897 Fording Island Rd #1102

Bluffton, SC 29910

$169,900D

1 bd · 1.0 ba · 738 sqft · Built 1997 · Condo · Active · 132 DOM

Cashflow @ list (25.0% down · 7.5%)

• Estimated rent: $1,532/mo
• Mortgage (P&I): −$891
• Tax + insurance: −$283
• HOA: −$247
• Vac / Maint / Mgmt: −$322
• Net cashflow: $-211/mo
• Annual: $-2,528/yr
• Cap rate: 4.81%
• Cash-on-cash: -5.31%
• DSCR: 0.76
• 1% rule: 0.90%
• Cash to close: $47,572

Investor read

• This is a 1-bed/1.0-bath condo listed at $170k. Condition is rated good.
• At list price, monthly cash flow is $-211 ($-3k/yr) — negative.
• To cash-flow at today's rent, offer at most $139k (17.9% below list).
• To meet the 1% rule (rent ≥ 1% of price), the offer needs to be $153k (9.8% below list).
• It's been on market 132 days — a 12% lower offer ($150k) is reasonable based on typical stale-listing flexibility.
• Recommended offer: $139k (17.9% below list) — sets the bar for cash-flow.
• 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); 1079 active listings in the ZIP; 9 comparable units currently listed for rent nearby; rentals leasing fast (median 4d on market — plan ~1-2 weeks tenant-placement turnaround); 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.
• Cap rate 4.8% vs local median 3.1% 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 132 days. Have you received any prior offers? Is the seller open to a 18% 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?