It’s looking like this will cash flow neg just with est mortgage payments plus insurance and taxes of $1100ish (after renovation), property management of $120.

Also, I can 1031 exchange some of my rentals that I have had for 25+ years and defer the taxes. 

As someone else stated, once you own a property in SC your property taxes will be about triple that of an owner occupied person!

Is your DSCR ratio greater than 1-meaning are you cash flowing (according to the lender's criteria of mortgage, property taxes and insurance (and HOA) if applicable).

Income Late fee Gross rent Expenses Advertising Cleaning Gardening/lawn mowing Insurance Interest on loan(s) property tax Legal expenses Pest control Property agent fees/commission Repairs and maintenance Water charges Electric Bill Total expenses Net rental income or (loss)

Even at 280 it leaves you at $32k and after taxes brings you down in the low-mid 20's, with no hiccups.

Drivable to the Bay Area, much lower property taxes (that DON'T reassess on the sale), much friendlier tenant/landlord laws, strong population and job growth, strong appreciation, and also anchored by the tourism and wealth of Lake Tahoe. 

Selling an investment property can result in significant capital gains taxes.

@Renee LeFevreTo rent out your basement, follow these steps: check local regulations, prepare the basement with separate entrance, screen potential tenants, draft a lease agreement, set the right rent price, consider tax implications, update homeowner's insurance, and build a positive tenant relationship to attract quality renters.Good Luck!

Deduct NEW property taxes after you buyDeduct home insurance costsDeduct maintenance percentage, typically 10%Deduct vacancy+tenant nonperformance percentage(we recommend 5% for Class A, 10% Class B, 20% Class C, good luck with Class D)Deduct whatever dollar/percentage of cashflow you wantNow, what you have left over is the amount for debt service.Enter it into a mortgage calculator, with current interest rate for an investment property, to determine your maximum mortgage amount.Divide the mortgage amount by either 75% or 80%, depending on the required down payment percentage - this is your tentative price to offer.If the property needs repairs, you'll want to deduct 110%-120% of the estimated repairs from this amount.Be sure to also research the ARV and make sure it's 10-20% higher than your tentative purchase price.As long as the ARV checks out, this is the purchase price to offer.It is probably significantly below the asking price.