Greenville County, SC taxes killing every deal I find??

[Mason Snyder]

Hey there,

I've been searching properties in the upstate of South Carolina for several weeks now (and I feel somewhat dumb for even posting this to begin with because I actually own a few rentals and I'm slightly terrified come tax time next year), and apparently I've been running my tax numbers all wrong and not accounting for the 6% non-owner occupant rate.

Am I completely missing something or does this seem to kill virtually every deal out there?? Take for instance I deal I'm running right now - 

Duplex (we'll occupy for the first year, but running numbers for when we move out)

Purchase price: $190k

Total Rental Income: $1750/mo

10% down: $19k

Closing costs: $6k

Taxes: $357.08/mo ($4,285 annually (6%)

Vacancy/Repairs/Management: $350/mo (25%)

Monthly Cash Flow: -$53

It's sort of disheartening. My wife and I are moving to the upstate in August and plan to start expanding our portfolio. But even seemingly good deals get squashed and it appears to be because of taxes. Am I looking at this incorrectly?