1000 New Sea Island Rd #63

St. Simons, GA 31522

$250,000C-

2 bd · 1.5 ba · 1,072 sqft · Built 1982 · Condo · Active · 31 DOM

Cashflow @ list (25.0% down · 7.5%)

• Estimated rent: $3,062/mo
• Mortgage (P&I): −$1,311
• Tax + insurance: −$746
• HOA: −$538
• Vac / Maint / Mgmt: −$643
• Net cashflow: $-176/mo
• Annual: $-2,111/yr
• Cap rate: 7.50%
• Cash-on-cash: 4.30%
• DSCR: 1.19
• 1% rule: 1.22%
• Cash to close: $70,000

Investor read

• This is a 2-bed/1.5-bath condo listed at $250k.
• At list price, monthly cash flow is $-176 ($-2k/yr) — negative.
• To cash-flow at today's rent, offer at most $219k (12.4% below list).
• Meets the 1% rule at list price ($3k rent vs $250k).
• It's been on market 31 days — a 3% lower offer ($242k) is reasonable based on typical stale-listing flexibility.
• Recommended offer: $219k (12.4% below list) — sets the bar for cash-flow.
• Local home prices are declining (-3.0%/yr); year-one equity from $2k of loan paydown is wiped out by about $8k of value loss. Plan a longer hold.
• Location reads: area grade C — affects rentability + tenant quality, not the cash-flow math above.
• Glynn County (other): math 37% / reading 42% proficiency, ranked #47 of 174 in GA (top 27%) — families likely to look elsewhere, expect single-tenant / working-renter base with shorter leases.
• Zoned schools: St. Simons Elementary School (math 64% / reading 57%, grade B-, #123 of 1,228 statewide, top 10%, 523 students, 48% FRL); Glynn Middle (math 42% / reading 58%, grade C, #68 of 470 statewide, top 15%, 815 students, 51% FRL); Glynn Academy (math 45% / reading 42%, grade F, #50 of 424 statewide, top 12%, 1,823 students, 41% FRL).
• Watch-outs: flood insurance adds $427/mo.
• Market conditions: Rents rising (+2.3%/yr); 579 active listings in the ZIP; 2 comparable units currently listed for rent nearby; solid renter incomes; 734 units permitted in Glynn County in 2024 (136 in 5+ unit buildings).
• Glynn County population projected at +13% by 2050 — modest demand growth; plan on rents tracking national, not racing it.
• 6 sale attempts since 22y ago; this cycle's ask has dropped $40k (14%) from the opening price — seller is motivated, your offer sets the floor, not the list.
• Climate carrying-cost: in FEMA flood zone AE (mandatory federal flood insurance); severe wind risk, 99% chance of damaging wind over 30y; extreme-heat days projected 7→21/yr by 2055 (HVAC capex compounding) — expect insurance premiums to compound above CPI over the hold.
• Cap rate 7.5% vs local median 1.7% in St. Simons — 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.
• This rent runs 34% of the median local income ($109k/yr) — at the standard rent-burdened threshold; future hikes will face affordability resistance.

Questions for listing agent

• 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?
• It's been on market 31 days. Have you received any prior offers? Is the seller open to a 12% concession, seller financing, or rate buy-down credit?
• What's the actual annual flood-insurance premium (NFIP or private), and is the property in a SFHA with mandatory coverage?
• What does the HOA fee cover, when was the last increase, and are there any pending special assessments or reserve-fund shortfalls?
• 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?
• Is there a deadline driving the sale (1031 exchange, divorce, estate, relocation)? That informs how much negotiation room exists.
• 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.
• 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.