100 Kensington Blvd #620

Bluffton, SC 29910

$163,500D

1 bd · 1.0 ba · 586 sqft · Built 2000 · Condo · Active · 66 DOM

Cashflow @ list (25.0% down · 7.5%)

• Estimated rent: $1,619/mo
• Mortgage (P&I): −$857
• Tax + insurance: −$272
• HOA: −$185
• Vac / Maint / Mgmt: −$340
• Net cashflow: $-36/mo
• Annual: $-426/yr
• Cap rate: 6.03%
• Cash-on-cash: -0.93%
• DSCR: 0.96
• 1% rule: 0.99%
• Cash to close: $45,780

Investor read

• This is a 1-bed/1.0-bath condo listed at $164k. Condition is rated good.
• At list price, monthly cash flow is $-36 ($-426/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 $162k (1.0% below list).
• It's been on market 66 days — a 6% lower offer ($154k) is reasonable based on typical stale-listing flexibility.
• Recommended offer: $154k (6.0% below list) — sets the bar for market timing.
• 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.
• Location reads 68/100 on livability (#76 in SC) — a middle-class / working-renter tenant base. Strengths: crime A+, employment A+, housing A+; Watch: amenities F, commute F, cost of living D-.
• 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: Okatie Elementary (math 67% / reading 62%, grade B, #56 of 597 statewide, top 10%, 609 students, 26% FRL); Bluffton Middle (math 40% / reading 46%, grade D-, #60 of 229 statewide, top 26%, 872 students, 45% FRL); Bluffton High (math 69% / reading 85%, grade A-, #28 of 196 statewide, top 16%, 1,350 students, 38% FRL).
• Zoned-school proficiency averages 62% at this address vs 46% district-wide (+15 pts) — the actual schools serving this property are materially stronger than the Beaufort 01 average implies; a family-tenant draw the district grade alone would hide.
• Market conditions: Rents rising fast (+4.1%/yr); 761 active listings in the ZIP; 2 comparable units currently listed for rent nearby; solid renter incomes; 1,824 units permitted in Beaufort County in 2024 (618 in 5+ unit buildings).
• Beaufort County population projected at +30% by 2050 — long-run rental-demand tailwind backs the buy-and-hold thesis.
• 2 sale attempts 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.
• Cap rate 6.0% vs local median 3.2% in Bluffton — 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.

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 66 days. Have you received any prior offers? Is the seller open to a 6% concession, seller financing, or rate buy-down credit?
• 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?
• Why hasn't it sold? Are there any deal-killer items the seller is aware of (foundation, flood, title, zoning, code violations)?
• Is there a deadline driving the sale (1031 exchange, divorce, estate, relocation)? That informs how much negotiation room exists.
• 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?
• 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?