed $6,234 at the 6% non-owner ratio. County condition POOR; 1 full bath in the record (the 3BR/1.5BA is a post-purchase reconfiguration). WARNING: parcel is tax-delinquent, sold at tax sale for both 2024 and 2025.

Property photos

Front exterior: brick ranch, severely overgrown lot

Part 3 of 4

The deal

Comps, the repair estimate, and the rental case.

Verified recent sold comps

Address	Sold price	Sqft	$/sqft	Sold	Note
713 Brookhaven Cir	$181,900	1,160	$157	Apr 28, 2026	SAME STREET, strongest comp. Full gut reno (bought distressed $128K 1/2/26, resold $181.9K). 3/2.
49 Thurgood Marshall Rd	$175,000	1,078	$162	Feb 9, 2026	Verified sold. Updated, LVP throughout, move-in ready. Closest size match.
15 Honeysuckle Ter	$217,500	1,168	$186	Dec 31, 2025	Verified sold. Renovated 2/2 patio home, The Arbours (higher tier).
23 Woodbine Ct	$232,000	1,077	$215	Feb 6, 2026	Verified sold. Updated 2/2 patio home, The Arbours. Shows the small-home $/sqft premium ($215/sqft).
202 Placid Ct	$90,200	1,080	$84	Jul 2, 2025	Verified sold. AS-IS / unrenovated ($84/sqft). The before-reno floor, not an ARV comp.

Size-matched comps blend to $160/sqft. Working ARV held at $170,000 (range $160,000 to $180,000). Anchored to the same-street 713 Brookhaven Cir gut-reno flip ($181,900, $157/sqft) and 49 Thurgood Marshall ($162/sqft). Our 1,008 sqft home is smaller than the comps, and smaller homes carry a higher $/sqft (the 1,077 sqft Woodbine reno hit $215/sqft), so $170K (~$169/sqft) sits just above the larger-comp blend and is held conservative for the 3/1.5 config. Upside to $180K if it finishes like the Arbours patio-home tier.

Caution on the flyer's comps:

Address	Flyer claim	What the record shows
713 Brookhaven Cir	Redfin Estimate (AVM) showed $187,653	Automated estimate, NOT a sale. The recorded sale was $181,900; ARV math uses the recorded figure.
230 Brookhaven Cir	A $320,000 sale 12/19/2025 appears nearby	Larger home (1,920 sqft), different tier; excluded from this 1,008 sqft underwrite.

Repair estimate (working ~$45,540; range $33,080 to $58,000)

✓ Flip-grade completion line items (investor crew + stock finishes) from the Agent's video read (two passes), each localized to a 2026 Spartanburg / Upstate SC unit-cost source (per-line citations in condition-defects.md Section 5). Completion plus deferred items, not a full gut: new windows and LVP are already in. Band midpoint equals the engine repair_total ($45,540); the high end covers a full roof, panel replacement, or an HVAC swap if on-site verification finds them.

Roof: localized leak repair at penetrations/flashing (shingle has remaining life)	$4,000
Kitchen completion: finish cabinet set, counters, appliances, sink/faucet hookup, backsplash	$6,000
Full bath build-out: tub/shower + surround, drywall, vanity, toilet set, fixtures, floor	$5,000
Half bath completion: vanity/sink hookup, toilet, finish	$1,000
Electrical: secure + cover both panels, licensed eval, GFCIs, device + fixture trim-out	$4,500
Plumbing: complete kitchen + bath connections	$1,500
HVAC: inspect/service, allowance for partial repair (system not shown, age unknown)	$2,000
Rear egress: code-compliant deck/landing + stairs (door opens to a 3 to 4 ft drop)	$3,000
Drywall repair (holes + two ceiling water-stain areas) + full interior paint	$4,500
Flooring completion + baseboards throughout	$2,000
Doors: secure front entry + interior doors/hardware	$1,200
Site: overgrowth cleanout, haul-off, hazard tree, basic landscaping	$3,500
Front gutters + crawlspace vapor barrier	$1,200
Permits, dumpster, misc.	$2,000
Subtotal	$41,400
Contingency	$4,140
Total working estimate	$45,540

Biggest unknown: the single biggest unknown is the source of the two ceiling stains (kitchen and master bath): on a single-story house with no plumbing above them, the read is an active roof leak at a penetration or flashing. The roof itself looks to have life from the street, so this should be a localized repair, but if the leak reached sheathing or framing the roof line could swing toward a full replacement. The two uncovered electrical panels are a confirmed hazard but the brand is not legible (motion blur), so an FPE/Zinsco recall risk cannot be ruled out until read on site. The HVAC and water heater were never on camera, so their age and condition are pure allowance. This is a video-only read, not an on-site inspection.

Most likely to run over: the roof/leak source and the electrical are the lines most likely to exceed budget: if the leak reached the deck or framing, or the panels need full replacement plus a partial rewire, the rehab pushes toward the high end. The HVAC is a wildcard given it was never shown, which is why the high end of the range carries a full-system allowance.

What the photos confirm: new LVP flooring largely installed, new United vinyl double-pane windows, partially installed shaker kitchen cabinets with no appliances, a gutted full bath and a near-complete half bath, two uncovered electrical panels, PEX in an open wall, a brick exterior, a severely overgrown lot, and a rear door opening to a drop with no stairs.

2026 local cost sources, by line: roof, Spartanburg shingle pricing and small-home replacement (homeyou, 86 Spartanburg projects; This Old House SC); kitchen, Spartanburg remodel average (Swivl); full bath, Spartanburg and SC gut range (Modernize); electrical, Spartanburg to Greenville panel and rewire (homeyou, costof.homes); HVAC, Upstate SC replacement (hvacprojectcost, Waldrop); tree and site, Spartanburg tree removal by size (homeyou); interior paint $2 to $6 per sqft (Homewyse). Minor lines (half bath, plumbing finish, rear stairs, flooring finish, doors, gutters, permits) are standard flip-grade allowances. These are 2026 local cost-guide ranges for screening, not a contractor bid; confirm with an on-site contractor bid before any offer.

Rental analysis (buy-and-hold)

All figures at the $122,000 ask. Market rent $1,400/mo. Renovated 3/1.5 ~1,008 sqft, 29307. Sources: 29307 3BR house rents $1,172 to $1,795 (Apartments.com / Rent.com June 2026); Spartanburg median ~$1,367. Rent-ready rehab assumes the flip repair minus resale-grade finish savings; systems, roof, and the subfloor hole are still required.

Purchase (ask)	$122,000
Rent-ready rehab	$33,540
Acquisition closing	$1,830
All-in basis	$157,370
Gross rent (annual)	$16,800
Taxes	$2,786
Insurance	$1,500
Management	$1,512
Maintenance / capex	$1,680
Vacancy	$1,008
Operating expenses	$8,486
NOI (annual)	$8,314

Cap rate (NOI / all-in)5.3%

1% rule (rent / purchase)1.15% · PASS

GRM (all-in / annual rent)9.4

Down payment (20%)$24,400

Loan (30-yr @ 7.5%)$97,600

Monthly P&I$682

Monthly cash flow (financed)$10

Cash invested$59,770

Cash-on-cash return0.2%

Verdict: at the $122,000 ask it does work as a buy-and-hold (cap 5.3%, 1% rule met, cash flow $10/mo). It turns reasonable near $83,972 (7% cap) to $140,000 (1% rule).

Sources: Spartanburg County Assessor (qPublic, parcel [withheld]) and County Treasurer (2025 bill, receipt [withheld]) for the subject record, FMV, tax, and recorded sales; Spartanburg County Comp Search (Neighborhood 2310) plus Redfin / Greater Greenville MLS for the sold comps (713 Brookhaven MLS [withheld], 49 Thurgood Marshall, 15 Honeysuckle, 23 Woodbine, 202 Placid); condition from the Agent's analysis of 6 walkthrough videos plus 1 photo (two passes, no on-site inspection). ARV and repair figures are screening estimates for an offer decision, not an appraisal or a contractor bid. Confirm the panel brand, HVAC and water-heater age, the leak source, and a measured ARV on site before any offer. All dollar figures computed by deal_engine.py (rules 2026-06-01).

Part 4 of 4

Assumptions, calculations & sources

Every figure, its formula, and where it came from.

Every figure below is computed by deal_engine.py (rules 2026-06-01). Each number carries its formula and a source or VERIFIED / ESTIMATE / UNVERIFIED tag.

Headline inputs and their justification

Input	Value	Source / justification
Asking price	$122,000	VERIFIED Spartanburg County deed [withheld], 7/31/2024 foreclosure Off-market; no active listing or set price
ARV (after repair value)	$170,000	ESTIMATE Size-matched $/sqft anchored to same-street 713 Brookhaven Cir gut-reno flip ($181,900 / 1,160 sqft = $157/sqft, sold 4/28/2026) and 49 Thurgood Marshall Rd ($175,000 / 1,078 sqft = $162/sqft, 2/9/2026) /validate pass 2026-06-17: CONFIRMED (conservative). 713 Brookhaven (same street, renovated) now shows $189,399 on Zillow vs the $181,900 recorded sale, so renovated same-street value is $182K to $189K; 29307 trend net flat (+1.7% YoY). Our 1,008 sqft 3/1.5 is held below at ~$169/sqft (smaller homes carry higher $/sqft: 1,077 sqft Woodbine reno hit $215)
Repair total	$45,540	ESTIMATE Flip-grade completion line items from the Agent's video condition read (two passes); per-line costs localized to 2026 Spartanburg / Upstate SC sources in condition-defects.md Section 5 (roof homeyou, kitchen Swivl, bath Modernize, electrical homeyou/costof.homes, HVAC hvacprojectcost, tree homeyou) /validate pass 2026-06-17: PARTIALLY TRUE. Spartanburg whole-house gut runs $60 to $100/sqft (Swivl/RenoCanvas 2026); this is a completion (windows + LVP already in) at ~$45/sqft, defensible, and the band high end ($58K, ~$58/sqft) covers a move toward gut pricing if roof/HVAC/panels surprise on site
Market rent	$1,400/mo	ESTIMATE 29307 3BR house rents $1,172 to $1,795 (Apartments.com / Rent.com June 2026); Spartanburg median ~$1,367 /validate pass 2026-06-17: CONFIRMED (conservative). Spartanburg 3BR houses average $1,450 to $1,580 (RentCafe/Apartments.com); $1,400 for a small 3/1.5 sits at the low-middle
Annual property tax	$2,786/yr	VERIFIED Spartanburg County Treasurer 2025 bill, receipt [withheld] (base $2,701.95 + $84 fee) Derived (FMV $103,900 x 6% x 433.42 mills / 1000) = $2,702, reconciles within the $84 flat fee

Tax derivation

derived annual tax = (FMV $103,900 x ratio 0.06 - exemptions $0) x millage 433.42 / 1000 = $2,702/yr. Stated annual_tax $2,786/yr, delta ($84) within 5%. Spartanburg County Treasurer 2025 bill (receipt [withheld]): base tax $2,701.95 on assessed $6,234 implies 433.42 mills; plus an $84 flat landfill fee = $2,785.95. SC non-owner residential assesses at 6%. CAVEAT: an ATI reassessment on transfer plus the renovation can reset FMV toward market (~$170K), pushing the recurring tax toward ~$4,400/yr; stress-test the rental case at that level.

Millage authority	Mills	Tax portion
Spartanburg combined levy for parcel [withheld]	433.42	$2,702
Total	433.42	$2,702

Flip build-up (house standard)

Line	Amount	Formula
Repair subtotal	$41,400	sum of repair_lines
Contingency	$4,140	subtotal $41,400 x 10%
Repair total	$45,540	$41,400 + $4,140
Flip MAO	$73,460	ARV $170,000 x 70% rule - repair $45,540
Acquisition closing	$1,830	1.5% x ask $122,000
Selling cost	$11,050	6.5% x ARV $170,000
Holding cost (6 mo)	$4,500	fixed 6-month holding allowance
Profit at ask	($14,920)	ARV - ask - acq - repair - holding - selling
Buy-in for target $45,000	$62,966	solve profit(P) = $45,000 target

Rental build-up (house standard)

Line	Amount	Formula
Rent-ready rehab	$33,540	repair $45,540 - rent-grade savings $12,000
Acquisition closing	$1,830	1.5% x ask $122,000
All-in basis	$157,370	ask $122,000 + rent-ready rehab $33,540 + closing $1,830
Gross rent (annual)	$16,800	rent $1,400/mo x 12
Taxes (opex)	$2,786	annual_tax input
Insurance (opex)	$1,500	annual_insurance input
Management (opex)	$1,512	9% x gross $16,800
Maintenance / capex (opex)	$1,680	10% x gross $16,800
Vacancy (opex)	$1,008	6% x gross $16,800
Operating expenses	$8,486	sum of opex lines above
NOI (annual)	$8,314	gross $16,800 - opex $8,486
Cap rate	5.3%	NOI $8,314 / all-in $157,370 (target 7%)
1% rule	1.15%	rent $1,400 / ask $122,000
Down payment	$24,400	20% x ask $122,000
Loan	$97,600	ask $122,000 - down $24,400
Monthly P&I	$682	loan $97,600 @ 7.50%/yr, 30-yr amortized
Monthly cash flow	$10	NOI/12 $693 - P&I $682
Cash invested	$59,770	down $24,400 + rehab $33,540 + closing $1,830
Cash-on-cash	0.2%	(NOI $8,314 - annual debt $8,189) / cash invested $59,770
Buy-in for 7% cap	$83,972	solve cap(P) = 7%
Buy-in for 1% rule	$140,000	rent $1,400 / 0.01