1289 Abbey Glen Way #1289

Hardeeville, SC 29927

$279,000D-

2 bd · 2.0 ba · 1,325 sqft · Built 2008 · Condo · Pending · 40 DOM

Cashflow @ list (25.0% down · 7.5%)

• Estimated rent: $2,184/mo
• Mortgage (P&I): −$1,463
• Tax + insurance: −$465
• HOA: −$321
• Vac / Maint / Mgmt: −$459
• Net cashflow: $-524/mo
• Annual: $-6,286/yr
• Cap rate: 4.04%
• Cash-on-cash: -8.05%
• DSCR: 0.64
• 1% rule: 0.78%
• Cash to close: $78,120

Investor read

• This is a 2-bed/2.0-bath condo listed at $279k.
• At list price, monthly cash flow is $-524 ($-6k/yr) — negative.
• To cash-flow at today's rent, offer at most $250k (10.5% below list).
• To meet the 1% rule (rent ≥ 1% of price), the offer needs to be $218k (21.7% below list).
• It's been on market 40 days — a 3% lower offer ($271k) is reasonable based on typical stale-listing flexibility.
• Recommended offer: $218k (21.7% below list) — sets the bar for 1% rule.
• In year one you build about $30k of equity ($2k loan paydown + $28k appreciation (10.0% local appreciation)).
• Location reads 65/100 on livability (#136 in SC) — a middle-class / working-renter tenant base. Strengths: health & safety A+, crime B+, housing B+; Watch: amenities F, commute F, cost of living F.
• Jasper 01 (rural): math 12% / reading 22% proficiency, ranked #77 of 80 in SC (top 96%) — low school quality limits family demand, transient renter base, plan for 1-2y turnover; 78% free/reduced lunch — lower-income household profile, screen leases tightly.
• Zoned schools: Hardeeville Elementary (math 9% / reading 13%, grade F, #581 of 597 statewide, top 97%, 610 students, 100% FRL); Hardeeville-Ridgeland Middle (math 8% / reading 17%); Ridgeland Secondary Academy of Excellence (math 17% / reading 57%, grade F, #183 of 196 statewide, top 94%, 639 students, 100% FRL) — zoned schools average 100% FRL vs 78% district-wide (22 pts higher); higher-poverty schools than district average — tighter screening recommended.
• Market conditions: Rents soft (-1.7%/yr); 504 active listings in the ZIP; 13 comparable units currently listed for rent nearby; rentals at typical pace (median 16d on market — plan ~3-4 weeks tenant-placement turnaround); 1,385 units permitted in Jasper County in 2024 (0 in 5+ unit buildings).
• Jasper County population projected at +46% by 2050 — long-run rental-demand tailwind backs the buy-and-hold thesis.
• 3 sale attempts since 8y ago; this cycle's ask has dropped $21k (7%) from the opening price — seller is motivated, your offer sets the floor, not the list.
• By year 2, paydown + projected appreciation supports a ~$48k cash-out refi (75% LTV) — recoverable capital for the next deal without selling this one.
• Climate carrying-cost: severe wind risk, 99% chance of damaging wind over 30y; extreme-heat days projected 7→18/yr by 2055 (HVAC capex compounding) — expect insurance premiums to compound above CPI over the hold.
• This rent runs 36% of the median local income ($73k/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 40 days. Have you received any prior offers? Is the seller open to a 22% 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?
• Is there a deadline driving the sale (1031 exchange, divorce, estate, relocation)? That informs how much negotiation room exists.
• Schools are F-rated, which usually means shorter tenancies and higher turnover. Who's the typical renter profile here, and what's been the actual vacancy rate?
• 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?
• 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.