Greenville's downtown revival and Upstate manufacturing jobs have made small apartment buildings scarce and competitive. In South Carolina, the property tax treatment of rentals is the number most buyers underestimate.
In short: LendingStreet offers DSCR loans for 5 to 8 unit rental buildings across Greenville County and the Upstate, qualifying on the building's rent with no tax returns required. Loans start at $150,000 with no stated maximum and a 1.0x standard minimum DSCR. South Carolina taxes rental property at a 6% assessment ratio instead of the 4% owner-occupants receive, so a realistic tax figure is the first thing to get right.
Inside the city, the West End, the Village of West Greenville, the North Main area and the blocks off Augusta Road have older small apartment buildings and large houses divided into units, many within walking distance of Main Street and Falls Park.
Suburban buildings are more often 1970s and 1980s brick garden buildings in Taylors, Mauldin, Greer and Simpsonville, leasing to workers at the manufacturing and logistics employers along I-85, including the BMW plant near Greer and Michelin's North American headquarters.
| Area | Typical stock | Investor note |
|---|---|---|
| West End and Village of West Greenville | Older walk-ups, converted houses | Strong rents, older systems |
| North Main and Augusta Road | Small buildings among single-family homes | Limited supply, high prices |
| Taylors, Mauldin, Greer | 1970s-1980s brick garden buildings | Workforce tenants, I-85 jobs |
| Simpsonville and Travelers Rest | Mix of older and newer | Growth areas, check zoning |
South Carolina assesses a primary residence at a 4% assessment ratio, while rental property is assessed at a 6% assessment ratio. That alone makes a rental's tax bill roughly 50% higher than the same building owned by an occupant, before any difference in school operating millage.
Counties reassess every five years, and the increase in taxable value from a reassessment is generally capped at 15%. The cap does not survive a sale: an assessable transfer of interest resets the value to market. A seller's bill can therefore be far below what you will pay, so budget on your price at the 6% ratio and current Greenville County and city millage.
This example is illustrative and not a quote. An investor buys an eight-unit brick garden building in Taylors for $1,240,000. The seller's tax bill reflected years of capped value; the buyer budgets taxes at the 6% assessment ratio on the purchase price. Rents average $1,275 per unit across all 8 units, for $10,200 of gross monthly rent. The budget carries $1,650 a month for taxes and $520 for insurance.
With a 75% LTV loan of $930,000, estimated principal and interest runs about $6,503 and the total payment about $8,673, which puts DSCR near 1.18x. Cutting leverage to 70% LTV, a $868,000 loan, lowers the payment to about $8,239 and lifts DSCR to about 1.24x, at the cost of $62,000 more down.
Using the seller's much lower tax bill would have overstated the ratio. Budgeting on the reset value keeps the loan sized to the bill the investor will actually receive.
| Item | 75% LTV | 70% LTV |
|---|---|---|
| Purchase price | $1,240,000 | $1,240,000 |
| Loan amount | $930,000 | $868,000 |
| Down payment | $310,000 | $372,000 |
| Estimated principal and interest | $6,503 | $6,069 |
| Property taxes (monthly) | $1,650 | $1,650 |
| Insurance (monthly) | $520 | $520 |
| Total monthly payment | $8,673 | $8,239 |
| Gross monthly rent | $10,200 | $10,200 |
| DSCR | About 1.18x | About 1.24x |
South Carolina requires an attorney to supervise real estate closings. The state and county deed recording fee is calculated on the price and is customarily paid by the seller, while the buyer pays title insurance, mortgage recording and attorney fees. Ask your closing attorney for an estimate early.
Greenville is far enough inland that hurricane wind is less of a pricing driver than on the coast, but severe thunderstorms and the occasional tornado still matter. Older brick buildings near downtown can have original wiring, galvanized plumbing or older roofs that carriers price higher or decline.
Get a full inspection and share the roof age, electrical panel type and plumbing material with your insurance agent before you finalize the budget.
The City of Greenville updated its development code in recent years, and some neighborhoods have design and density rules aimed at protecting single-family blocks. A legal nonconforming five-unit building may not be rebuildable at the same density after a major loss, which can affect insurance and value.
Ask for a zoning verification letter, especially for converted houses, and confirm that the unit count matches county records.
Because the Greenville building has eight units or fewer, the file is reviewed under residential DSCR guidelines. Income comes from the rent roll and the appraiser's market rent opinion, and the payment side includes principal, interest, taxes and insurance. Personal income documents are not part of the qualification.
Program basics: $150,000 minimum with no stated maximum, up to 80% LTV on purchases, up to 75% LTV on cash-out, a 1.0x standard minimum ratio, a 620 minimum credit score and 30-year terms. On five to eight units, maximum LTV is frequently below the headline numbers and varies by program, so plan your down payment conservatively.
Tell us the address, unit count, rents and what you want the loan to do, using the form below or (877) 298-1001. Our investor loans are business-purpose loans on non-owner-occupied property. The financing team runs the ratio at a few loan amounts so you can see the tradeoff between leverage and DSCR. See also our South Carolina 5-8 unit DSCR page.
Because a sale resets the value to market, and a rental is taxed at a 6% assessment ratio instead of the 4% owner-occupant ratio. The 15% reassessment cap does not carry over.
Yes. South Carolina requires attorney supervision of real estate closings, including investment purchases.
Taylors, Mauldin, Greer and Simpsonville have most of the brick garden buildings; the West End and North Main areas have older, more expensive buildings near downtown.
It can be. Original wiring, old roofs and galvanized pipes raise premiums or limit carriers. Inspect early and get quotes before you commit.
DSCR loans are sized on current or market rent the appraiser can support today. For a heavy renovation, a bridge loan can fund the work, followed by a DSCR refinance once the upgraded units lease at the higher rents.
The standard minimum is 1.0x, meaning rent covers the full monthly payment. Sub-1.0 programs exist for some buildings with strong value and reserves.
Loans start at $150,000 with no stated maximum. Purchase leverage goes up to 80% LTV and cash-out up to 75%, but maximum LTV on 5-8 units is often lower and varies by program.
The appraiser's market rent can support vacant units on some programs, but a building with weak occupancy usually gets more scrutiny. A bridge loan can carry a lease-up before a DSCR refinance.
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