The Ultimate Guide to House Hacking in Shandon near Devine Street
Introduction: Why Shandon is a Prime Location for House Hacking
House hacking has quickly become one of the smartest real estate strategies for building wealth while reducing your living expenses. At its core, house hacking allows homeowners to live in one portion of a property while renting out the rest. When combined with the charm and location benefits of Columbia, SC’s Shandon neighborhood, especially near Devine Street, this strategy becomes even more powerful.
This guide explores the neighborhood’s appeal, the role of Devine Street, and a case study of a multi-family property at 2804–2806 Duncan Street that’s tailor-made for house hacking.
Overview of Shandon Neighborhood
History and Development of Shandon
Shandon is one of Columbia’s most historic and desirable neighborhoods, established in the early 20th century. Its tree-lined streets, classic brick homes, and strong sense of community give it timeless appeal.
Lifestyle and Community Vibes
The neighborhood is known for its walkability, active residents, and family-friendly atmosphere. You’ll find runners, bikers, and dog-walkers at all hours, giving it a small-town feel in the heart of a growing city.
Accessibility and Walkability
Located minutes from downtown Columbia and the University of South Carolina, Shandon is a hub for professionals, students, and families alike. The proximity to Devine Street means access to some of the city’s best shopping and dining.
The Importance of Devine Street in Columbia, SC
Shopping, Dining, and Local Businesses
Devine Street is a vibrant corridor filled with boutiques, restaurants, and coffee shops. Residents enjoy trendy stores and beloved local spots without needing to drive far.
Entertainment and Cultural Attractions
From live music venues to art galleries, Devine Street connects directly to Columbia’s cultural heartbeat. It’s also close to Five Points, a nightlife and entertainment hotspot.
Proximity to the University of South Carolina
For investors, being near the university means steady rental demand from students and staff — a critical factor for house hacking.
Spotlight Property: 2804–2806 Duncan Street, Shandon
One prime example of a house hacking opportunity in Shandon is 2804–2806 Duncan Street, currently listed for $575,000.
Key Features of the Main House
- Built in 1939 with 2,400 sq. ft.
- Three bedrooms and two full bathrooms
- Renovated interior with hardwood and tile flooring
Carriage House with Income Potential
Behind the main house sits a carriage house, which contains two apartments:
- Apartment A: 360 sq. ft., one bedroom, one bath
- Apartment B: 640 sq. ft., one bedroom, one bath
Renovations and Upgrades
Both the main house and carriage house received new roofs in 2022, reducing near-term maintenance costs.
House Hacking Opportunities in Shandon
What is House Hacking?
House hacking involves living in one part of a multi-unit property while renting out the others. The rental income offsets (or completely covers) your mortgage.
How This Property Fits House Hacking Strategies
The Duncan Street property allows an owner to live in the main home while generating income from the two rental units.
Rental Income Potential from Apartments A & B
- Apartment A: rents for $800/month
- Apartment B: rents for $1,000/month
Together, that’s $21,600 annually, not including short-term rental income.
Financial Benefits of House Hacking in Columbia
Reducing or Eliminating Your Mortgage
One of the biggest perks of house hacking is using rental income to pay down your mortgage. In the case of 2804–2806 Duncan Street, income from Apartments A and B ($21,600/year) could cover a large portion of the monthly loan payment. If the owner also chose to Airbnb a portion of the property, the income potential could offset nearly the entire mortgage.
Tax Benefits and Depreciation
House hackers can take advantage of tax deductions, including:
- Depreciation on rental units
- Property taxes
- Mortgage interest
- Maintenance expenses
These deductions can significantly lower taxable income while the property appreciates in value.
Long-Term Equity Growth
Shandon is one of Columbia’s most sought-after neighborhoods. With rising property values and limited supply, investors in this area often enjoy strong long-term equity growth. Owning in Shandon means not only collecting rental income but also building wealth through appreciation.
Comparing Shandon to Other Columbia Neighborhoods
Rosewood
Rosewood offers more affordable homes compared to Shandon. While it’s popular among young families and students, rental demand and property values are typically lower.
Five Points
Known for its nightlife and student population, Five Points is lively but can be noisy. It’s great for short-term rentals but less ideal for families.
Heathwood
Heathwood is an upscale neighborhood with larger, more expensive homes. While excellent for long-term appreciation, it may not provide the same accessible entry point for house hacking as Shandon.
Steps to Start House Hacking in Shandon
Financing and Loan Options
Investors can use:
- FHA Loans (as little as 3.5% down if living in one unit)
- Conventional Loans (20% down for multi-family homes)
- VA Loans (0% down for eligible veterans)
Finding Multi-Family Properties
Multi-family homes like 2804–2806 Duncan Street are rare in Shandon, making them especially valuable. Working with a local real estate agent is key.
Managing Tenants Successfully
Success in house hacking depends on screening tenants, setting clear lease agreements, and managing repairs promptly. Many owners in Shandon hire local property managers to simplify operations.
Potential Challenges of House Hacking
Tenant Turnover and Vacancy
Apartments A and B are relatively small, meaning tenants may only stay a year or two. Planning for occasional vacancies ensures cash flow stability.
Property Maintenance and Shared Utilities
Since the apartments share water and sewer service with the main house, billing tenants fairly can be tricky. Owners may need to adjust rents to include utilities.
Balancing Privacy and Income
Living on-site with tenants requires balancing personal space with the responsibilities of being a landlord. It’s a lifestyle choice as much as a financial decision.
Expert Tips for Success in Shandon
Leverage Airbnb and Long-Term Rentals
The listing notes that the main house was previously an Airbnb until July 1st. Combining short-term rentals with long-term leases maximizes flexibility and income.
Networking with Local Real Estate Investors
Joining Columbia real estate groups or attending meetups can provide insights into property management, financing, and market trends.
Using Property Management Software
Tools like Buildium or Avail streamline rent collection, maintenance requests, and lease management, saving time for house hackers.
FAQs About House Hacking in Shandon
Q1: Is Shandon a safe neighborhood for investing?
Yes, Shandon is one of Columbia’s most desirable and established neighborhoods, known for its community-oriented feel and strong rental demand.
Q2: What makes Devine Street special for house hacking?
Devine Street is a hub for dining, shopping, and culture. Proximity to this corridor makes rental properties more attractive to tenants.
Q3: How much rental income can I expect in Shandon?
Apartments A and B at Duncan Street generate about $1,800/month combined, with potential for more via Airbnb.
Q4: Are multi-family homes common in this area?
They’re relatively rare in Shandon, making properties like 2804–2806 Duncan Street highly valuable.
Q5: Can I house hack with a single-family home?
Yes. Some homeowners rent out rooms, basements, or accessory dwelling units (ADUs) even if they don’t own a duplex or triplex.
Q6: What schools are nearby?
Shandon is served by Rosewood Elementary, Hand Middle School, and Dreher High School, all within the Richland One School District.
Conclusion: Why Shandon + Devine Street is a House Hacker’s Dream
Shandon’s charm, walkability, and location near Devine Street make it one of Columbia’s most strategic places to house hack. With multi-family options like 2804–2806 Duncan Street, investors can live affordably while building wealth through rental income and property appreciation.
For first-time investors or seasoned landlords alike, Shandon offers a unique blend of lifestyle and opportunity that few neighborhoods can match.
If you’re serious about house hacking in Columbia, keep your eyes on Shandon — it’s the perfect mix of community living and smart investing.
