@Arnab Sinha, I invest heavily in Greenville. If you don't know this area well, there is a lot of land. Which means that when the growth finally does decide to hit Spartanburg with the force it has hit neighboring Greenville, new construction will be everywhere. We invest primarily in Greenville and its growing suburbs like Greer, Mauldin, Easley, etc. The main reason is that my research led me to a similar conclusion as Derek.
That said, I did talk to a well seasoned Spartanburg realtor who said that some of his investors are purchasing new construction as rentals in areas like Boiling Springs (just north of Spartanburg) where the schools are better. His investors are hitting close to the 1% rule or slightly under for new homes. I've seen many 1.5% to 2% opportunities in this area for B and C areas. And if you look really closely, you'll find 3%. Lots of manufactured homes in this area will yield 2 to 3% rule all day long if not higher.
