607 Waterwood Dr · Hanahan, SC 29445

$169,000

2 bd · 2.0 ba · 1,148 sqft · Condo public records · 66 Days on market

Built 1986

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Why this score? — see what drove the D- grade

The composite is a weighted blend of 9 inputs, each scored 0–100. Each bar is that input's sub-score; the figure is the points it added to the 100-point composite (weight × sub-score).

• Cash flow +10.1/30.0
• ARV discount +7.5/15.0
• 1% rule +5.0/10.0
• Rent growth +3.6/5.0
• Schools +3.6/10.0
• Livability +3.6/5.0
• DSCR +2.9/10.0
• Condition / age +2.5/5.0
• Appreciation +0.0/10.0

Listing remarks

This beautifully updated second-floor condo offers an increasingly rare opportunity for truly low-maintenance, affordable living. Ideally located near the Navy base, the home is completely move-in ready following a recent full renovation by the owner. Updates include brand-new kitchen cabinetry, granite countertops, all-new appliances, and fresh paint throughout, creating a clean and modern feel from the moment you walk in. Hurry up and book your showing today--this one won't last!

Key facts

• Fresh paint
• Second-floor condo
• Full renovation

Tags

• SECOND-FLOOR CONDO
• FULL RENOVATION
• NEW KITCHEN CABINETRY
• GRANITE COUNTERTOPS
• ALL-NEW APPLIANCES
• FRESH PAINT

Property features AI

Finance

• HOA & community: Monthly association fee

Exterior

• Parking: Off-street parking
• Utilities: Public sewer
• Home design: Single-family attached condominium; One level
• Construction: Asphalt roof; Condominium structure
• Exterior features: Level lot; Community pool

Interior

• Kitchen: Electric range; Pantry
• Bedrooms: 2 bedrooms; Primary bedroom has ceiling fan, garden tub/shower, outside access, and walk-in closet
• Flooring: Luxury vinyl flooring
• Bathrooms: 2 bathrooms
• Heating & cooling: Central heating (electric); Central air conditioning; Wood-burning fireplace in living room (one)
• Interior features: Blown ceiling insulation; Walk-in closets; Family room; Pantry; Separate dining area; Utility room
• Laundry & utility: Washer hookup; Electric dryer hookup; Utility room

What this means for you Summary

Snapshot

• This is a 2-bed/2.0-bath condo listed at $169k.

Deal economics

• At list price, monthly cash flow is $-98 ($-1k/yr) — negative.
• The deal already cash-flows at list — no discount required.
• To meet the 1% rule (rent ≥ 1% of price), the offer needs to be $168k (0.4% below list).
• Recommended offer: $159k (6.0% below list) — sets the bar for market timing.
• Cap rate 5.6% vs local median 3.6% in Hanahan — top-decile yield for the area; either an underpriced asset or a hidden risk that comps aren't pricing in. Stress-test before assuming the spread holds.

Location & tenants

• Location reads 72/100 on livability (#45 in SC) — a middle-class / working-renter tenant base. Strengths: housing A+, employment A-, health & safety A-; Watch: amenities F, commute F.
• Berkeley 01 (suburban): math 35% / reading 48% proficiency, ranked #30 of 80 in SC (top 38%) — families likely to look elsewhere, expect single-tenant / working-renter base with shorter leases.
• Zoned schools: Bowen'S Corner Elementary (math 52% / reading 53%, grade C-, #143 of 597 statewide, top 24%, 779 students, 27% FRL); Sedgefield Middle (math 13% / reading 26%, grade F, #182 of 229 statewide, top 80%, 986 students, 100% FRL); Goose Creek High (math 33% / reading 68%, grade D+, #150 of 196 statewide, top 76%, 1,981 students, 52% FRL).
• Market conditions: Rents rising fast (+4.5%/yr); 264 active listings in the ZIP; 8 comparable units currently listed for rent nearby; rentals at typical pace (median 25d on market — plan ~3-4 weeks tenant-placement turnaround); solid renter incomes; 3,183 units permitted in Berkeley County in 2024 (580 in 5+ unit buildings).

Forward outlook

• Local home prices are declining (-3.0%/yr); year-one equity from $1k of loan paydown is wiped out by about $5k of value loss. Plan a longer hold.
• Berkeley County population projected at +48% by 2050 — long-run rental-demand tailwind backs the buy-and-hold thesis.

Negotiation context

• It's been on market 66 days — a 6% lower offer ($159k) is reasonable based on typical stale-listing flexibility.
• 12 sale attempts since 18y ago with the ask held roughly flat each time — persistent listings suggest the price (not the market) is what's stuck; bring a comps-based counter.
• Current owner paid $66k; list at $169k implies a 154% gain — meaningful room to come down on a strong offer.

Risks & watch-outs

• Climate carrying-cost: severe wind risk, 99% chance of damaging wind over 30y; extreme-heat days projected 7→17/yr by 2055 (HVAC capex compounding) — expect insurance premiums to compound above CPI over the hold.

Recommended offer $158,860 (6.0% below list)

Questions for the listing agent

1. What do current leases actually rent for vs. the listed asking? Can we see a recent rent roll and the last 12 months of T-12 income?
2. It's been on market 66 days. Have you received any prior offers? Is the seller open to a 6% concession, seller financing, or rate buy-down credit?
3. What does the HOA fee cover, when was the last increase, and are there any pending special assessments or reserve-fund shortfalls?
4. Any open or pending special assessments — roof, HVAC, plumbing, elevator, façade? What's the per-unit balance and payoff schedule, and is the seller paying it off at close or rolling it to the buyer?
5. Why hasn't it sold? Are there any deal-killer items the seller is aware of (foundation, flood, title, zoning, code violations)?
6. Is there a deadline driving the sale (1031 exchange, divorce, estate, relocation)? That informs how much negotiation room exists.
7. The area grade is low — what's the realistic commute time and amenity access for the typical tenant pool here? Any planned neighborhood developments (good or bad) we should know about?
8. What's the average days-on-market for RENTAL listings here right now (not sales)? A rising rental-DOM trend means longer vacancies and softer asking-rent achievability than the comps imply.
9. What's the recent tenant-quality profile in this submarket — average credit score on applications, eviction rate, late-payment / NSF rate, and stable-employment percentage? A property-management company in the area should have these aggregated.
10. How much new apartment / multifamily construction is in the pipeline within 1–3 miles? Heavy new supply (>2% of stock underway) typically softens rents 12–24 months out; light construction supports rent growth.

Investment metrics

• 1% rule: 1.00% ✗
• Cap rate: 5.59%
• Cash-on-cash: -2.49%
• DSCR: 0.89
• GRM: 8.4

CMA / ARV

No comps found within radius.

Projected returns pro-forma

-3.0% appreciation · 4.52% rent growth · sell at horizon

5-year hold

• IRR: -18.2%
• Equity multiple: 0.35×
• Total profit: $-30,849
• Equity at exit: $25,198

10-year hold

• IRR: -7.1%
• Equity multiple: 0.51×
• Total profit: $-23,112
• Equity at exit: $14,612

Cash invested: $47,320 (down + closing). Projections, not guarantees.

Landlord ↔ Tenant lean methodology

• Overall (STATE): 90 Strongly Landlord-Friendly
• State South Carolina: 90 Strongly Landlord-Friendly · R+6
• County: — inherits STATE
• City: — inherits STATE

5-day notice; preempted; landlord-favorable.

Methodology + full state rankings →

ZIP-level market 29445

• Home prices YoY: -18.0%
• Rents YoY: 4.5%
• Active inventory: 264
• Price-to-rent: 8.4×

Monthly cashflow live

• Estimated rent: $1,683 high
• Mortgage (P&I): −$886
• Tax from tax record: −$216 /mo · $2,597/yr
• Insurance: −$70
• HOA est. from 3 same-building comps: −$255
• Vacancy / Maint / Mgmt: −$353
• Net cashflow: $-98

Break-even live

Break-even rent $1,808

Max offer price $151,632

Occupancy floor —

Sensitivity live

Price	-10% $-3	-5% $-50	+0% $-98	+5% $-146	+10% $-194
Rent	-10% $-231	-5% $-165	+0% $-98	+5% $-32	+10% $35
Rate	-1.0pp $-13	-0.5pp $-55	base $-98	+0.5pp $-142	+1.0pp $-187

UW: 25.0% down · 7.5% · 30yr · 1.5% tax · 5.0% vac · 8.0% maint · 8.0% mgmt

Financing live

Cash to close

• Down payment: $42,250
• Closing costs: $5,070
• Reserves months: —
• Total cash needed: —

Rent comps 8 comps

Address	Beds	Baths	Sqft	Rent	$/sqft	DOM	Units	Dist
100 Swift Blvd Goose Creek, SC	1.0–3.0	1.0–2.0	1015	$1,485	$1.46	4d	1	0.18mi
5055 Harbour Lake Dr Goose Creek, SC	2.0	1.0	877	$1,425	$1.62	25d	1	0.64mi
4255 Harbour Lake Dr Goose Creek, SC	2.0	2.0	950	$1,425	$1.50	25d	1	0.74mi
3000 Harbour Lake Dr Goose Creek, SC	2.0	1.0	962	$1,548	$1.61	4d	56	0.74mi
120 S Cranford Rd Goose Creek, SC	2.0	1.5–2.0	1059	$1,610	$1.52	4d	6	0.79mi
1841 Sundancer Ln Goose Creek, SC	3.0	2.0	1204	$2,200	$1.83	25d	1	0.85mi
169 Pine Shadow Dr Goose Creek, SC	3.0	2.5	1200	$1,800	$1.50	25d	1	1.10mi
1000 Channel Marker Way Hanahan, SC	1.0–3.0	1.0–2.0	960	$1,766	$1.84	4d	20	1.49mi

HOA detail condo

• Monthly dues: $0 · $0/yr
• Assessments: None detected in remarks — confirm with the listing agent.

Listing history 50 events

1. 2026-06-21
   days on market $169,000 Active 66 DOM
2. 2026-06-18
   days on market $169,000 Active 63 DOM
3. 2026-06-17
   days on market $169,000 Active 62 DOM
4. 2026-06-16
   days on market $169,000 Active 61 DOM
5. 2026-06-15
   days on market $169,000 Active 60 DOM
6. 2026-06-13
   days on market $169,000 Active 58 DOM
7. 2026-06-13
   days on market $169,000 Active 57 DOM
8. 2026-06-10
   days on market $169,000 Active 55 DOM
9. 2026-06-09
   days on market $169,000 Active 54 DOM
10. 2026-06-08
    days on market $169,000 Active 53 DOM
11. 2026-06-07
    days on market $169,000 Active 52 DOM
12. 2026-06-05
    days on market $169,000 Active 49 DOM
13. 2026-06-03
    days on market $169,000 Active 48 DOM
14. 2026-06-03
    days on market $169,000 Active 47 DOM
15. 2026-06-01
    days on market $169,000 Active 46 DOM
16. 2026-05-31
    days on market $169,000 Active 45 DOM
17. 2026-04-16
    listed $175,000 Active
18. 2026-03-23
    historical
19. 2026-02-04
    listed $179,500 Active
20. 2026-01-01
    historical
21. 2025-09-19
    price $184,900
22. 2025-08-18
    price $185,000
23. 2025-06-20
    price $187,000
24. 2025-05-27
    price $187,500
25. 2025-05-01
    status Active
26. 2025-05-01
    historical
27. 2025-04-25
    price $189,500
28. 2025-03-25
    price $168,500
29. 2024-10-15
    listed $169,000 Active
30. 2024-10-01
    historical
31. 2024-08-15
    price $183,000
32. 2024-07-06
    status Active
33. 2024-05-05
    historical Active Under Contract
34. 2024-04-20
    listed $185,000 Active
35. 2018-05-08
    soldstatus $66,500
36. 2018-05-04
    soldstatus $66,500 Closed
37. 2018-03-28
    historical Active Contingent
38. 2018-03-22
    listed $67,000 Active
39. 2016-05-04
    soldstatus $60,925
40. 2016-04-28
    soldstatus $60,925 Closed
41. 2016-02-27
    historical Active Contingent
42. 2016-02-03
    status Active
43. 2016-01-27
    historical Active Contingent
44. 2016-01-07
    listed $64,900 Active
45. 2015-02-06
    historical
46. 2015-02-06
    historical
47. 2014-06-13
    soldstatus $45,000
48. 2014-05-22
    soldstatus $45,000
49. 2012-08-20
    listed $54,900
50. 2010-08-11
    listed $99,500

ⓘ Source: listings_history table (triggers on properties + properties_extension) + one-shot backfill from property_details.listing_events for pre-trigger history.

Tax reassessment forecast SC · Resets to sale price

• Current annual tax: $2,597 · $216/mo
• Projected year-2 tax: $2,597 · $216/mo
• Expected delta: $0/yr ($0/mo · 0.0%)

ⓘ Screening estimate from a state-policy table — verify with the county assessor before closing.

Climate risk First Street

• 🌊 Flood 1/10 Low FEMA zone X (unshaded) · 0% chance over 30 yrs
• 🔥 Wildfire 3/10 Moderate
• 🌡 Heat 9/10 Extreme 7 d/yr ≥106°F today · 17 d/yr by 30 yrs out
• 💨 Wind 8/10 Severe 99% chance of damaging wind over 30 yrs
• 🫁 Air quality 2/10 Low 2 unhealthy d/yr today · 2 by 30 yrs out

Taxation est. · year 1

• Rental income: $20,199
• − Mortgage interest: −$9,467
• − Property taxes: −$2,597
• − Insurance: −$845
• − Repairs & maintenance: −$1,616
• − Management: −$1,616
• − HOA: −$3,060
• − Depreciation: −$4,916
• Taxable loss: −$3,918
• Est. tax savings @ 24.0%: +$940
• After-tax cash flow: $-240/yr

For passive investors: Depreciation is non-cash, so a rental often shows a tax loss while cash-flowing — sheltering income. Rental losses are passive: they offset passive income freely, and up to $25,000/yr can offset ordinary (W-2) income if you actively participate and your MAGI is under $100k (phasing out to $0 by $150k); unused losses carry forward. On sale, claimed depreciation is recaptured at up to 25%, and gains may owe capital-gains tax (a 1031 exchange can defer both). Figures are a year-1 estimate at your 24.0% rate — not tax advice; consult a CPA.

Schools (NCES district)

• District: Berkeley 01
• NCES district ID: 4501170
• Math proficiency: 35% ▼ -8.00%
• Reading proficiency: 48% ▼ -2.00%
• Median HH income: $52,724
• Composite: 35.95/100
• National rank: #4799
• State rank: #30 of 80 in SC

Livability — Hanahan

• Score: 72/100
• State rank: #45
• US rank: #6201

Category grades

Amenities F Commute F Cost of living B- Crime B Employment A- Housing A+ Health & safety A- User ratings B+

Schools grade is shown separately in the Schools card above.

Census & demographics

• County: Berkeley County · 198,768 people
• City population: 21,314
• Metro: Charleston-North Charleston, SC
• Population (ZIP): 59,227
• Household income: $81,594
• Rent vs Own: 27.9% rent · 72.1% own
• Severe rent burden: 1308.0

Population outlook (Berkeley County) Hauer SSP2

• Today (2025): 254,184 people
• By 2030: 279,677 · +10.0%
• By 2040: 329,379 · +29.6%
• By 2050: 375,557 · +47.8%
• By 2075: 476,740 · +87.6%
• By 2100: 535,945 · +110.8%

Race, ethnicity, and origin ACS 2023

• Neighborhood character: Diverse neighborhood (Simpson 0.63)
• Race & ethnicity: White 55% Black 23% Hispanic / Latino 11% Two or more races 9% Asian 3%
• Hispanic origin (detail): Mexican 4% Puerto Rican 3%
• Common ancestry: Slovak 2% Lithuanian 2% Italian 1%
• Foreign-born: 9% · Canada, Jamaica, Vietnam
• Languages at home: 86% English-only · Spanish 8% Other Indo-European 2% Tagalog/Filipino 2%

Political lean MEDSL · Berkeley

• 2024 margin: R (+16.3) · D 41.1% · R 57.4% · Other 1.4%
• 2008→2024 swing: -3.2pp toward R · 2008: -13.1pp · 2024: -16.3pp
• All cycles: 2024: R+16.3 2020: R+11.7 2016: R+17.4 2012: R+18.9 2008: R+13.1

Not yet ingested

• Civics: —

Market trends

• HPI YoY: ▼ -66.40%
• Current HPI: 301.8653
• Rent YoY: ▲ 4.52%
• Metro: Charleston-North Charleston, SC
• State GDP YoY: ▲ 4.51%
• F500 in state: 2

Industry mix (Fortune 500 HQ in SC)

Industry	F500 HQs	Revenue
▸Packaging	1	$7B

Price history

+233.3% since first listed

36 events — show timeline

• 2026-04-16 Listed $175,000 Charleston Trident MLS
• 2026-03-23 Listing Removed — Charleston Trident MLS
• 2026-02-04 Listed $179,500 Charleston Trident MLS
• 2026-01-01 Listing Removed — Charleston Trident MLS
• 2025-09-19 Price Changed $184,900 Charleston Trident MLS
• 2025-08-18 Price Changed $185,000 Charleston Trident MLS
• 2025-06-20 Price Changed $187,000 Charleston Trident MLS
• 2025-05-27 Price Changed $187,500 Charleston Trident MLS
• 2025-05-01 Relisted — Charleston Trident MLS
• 2025-05-01 Listing Removed — Charleston Trident MLS
• 2025-04-25 Price Changed $189,500 Charleston Trident MLS
• 2025-03-25 Price Changed $168,500 Charleston Trident MLS
• 2024-10-15 Listed $169,000 Charleston Trident MLS
• 2024-10-01 Listing Removed — Charleston Trident MLS
• 2024-08-15 Price Changed $183,000 Charleston Trident MLS
• 2024-07-06 Relisted — Charleston Trident MLS
• 2024-05-05 Contingent — Charleston Trident MLS
• 2024-04-20 Listed $185,000 Charleston Trident MLS
• 2018-05-08 Sold (Public Records) $66,500 Public Records
• 2018-05-04 Sold (MLS) $66,500 Charleston Trident MLS
• 2018-03-28 Contingent — Charleston Trident MLS
• 2018-03-22 Listed $67,000 Charleston Trident MLS
• 2016-05-04 Sold (Public Records) $60,925 Public Records
• 2016-04-28 Sold (MLS) $60,925 Charleston Trident MLS
• 2016-02-27 Contingent — Charleston Trident MLS
• 2016-02-03 Relisted — Charleston Trident MLS
• 2016-01-27 Contingent — Charleston Trident MLS
• 2016-01-07 Listed $64,900 Charleston Trident MLS
• 2015-02-06 Listing Removed — Charleston Trident MLS
• 2015-02-06 Listing Removed — Charleston Trident MLS
• 2014-06-13 Sold (Public Records) $45,000 Public Records
• 2014-05-22 Sold (MLS) $45,000 Charleston Trident MLS
• 2012-08-20 Listed $54,900 Charleston Trident MLS
• 2010-08-11 Listed $99,500 Charleston Trident MLS
• 2008-06-23 Listed $99,500 Charleston Trident MLS
• 1985-08-09 Sold (Public Records) $52,500 Public Records

Property tax history

+11.0%/yr

Latest (2025): $2,597 · +104.0% YoY. Source: county tax records.