40 Folly Field Rd Unit 215b · Hilton Head Island, SC 29928

$279,000

1 bd · 1.0 ba · 592 sqft · Condo public records · 130 Days on market

Built 1981 $471/sqft · 13% below area Est $319k · 13% under $529/mo HOA · 23% of rent

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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 +13.1/15.0
• Appreciation +6.6/10.0
• Cash flow +5.7/30.0
• Schools +4.1/10.0
• 1% rule +3.3/10.0
• Rent growth +3.3/5.0
• Livability +3.2/5.0
• Condition / age +2.5/5.0
• DSCR +0.1/10.0

Listing remarks MLS

Coastal design and nicely updated this 2nd floor villa has some beautiful upgrades and pretty ocean views. Floors throughout are tile that look like wood. Kitchen is fully equipped & has updated cabinetry, nice appliances, quartz counters, cute tile backsplash and a butcher block island for added storage. Bathroom is completely redone with newer vanity, lighting and tiled walk in shower. Bedroom has private entry into bath and has it's own TV. Bunks in the hall for the younger guests and a sleeper sofa for extra adults. You can't beat the location too as your are steps from the beach and all of the amenities this resort has to offer. Restaurants, seasonal beach bar, 24/7 security, on site bike rentals, fitness, laundry, and so much more. This is TURN KEY so nothing to do but relax and enjoy just in time for Spring!

Key facts

• Quartz counters
• Tiled walk in shower
• Butcher block island

Tags

• UPDATED CABINETRY
• QUARTZ COUNTERS
• BUTCHER BLOCK ISLAND
• TILED WALK IN SHOWER
• PRIVATE ENTRY INTO BATH
• STEPS FROM THE BEACH

What this means for you Summary

Snapshot

• This is a 1-bed/1.0-bath condo listed at $279k.

Deal economics

• At list price, monthly cash flow is $-569 ($-7k/yr) — negative.
• To cash-flow at today's rent, offer at most $178k (36.0% below list).
• To meet the 1% rule (rent ≥ 1% of price), the offer needs to be $231k (17.1% below list).
• Recommended offer: $178k (36.0% below list) — sets the bar for cash-flow.
• Cap rate 3.8% 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.
• Zoned schools: Hilton Head Island Elementary (math 50% / reading 49%, grade D, #168 of 597 statewide, top 31%, 709 students, 56% FRL); Hilton Head Island Middle (math 33% / reading 42%, grade F, #90 of 229 statewide, top 42%, 856 students, 52% FRL); Hilton Head Island High (math 70% / reading 82%, grade A-, #34 of 196 statewide, top 17%, 1,345 students, 40% FRL) — zoned schools at 49% FRL track the district average.
• Market conditions: Rents rising (+3.2%/yr); 846 active listings in the ZIP; solid renter incomes; 1,824 units permitted in Beaufort County in 2024 (618 in 5+ unit buildings).

Forward outlook

• In year one you build about $11k of equity ($2k loan paydown + $9k 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 ~$37k cash-out refi (75% LTV) — recoverable capital for the next deal without selling this one.

Negotiation context

• It's been on market 130 days — a 12% lower offer ($246k) is reasonable based on typical stale-listing flexibility.
• 4 sale attempts since 20y ago; this cycle's ask has dropped $16k (5%) from the opening price — seller is motivated, your offer sets the floor, not the list.
• Current owner paid $194k; 44% above their basis — modest negotiation headroom, anchor on the comps not their cost.

Risks & watch-outs

• Watch-outs: HOA is 23% of rent.

Recommended offer $178,490 (36.0% 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 130 days. Have you received any prior offers? Is the seller open to a 36% 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: 0.83% ✗
• Cap rate: 3.85%
• Cash-on-cash: -8.74%
• DSCR: 0.61
• GRM: 10.0

CMA / ARV

• ARV (median comp): $318,952
• List price: $279,000
• Delta: -12.53%
• 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: 0.3%
• Equity multiple: 1.02×
• Total profit: $1,306
• Equity at exit: $128,722

10-year hold

• IRR: 4.3%
• Equity multiple: 1.68×
• Total profit: $52,912
• Equity at exit: $200,957

Cash invested: $78,120 (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: 846
• Price-to-rent: 10.0×

Monthly cashflow live

• Estimated rent: $2,314 medium
• Mortgage (P&I): −$1,463
• Tax from tax record: −$289 /mo · $3,462/yr
• Insurance: −$116
• HOA: −$529
• Vacancy / Maint / Mgmt: −$486
• Net cashflow: $-569

Break-even live

Break-even rent $3,034

Max offer price $178,490

Occupancy floor —

Sensitivity live

Price	-10% $-411	-5% $-490	+0% $-569	+5% $-648	+10% $-727
Rent	-10% $-752	-5% $-660	+0% $-569	+5% $-478	+10% $-386
Rate	-1.0pp $-428	-0.5pp $-498	base $-569	+0.5pp $-641	+1.0pp $-715

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: $69,750
• Closing costs: $8,370
• Reserves months: —
• Total cash needed: —

HOA detail condo

• Monthly dues: $529 · $6,348/yr
• Likely covers: security
• Assessments: None detected in remarks — confirm with the listing agent.

Listing history 32 events

1. 2026-06-21
   days on market $279,000 Active 130 DOM
2. 2026-06-18
   days on market $279,000 Active 127 DOM
3. 2026-06-17
   days on market $279,000 Active 126 DOM
4. 2026-06-16
   days on market $279,000 Active 125 DOM
5. 2026-06-15
   days on market $279,000 Active 124 DOM
6. 2026-06-14
   days on market $279,000 Active 122 DOM
7. 2026-06-13
   days on market $279,000 Active 121 DOM
8. 2026-06-10
   days on market $279,000 Active 119 DOM
9. 2026-06-09
   days on market $279,000 Active 118 DOM
10. 2026-06-08
    days on market $279,000 Active 117 DOM
11. 2026-06-07
    days on market $279,000 Active 116 DOM
12. 2026-06-05
    days on market $279,000 Active 113 DOM
13. 2026-06-03
    days on market $279,000 Active 112 DOM
14. 2026-06-02
    days on market $279,000 Active 111 DOM
15. 2026-06-01
    days on market $279,000 Active 110 DOM
16. 2026-05-31
    pricedays on market $279,000 Active 109 DOM
17. 2026-04-21
    price $289,000 835-char remark

    Show marketing remark (835 chars)

    Coastal design and nicely updated this 2nd floor villa has some beautiful upgrades and pretty ocean views. Floors throughout are tile that look like wood. Kitchen is fully equipped & has updated cabinetry, nice appliances, quartz counters, cute tile backsplash and a butcher block island for added storage. Bathroom is completely redone with newer vanity, lighting and tiled walk in shower. Bedroom has private entry into bath and has it's own TV. Bunks in the hall for the younger guests and a sleeper sofa for extra adults. You can't beat the location too as your are steps from the beach and all of the amenities this resort has to offer. Restaurants, seasonal beach bar, 24/7 security, on site bike rentals, fitness, laundry, and so much more. This is TURN KEY so nothing to do but relax and enjoy just in time for Spring!

18. 2026-02-11
    listed $295,000 Active 835-char remark

    Show marketing remark (835 chars)

    Coastal design and nicely updated this 2nd floor villa has some beautiful upgrades and pretty ocean views. Floors throughout are tile that look like wood. Kitchen is fully equipped & has updated cabinetry, nice appliances, quartz counters, cute tile backsplash and a butcher block island for added storage. Bathroom is completely redone with newer vanity, lighting and tiled walk in shower. Bedroom has private entry into bath and has it's own TV. Bunks in the hall for the younger guests and a sleeper sofa for extra adults. You can't beat the location too as your are steps from the beach and all of the amenities this resort has to offer. Restaurants, seasonal beach bar, 24/7 security, on site bike rentals, fitness, laundry, and so much more. This is TURN KEY so nothing to do but relax and enjoy just in time for Spring!

19. 2020-08-03
    soldstatus $194,000 588-char remark

    Show marketing remark (588 chars)

    Folks, this villa was taken back to the studs in 2016 with new plumbing, wiring, sheet rock, flooring, paint, new kitchen, new bath with tiled step in shower, new interior doors. . you name it ! The floors are easy to clean ceramic tile plank . You can get a peek at the Atlantic as you relax on the deck. Take advantage of the awesome amenities including the oceanfront pool, tennis, playground, catch & release lagoon, bike rental, tiki bar at the beach, restaurant and sports bar in the Convention Center and the best amenity. .. The Atlantic at your doorstep. 24 hour security.

20. 2020-08-03
    soldstatus $194,000

    Show marketing remark (588 chars)

    Folks, this villa was taken back to the studs in 2016 with new plumbing, wiring, sheet rock, flooring, paint, new kitchen, new bath with tiled step in shower, new interior doors. . you name it ! The floors are easy to clean ceramic tile plank . You can get a peek at the Atlantic as you relax on the deck. Take advantage of the awesome amenities including the oceanfront pool, tennis, playground, catch & release lagoon, bike rental, tiki bar at the beach, restaurant and sports bar in the Convention Center and the best amenity. .. The Atlantic at your doorstep. 24 hour security.

21. 2020-06-11
    listed $199,000 588-char remark

    Show marketing remark (588 chars)

    Folks, this villa was taken back to the studs in 2016 with new plumbing, wiring, sheet rock, flooring, paint, new kitchen, new bath with tiled step in shower, new interior doors. . you name it ! The floors are easy to clean ceramic tile plank . You can get a peek at the Atlantic as you relax on the deck. Take advantage of the awesome amenities including the oceanfront pool, tennis, playground, catch & release lagoon, bike rental, tiki bar at the beach, restaurant and sports bar in the Convention Center and the best amenity. .. The Atlantic at your doorstep. 24 hour security.

22. 2016-08-31
    soldstatus $94,000
23. 2016-08-30
    soldstatus $94,000
24. 2015-12-15
    listed $99,000
25. 2006-07-27
    soldstatus $209,000
26. 2006-07-25
    soldstatus $209,000
27. 2006-02-17
    listed $229,900
28. 2004-01-05
    soldstatus $98,500
29. 2002-04-12
    soldstatus $83,000
30. 1999-04-15
    soldstatus $68,000
31. 1995-08-30
    soldstatus $42,500
32. 1981-03-01
    soldstatus $55,900

ⓘ 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: $3,462 · $289/mo
• Projected year-2 tax: $3,462 · $289/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: $27,766
• − Mortgage interest: −$15,628
• − Property taxes: −$3,462
• − Insurance: −$1,395
• − Repairs & maintenance: −$2,221
• − Management: −$2,221
• − HOA: −$6,348
• − Depreciation: −$8,116
• Taxable loss: −$11,627
• Est. tax savings @ 24.0%: +$2,790
• After-tax cash flow: $-4,037/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

+417.0% since first listed

16 events — show timeline

• 2026-04-21 Price Changed $289,000 LRMLS
• 2026-02-11 Listed $295,000 LRMLS
• 2020-08-03 Sold (Public Records) $194,000 Public Records
• 2020-08-03 Sold (MLS) $194,000 RSMLS
• 2020-06-11 Listed $199,000 RSMLS
• 2016-08-31 Sold (Public Records) $94,000 Public Records
• 2016-08-30 Sold (MLS) $94,000 RSMLS
• 2015-12-15 Listed $99,000 RSMLS
• 2006-07-27 Sold (Public Records) $209,000 Public Records
• 2006-07-25 Sold (MLS) $209,000 RSMLS
• 2006-02-17 Listed $229,900 RSMLS
• 2004-01-05 Sold (Public Records) $98,500 Public Records
• 2002-04-12 Sold (Public Records) $83,000 Public Records
• 1999-04-15 Sold (Public Records) $68,000 Public Records
• 1995-08-30 Sold (Public Records) $42,500 Public Records
• 1981-03-01 Sold (Public Records) $55,900 Public Records

Property tax history

+11.7%/yr

Latest (2024): $3,462 · +0.4% YoY. Source: county tax records.