115 Forest Cv #115 · Hilton Head Island, SC 29928

$224,900

2 bd · 2.0 ba · 1,000 sqft · Condo public records · 25 Days on market

Built 1988 ↓ 41% since listing

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Why this score? — see what drove the C 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 +16.1/30.0
• ARV discount +7.5/15.0
• 1% rule +6.9/10.0
• Appreciation +6.6/10.0
• DSCR +5.0/10.0
• Schools +4.1/10.0
• Rent growth +3.3/5.0
• Livability +3.2/5.0
• Condition / age +2.5/5.0

Listing remarks MLS

Recently updated 2bed/2bath unit in Forest Cove. Great open floor plan with separation of the two bedrooms idea for roommates. Condo includes new flooring, paint, cabinets, appliances, counters, and smoothed ceilings. Great south end amenities on-site with close proximity to beach, shopping and restaurants. Don’t miss this one!

Key facts

• Parking
• Community pool
• Built 1988

Property features AI

Finance

• HOA & community: Association manages common areas and structure maintenance; Association includes insurance, pest control, trash service, and grounds maintenance; Community amenities include pool and tennis courts

Exterior

• Parking: Assigned parking
• Utilities: Public water
• Home design: Condominium / townhome style; Entry level: First floor
• Construction: Wood siding; Asphalt roof
• Exterior features: Community pool (free form); Tennis courts

Interior

• Kitchen: Dishwasher; Microwave; Oven; Stove; Refrigerator
• Bedrooms: Primary bedroom on main level
• Flooring: Luxury vinyl; Luxury vinyl plank; Tile
• Bathrooms: 2 full bathrooms
• Heating & cooling: Central heating; Central air conditioning
• Interior features: Window treatments; Bookcases; Smooth ceilings; Fireplace; Furnished; Main level primary
• Laundry & utility: Washer; Dryer; Utility / laundry room

What this means for you Summary

Snapshot

• This is a 2-bed/2.0-bath condo listed at $225k.

Deal economics

• At list price, monthly cash flow is $115 ($1k/yr) — positive.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($3k rent vs $225k).
• Recommended offer: $222k (1.5% below list) — sets the bar for market timing.
• Cap rate 6.9% vs local median 2.9% in Hilton Head Island — 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 64/100 on livability (#157 in SC) — a middle-class / working-renter tenant base. Strengths: employment A+, crime A-; Watch: amenities F, commute F, cost of living F.
• Beaufort 01 (town): math 42% / reading 51% proficiency, ranked #17 of 80 in SC (top 21%) — families likely to look elsewhere, expect single-tenant / working-renter base with shorter leases.
• Market conditions: Rents rising (+3.2%/yr); 845 active listings in the ZIP; 1 comparable units currently listed for rent nearby; solid renter incomes; 1,824 units permitted in Beaufort County in 2024 (618 in 5+ unit buildings).
• This rent runs 33% of the median local income ($98k/yr) — at the standard rent-burdened threshold; future hikes will face affordability resistance.

Forward outlook

• In year one you build about $9k of equity ($2k loan paydown + $7k appreciation (3.2% local appreciation)).
• Beaufort County population projected at +30% by 2050 — long-run rental-demand tailwind backs the buy-and-hold thesis.
• At projected returns (3.2% appreciation + 3.2% rent growth), your $63k cash investment doubles in ~6 years — after that, you're playing with house money.
• By year 5, paydown + projected appreciation supports a ~$38k cash-out refi (75% LTV) — recoverable capital for the next deal without selling this one.

Negotiation context

• It's been on market 25 days — a 2% lower offer ($222k) is reasonable based on typical stale-listing flexibility.
• 5 sale attempts since 6y 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.

Recommended offer $221,526 (1.5% below list)

Questions for the listing agent

1. What does the HOA fee cover, when was the last increase, and are there any pending special assessments or reserve-fund shortfalls?
2. 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?
3. Is there a deadline driving the sale (1031 exchange, divorce, estate, relocation)? That informs how much negotiation room exists.
4. Schools are B-rated — typically a magnet for longer-tenancy family renters. What's the average tenant stay here, and is there a school-zone premium baked into asking?
5. 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.
6. 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.
7. 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: 1.19% ✓
• Cap rate: 6.91%
• Cash-on-cash: 2.19%
• DSCR: 1.10
• GRM: 7.0

CMA / ARV

No comps found within radius.

Projected returns pro-forma

3.21% appreciation · 3.23% rent growth · sell at horizon

5-year hold

• IRR: 10.3%
• Equity multiple: 1.60×
• Total profit: $37,811
• Equity at exit: $103,762

10-year hold

• IRR: 12.7%
• Equity multiple: 2.95×
• Total profit: $122,656
• Equity at exit: $161,990

Cash invested: $62,972 (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 29928

• Home prices YoY: 1.3%
• Rents YoY: 3.2%
• Active inventory: 845
• Price-to-rent: 7.0×

Monthly cashflow live

• Estimated rent: $2,667 medium
• Mortgage (P&I): −$1,179
• Tax from tax record: −$340 /mo · $4,084/yr
• Insurance: −$94
• HOA est. from 1 same-building comp: −$379
• Vacancy / Maint / Mgmt: −$560
• Net cashflow: $115

Break-even live

Break-even rent $2,522

Max offer price $224,900

Occupancy floor 91%

Sensitivity live

Price	-10% $242	-5% $178	+0% $115	+5% $51	+10% $-13
Rent	-10% $-96	-5% $9	+0% $115	+5% $220	+10% $326
Rate	-1.0pp $228	-0.5pp $172	base $115	+0.5pp $57	+1.0pp $-3

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: $56,225
• Closing costs: $6,747
• Reserves months: —
• Total cash needed: —

Rent comps 1 comps

Address	Beds	Baths	Sqft	Rent	$/sqft	DOM	Units	Dist
13 Forest Cove Rd Hilton Head Island, SC	2.0	2.0	1000	$2,150	$2.15	14d	1	0.17mi

HOA detail condo

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

Listing history 35 events

1. 2026-06-21
   days on market $224,900 Active 25 DOM
2. 2026-06-18
   days on market $224,900 Active 22 DOM
3. 2026-06-17
   days on market $224,900 Active 21 DOM
4. 2026-06-16
   days on market $224,900 Active 20 DOM
5. 2026-06-15
   days on market $224,900 Active 19 DOM
6. 2026-06-14
   days on market $224,900 Active 17 DOM
7. 2026-06-13
   days on market $224,900 Active 16 DOM
8. 2026-06-10
   days on market $224,900 Active 14 DOM
9. 2026-06-09
   days on market $224,900 Active 13 DOM
10. 2026-06-08
    days on market $224,900 Active 12 DOM
11. 2026-06-07
    days on market $224,900 Active 11 DOM
12. 2026-06-05
    days on market $224,900 Active 8 DOM
13. 2026-06-03
    days on market $224,900 Active 7 DOM
14. 2026-06-02
    days on market $224,900 Active 6 DOM
15. 2026-06-01
    days on market $224,900 Active 5 DOM
16. 2026-05-31
    days on market $224,900 Active 4 DOM
17. 2026-05-30
    days on market $224,900 Active 3 DOM
18. 2026-05-27
    listed $224,900 Active
19. 2025-11-12
    status Pending
20. 2025-05-23
    price $269,999
21. 2025-04-26
    price $277,000
22. 2025-03-15
    listed $282,500 Active
23. 2023-03-01
    soldstatus $270,000 Closed 335-char remark

    Show marketing remark (335 chars)

    Recently updated 2bed/2bath unit in Forest Cove. Great open floor plan with separation of the two bedrooms idea for roommates. Condo includes new flooring, paint, cabinets, appliances, counters, and smoothed ceilings. Great south end amenities on-site with close proximity to beach, shopping and restaurants. Don’t miss this one!

24. 2023-01-18
    status Pending 335-char remark

    Show marketing remark (335 chars)

    Recently updated 2bed/2bath unit in Forest Cove. Great open floor plan with separation of the two bedrooms idea for roommates. Condo includes new flooring, paint, cabinets, appliances, counters, and smoothed ceilings. Great south end amenities on-site with close proximity to beach, shopping and restaurants. Don’t miss this one!

25. 2023-01-11
    listed $265,000 Active 335-char remark

    Show marketing remark (335 chars)

    Recently updated 2bed/2bath unit in Forest Cove. Great open floor plan with separation of the two bedrooms idea for roommates. Condo includes new flooring, paint, cabinets, appliances, counters, and smoothed ceilings. Great south end amenities on-site with close proximity to beach, shopping and restaurants. Don’t miss this one!

26. 2022-12-07
    soldstatus $255,000 Closed
27. 2022-12-07
    soldstatus $255,000
28. 2022-11-02
    status Pending
29. 2022-10-28
    listed $255,000 Active
30. 2020-10-26
    soldstatus $147,500
31. 2020-10-14
    soldstatus $147,500
32. 2020-07-26
    listed $149,900
33. 2017-07-03
    soldstatus $119,000
34. 2000-09-19
    soldstatus $84,200
35. 1996-12-30
    soldstatus $382,705

ⓘ 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: $4,084 · $340/mo
• Projected year-2 tax: $4,084 · $340/mo
• Expected delta: $0/yr ($0/mo · 0.0%)

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

Taxation est. · year 1

• Rental income: $32,009
• − Mortgage interest: −$12,598
• − Property taxes: −$4,084
• − Insurance: −$1,124
• − Repairs & maintenance: −$2,561
• − Management: −$2,561
• − HOA: −$4,548
• − Depreciation: −$6,543
• Taxable loss: −$2,010
• Est. tax savings @ 24.0%: +$482
• After-tax cash flow: $1,860/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: Beaufort 01
• NCES district ID: 4501110
• Math proficiency: 42% ▼ -8.00%
• Reading proficiency: 51% ▲ 2.00%
• Median HH income: $57,430
• Composite: 40.56/100
• National rank: #3699
• State rank: #17 of 80 in SC

Livability — Hilton Head Island

• Score: 64/100
• State rank: #157
• US rank: #14648

Category grades

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

Schools grade is shown separately in the Schools card above.

Census & demographics

• Census place: Hilton Head Island, SC
• County: Beaufort County · 163,770 people
• City population: 40,243
• Metro: Hilton Head Island-Bluffton, SC
• Population (ZIP): 15,785
• Household income: $97,576
• Rent vs Own: 16.7% rent · 83.3% own
• Severe rent burden: 216.0

Population outlook (Beaufort County) Hauer SSP2

• Today (2025): 211,915 people
• By 2030: 227,272 · +7.2%
• By 2040: 253,861 · +19.8%
• By 2050: 275,126 · +29.8%
• By 2075: 311,022 · +46.8%
• By 2100: 321,286 · +51.6%

Race, ethnicity, and origin ACS 2023

• Neighborhood character: Predominantly White (87%)
• Race & ethnicity: White 87% Hispanic / Latino 6% Two or more races 2% Black 2% Asian 1%
• Hispanic origin (detail): Mexican 3%
• Common ancestry: Lithuanian 4% Slovak 4% Romanian 4%
• Foreign-born: 9% · Canada, China
• Languages at home: 91% English-only · Spanish 5% French/Haitian/Cajun 1% Chinese 1%

Political lean MEDSL · Beaufort

• 2024 margin: R (+14.5) · D 42.1% · R 56.6% · Other 1.2%
• 2008→2024 swing: -3.7pp toward R · 2008: -10.8pp · 2024: -14.5pp
• All cycles: 2024: R+14.5 2020: R+10.0 2016: R+14.3 2012: R+17.5 2008: R+10.8

Not yet ingested

• Civics: —

Market trends

• HPI YoY: ▲ 3.21%
• Current HPI: 243.4136
• Rent YoY: ▲ 3.23%
• Metro: Hilton Head Island-Bluffton, 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

-41.2% since first listed

18 events — show timeline

• 2026-05-27 Listed $224,900 RSMLS
• 2025-11-12 Pending — RSMLS
• 2025-05-23 Price Changed $269,999 RSMLS
• 2025-04-26 Price Changed $277,000 RSMLS
• 2025-03-15 Listed $282,500 RSMLS
• 2023-03-01 Sold (MLS) $270,000 RSMLS
• 2023-01-18 Pending — RSMLS
• 2023-01-11 Listed $265,000 RSMLS
• 2022-12-07 Sold (Public Records) $255,000 Public Records
• 2022-12-07 Sold (MLS) $255,000 RSMLS
• 2022-11-02 Pending — RSMLS
• 2022-10-28 Listed $255,000 RSMLS
• 2020-10-26 Sold (Public Records) $147,500 Public Records
• 2020-10-14 Sold (MLS) $147,500 RSMLS
• 2020-07-26 Listed $149,900 RSMLS
• 2017-07-03 Sold (Public Records) $119,000 Public Records
• 2000-09-19 Sold (Public Records) $84,200 Public Records
• 1996-12-30 Sold (Public Records) $382,705 Public Records

Property tax history

+14.5%/yr

Latest (2025): $4,084 · +1.1% YoY. Source: county tax records.