45 Folly Field Rd Unit 21E · Hilton Head Island, SC 29928

$309,000

2 bd · 2.0 ba · 757 sqft · Condo public records · 80 Days on market

Built 1980 $408/sqft · 11% below area Est $347k · 11% under

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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).

• ARV discount +12.5/15.0
• Cash flow +7.6/30.0
• Appreciation +6.6/10.0
• 1% rule +4.4/10.0
• Schools +4.1/10.0
• Rent growth +3.3/5.0
• Livability +3.2/5.0
• Condition / age +2.5/5.0
• DSCR +1.7/10.0

Listing remarks MLS

2 bed/2 bath Fiddlerѕ Covе iѕ сlose tο thе beach access gatе аnd ready to enjoy. Spacious balcony. Furnished with beachy decor. Kitchen has leathered granite countertops and white cabinets. Flooring is a combination of tile and LVP. Newer washer/dryer. Updated bathroom vanities. Fiddlers cove has 2 pools that are seasonally heated and chilled, hot tub, fitness center, 7 har-tru tennis courts, 4 packed har-true pickleball courts, 2 indoor racquetball courts, and charcoal/gas grills. 5-minute walk to the beach. Established rental through Evolve.

Key facts

• Beach access gate
• White cabinets
• Spacious balcony

Tags

• BEACH ACCESS GATE
• SPACIOUS BALCONY
• LEATHERED GRANITE COUNTERTOPS
• WHITE CABINETS
• TILE AND LVP FLOORING
• NEWER WASHER DRYER

What this means for you Summary

Snapshot

• This is a 2-bed/2.0-bath condo listed at $309k.

Deal economics

• At list price, monthly cash flow is $-373 ($-4k/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 $292k (5.5% below list).
• Recommended offer: $290k (6.0% below list) — sets the bar for market timing.
• Cap rate 4.8% 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; 8 comparable units currently listed for rent nearby; rentals at typical pace (median 22d on market — plan ~3-4 weeks tenant-placement turnaround); solid renter incomes; 1,824 units permitted in Beaufort County in 2024 (618 in 5+ unit buildings).
• This rent runs 36% 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 $12k of equity ($2k loan paydown + $10k appreciation (3.2% local appreciation)).
• Beaufort County population projected at +30% by 2050 — long-run rental-demand tailwind backs the buy-and-hold thesis.
• By year 4, paydown + projected appreciation supports a ~$41k cash-out refi (75% LTV) — recoverable capital for the next deal without selling this one.

Negotiation context

• It's been on market 80 days — a 6% lower offer ($290k) is reasonable based on typical stale-listing flexibility.
• 6 sale attempts since 21y 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 $290,460 (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 80 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. 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?
8. 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?
9. 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.
10. 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.
11. 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: 0.94% ✗
• Cap rate: 4.84%
• Cash-on-cash: -5.17%
• DSCR: 0.77
• GRM: 8.8

CMA / ARV

• ARV (median comp): $347,292
• List price: $309,000
• Delta: -11.03%
• Verdict: UNDERPRICED
• Comps: 20 within 1.0 mi

Projected returns pro-forma

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

5-year hold

• IRR: 3.5%
• Equity multiple: 1.21×
• Total profit: $17,922
• Equity at exit: $142,563

10-year hold

• IRR: 7.0%
• Equity multiple: 2.09×
• Total profit: $94,453
• Equity at exit: $222,565

Cash invested: $86,520 (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: 8.8×

Monthly cashflow live

• Estimated rent: $2,920 high
• Mortgage (P&I): −$1,620
• Tax from tax record: −$430 /mo · $5,164/yr
• Insurance: −$129
• HOA est. from 18 same-building comps: −$500
• Vacancy / Maint / Mgmt: −$613
• Net cashflow: $-373

Break-even live

Break-even rent $3,392

Max offer price $243,090

Occupancy floor —

Sensitivity live

Price	-10% $-198	-5% $-286	+0% $-373	+5% $-461	+10% $-548
Rent	-10% $-604	-5% $-488	+0% $-373	+5% $-258	+10% $-142
Rate	-1.0pp $-217	-0.5pp $-295	base $-373	+0.5pp $-453	+1.0pp $-535

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: $77,250
• Closing costs: $9,270
• Reserves months: —
• Total cash needed: —

Rent comps 8 comps

Address	Beds	Baths	Sqft	Rent	$/sqft	DOM	Units	Dist
3 Burkes Beach Rd Unit B Hilton Head Island, SC	2.0	2.0	1100	$2,500	$2.27	14d	1	0.71mi
96 Mathews Dr #87 Hilton Head Island, SC	2.0	2.0	1000	$2,500	$2.50	45d	1	0.94mi
96 Mathews Dr Hilton Head Island, SC	2.0	2.0	1012	$2,400	$2.37	14d	2	0.94mi
96 Mathews Dr Hilton Head Island, SC	2.0	2.0–2.5	1000	$2,500	$2.50	22d	2	0.94mi
112 Union Cemetery Rd Hilton Head Island, SC	2.0	2.0	1025	$2,125	$2.07	14d	1	1.21mi
55 Gardner Dr Hilton Head Island, SC	1.0–3.0	1.0–2.0	1175	$2,902	$2.47	14d	9	1.22mi
663 William Hilton Pkwy #2121 Hilton Head Island, SC	2.0	2.0	900	$2,200	$2.44	45d	1	1.24mi
662 William Hilton Pkwy Unit 1468397P Hilton Head Island, SC	2.0	2.0	828	$2,632	$3.18	22d	1	1.35mi

HOA detail condo

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

Listing history 31 events

1. 2026-06-21
   days on market $309,000 Active 80 DOM
2. 2026-06-18
   days on market $309,000 Active 77 DOM
3. 2026-06-17
   days on market $309,000 Active 76 DOM
4. 2026-06-16
   days on market $309,000 Active 75 DOM
5. 2026-06-15
   days on market $309,000 Active 74 DOM
6. 2026-06-14
   days on market $309,000 Active 72 DOM
7. 2026-06-13
   days on market $309,000 Active 71 DOM
8. 2026-06-10
   days on market $309,000 Active 69 DOM
9. 2026-06-09
   days on market $309,000 Active 68 DOM
10. 2026-06-08
    days on market $309,000 Active 67 DOM
11. 2026-06-07
    days on market $309,000 Active 66 DOM
12. 2026-06-05
    days on market $309,000 Active 63 DOM
13. 2026-06-03
    days on market $309,000 Active 62 DOM
14. 2026-06-02
    days on market $309,000 Active 61 DOM
15. 2026-06-01
    days on market $309,000 Active 60 DOM
16. 2026-05-31
    days on market $309,000 Active 59 DOM
17. 2026-04-20
    price $309,000 557-char remark

    Show marketing remark (557 chars)

    2 bed/2 bath Fiddlerѕ Covе iѕ сlose tο thе beach access gatе аnd ready to enjoy. Spacious balcony. Furnished with beachy decor. Kitchen has leathered granite countertops and white cabinets. Flooring is a combination of tile and LVP. Newer washer/dryer. Updated bathroom vanities. Fiddlers cove has 2 pools that are seasonally heated and chilled, hot tub, fitness center, 7 har-tru tennis courts, 4 packed har-true pickleball courts, 2 indoor racquetball courts, and charcoal/gas grills. 5-minute walk to the beach. Established rental through Evolve.

18. 2026-04-02
    listed $325,000 Active 557-char remark

    Show marketing remark (557 chars)

    2 bed/2 bath Fiddlerѕ Covе iѕ сlose tο thе beach access gatе аnd ready to enjoy. Spacious balcony. Furnished with beachy decor. Kitchen has leathered granite countertops and white cabinets. Flooring is a combination of tile and LVP. Newer washer/dryer. Updated bathroom vanities. Fiddlers cove has 2 pools that are seasonally heated and chilled, hot tub, fitness center, 7 har-tru tennis courts, 4 packed har-true pickleball courts, 2 indoor racquetball courts, and charcoal/gas grills. 5-minute walk to the beach. Established rental through Evolve.

19. 2022-03-25
    soldstatus $348,000
20. 2022-03-18
    soldstatus $348,000 326-char remark

    Show marketing remark (326 chars)

    Sunny & bright 2 bedroom, 2 bath villa, 2nd floor with W/ D! Nicely updated with leathered granite countertops & white cabinets in the kitchen, tile in living areas. Turn-key, just bring your beach chair! Gated complex with tennis courts, 2 pools, playgrounds, grilling stations, and more! Short walk to the beach!

21. 2022-02-04
    listed $325,000 326-char remark

    Show marketing remark (326 chars)

    Sunny & bright 2 bedroom, 2 bath villa, 2nd floor with W/ D! Nicely updated with leathered granite countertops & white cabinets in the kitchen, tile in living areas. Turn-key, just bring your beach chair! Gated complex with tennis courts, 2 pools, playgrounds, grilling stations, and more! Short walk to the beach!

22. 2019-05-31
    soldstatus $160,000
23. 2019-04-10
    listed $165,000
24. 2018-02-14
    listed $169,900
25. 2007-11-26
    listed $258,900
26. 2005-08-05
    soldstatus $250,000
27. 2005-08-01
    soldstatus $250,000
28. 2005-06-24
    listed $249,500
29. 2003-09-16
    soldstatus $90,000
30. 2000-03-18
    soldstatus $70,000
31. 1983-03-01
    soldstatus $16,532

ⓘ 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: $5,164 · $430/mo
• Projected year-2 tax: $5,164 · $430/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: $35,035
• − Mortgage interest: −$17,309
• − Property taxes: −$5,164
• − Insurance: −$1,545
• − Repairs & maintenance: −$2,803
• − Management: −$2,803
• − HOA: −$6,000
• − Depreciation: −$8,989
• Taxable loss: −$9,578
• Est. tax savings @ 24.0%: +$2,299
• After-tax cash flow: $-2,178/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

+1769.1% since first listed

15 events — show timeline

• 2026-04-20 Price Changed $309,000 RSMLS
• 2026-04-02 Listed $325,000 RSMLS
• 2022-03-25 Sold (Public Records) $348,000 Public Records
• 2022-03-18 Sold (MLS) $348,000 RSMLS
• 2022-02-04 Listed $325,000 RSMLS
• 2019-05-31 Sold (MLS) $160,000 RSMLS
• 2019-04-10 Listed $165,000 RSMLS
• 2018-02-14 Listed $169,900 RSMLS
• 2007-11-26 Listed $258,900 RSMLS
• 2005-08-05 Sold (Public Records) $250,000 Public Records
• 2005-08-01 Sold (MLS) $250,000 RSMLS
• 2005-06-24 Listed $249,500 RSMLS
• 2003-09-16 Sold (Public Records) $90,000 Public Records
• 2000-03-18 Sold (Public Records) $70,000 Public Records
• 1983-03-01 Sold (Public Records) $16,532 Public Records

Property tax history

+22.8%/yr

Latest (2025): $5,164 · +1.3% YoY. Source: county tax records.