Shandon is Columbia’s established interior neighborhood — Devine Street corridor, 1920s–1950s bungalows, and USC professional renter demand within walk or short drive of campus and Five Points.
Hard money loans in Shandon fund acquisitions when probate listings, failing HVAC, and 14-day close requirements eliminate conventional buyers.
Shandon economics (2026)
| Asset | As-is | Rehab | Rent / ARV |
|---|---|---|---|
| 3/2 bungalow | $205K–$265K | $48K–$68K | $1,650–$1,900/mo |
| 2/1 value-add | $185K–$235K | $52K–$72K | $1,450–$1,650/mo |
| Cosmetic flip | $225K–$265K | $38K–$52K | ARV $305K–$345K |
Richland County reassessment after purchase can increase tax 15%–25% — model investor bill in DSCR files.
Hard money terms
9%–13.25% IO · 90% LTC · 7–10 day close · Draw-based rehab
Hub: Columbia hard money · DSCR SC.
Worked example: Devine Street BRRRR
Purchase: $242,000 — 1938 3/2, HVAC end-of-life, kitchen dated.
Rehab: $58,000 systems + kitchen/bath + exterior.
Hard money: 86% LTC @ 10.5% IO.
Lease: $1,825/mo — USC hospital professional, 12-month term.
Appraisal: $312,000
DSCR refi 75% LTV: $234,000 @ 6.95% — DSCR ~1.18 after taxes and 8% management.
Shandon rewards documented rent over pro forma — lease before permanent refi application.
Risks
Over-improving beyond block — match ARV to Devine Street comps, not Forest Acres premium outliers. Tree root sewer damage common on mature lots — scope lateral before draw schedule. Street parking affects rent on smaller 2/1 stock.
Related: Forest Acres · SC landlord guide.
Devine Street corridor and USC hospital professional tenant profile
Shandon rewards documented professional tenants — USC hospital, state government, and Five Points service employment support $1,750–$1,925/mo on renovated 3/2 when off-street parking is resolved. Devine Street retail adjacency adds walkability premium $10K–$22K over interior Tremont blocks.
| Vintage stock | As-is buy | Rehab surprises | Stabilized rent |
|---|---|---|---|
| 1920s–1930s bungalow | $198K–$248K | Knob-and-tube, laterals | $1,650–$1,850/mo |
| 1940s–1950s cottage | $212K–$262K | Cast iron, unpermitted garage | $1,725–$1,900/mo |
| Cosmetic flip candidate | $228K–$258K | Light scope only | ARV $312K–$342K |
Tree root sewer damage on mature Oak and Maple lots — camera lateral before LOI; $6K–$12K repair common on pre-1950 stock.
Worked example: $248K Devine-area 3/2 + $62K panel/HVAC/kitchen → $1,875/mo USC hospital lease. SC DSCR 74% LTV on $318K appraisal → 1.19. Hub: Columbia hard money · Guide: SC landlord-friendly.
2026 carry sensitivity: At 11% IO on 90% LTC, every additional month of hold costs ~$2,100–$2,600 on $280K all-in deals — permit delays and DOM directly consume flip spread.
Pre-qual documentation: Entity operating agreement, 3 ARV comps within 0.5 mi, line-item contractor scope, and insurance quote when coastal — incomplete files miss 10-day close windows.
Local risk checklist before wire: Verify insurance bindability, permits required, tenant profile for hold exit, and three sold comps on same street character — skipping any item converts a viable hard money file into carry bleed.
| Diligence step | Cost if skipped |
|---|---|
| Insurance quote | DSCR fail at refi |
| Sewer camera | $8K–$15K surprise |
| FEMA flood map | $200–$450/mo NOI loss |
| Tax reassessment pull | 0.05–0.15 DSCR drop |
Local risk checklist before wire: Verify insurance bindability, permits required, tenant profile for hold exit, and three sold comps on same street character — skipping any item converts a viable hard money file into carry bleed.
| Diligence step | Cost if skipped |
|---|---|
| Insurance quote | DSCR fail at refi |
| Sewer camera | $8K–$15K surprise |
| FEMA flood map | $200–$450/mo NOI loss |
| Tax reassessment pull | 0.05–0.15 DSCR drop |
Knob-and-tube remediation and Five Points parking constraints
Shandon pre-1950 stock frequently carries knob-and-tube remnants and unpermitted garage conversions — $8K–$18K electrical scope beyond panel replacement; unpermitted GLA fails appraisal until cured or excluded.
| Surprise | Frequency | Scope cost |
|---|---|---|
| Knob-and-tube active | 30%–40% pre-1940 | $8K–$15K |
| Garage conversion | 15%–20% | $5K–$12K cure |
| Tree root lateral | 25%–35% mature lots | $6K–$12K |
Parking constraints on 2/1 stock without driveway — rent caps $100–$175/mo below parked comparables.
Worked BRRRR: $242K + $58K systems/kitchen → $1,825/mo USC professional lease. 75% LTV DSCR on $312K → 1.18. Hub: Columbia hard money · Forest Acres.
Block-level diligence protocol: Drive target block twice (day + evening), photograph adjacent parcels, verify vacancy on county GIS — basis discounts without block stability destroy ARV.
Backup BRRRR pivot: When flip spread falls below 12% gross, model hold exit before increasing rehab scope — 2026 compression favors operators who underwrite both exits at LOI.
Hard money vs conventional on distressed stock: Banks require CO, working HVAC, and updated panel before closing — hard money funds as-is acquisition so you control rehab timeline and capture $15K–$40K basis advantage on estate and divorce listings.
Exit sequencing: Stabilize rent → 12-month lease → appraisal → DSCR application — jumping to refi with month-to-month tenant or pro forma rent fails permanent underwriting on every focus-state metro file.
Hard money vs conventional on distressed stock: Banks require CO, working HVAC, and updated panel before closing — hard money funds as-is acquisition so you control rehab timeline and capture $15K–$40K basis advantage on estate and divorce listings.
Exit sequencing: Stabilize rent → 12-month lease → appraisal → DSCR application — jumping to refi with month-to-month tenant or pro forma rent fails permanent underwriting on every focus-state metro file.
Pre-Qualify for Shandon Hard Money · (833) 264-7776
Rates, terms and conditions offered only to qualified borrowers. Jaken Finance Group only finances non-owner occupied investment properties.