605 Waterwood Dr · Hanahan, SC 29445

$160,000

2 bd · 2.0 ba · 1,148 sqft · Condo public records · 51 Days on market

Built 1985 $255/mo HOA · 15% 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).

• Cash flow +17.7/30.0
• ARV discount +7.5/15.0
• 1% rule +5.5/10.0
• DSCR +5.5/10.0
• Rent growth +3.6/5.0
• Schools +3.6/10.0
• Livability +3.6/5.0
• Condition / age +2.5/5.0
• Appreciation +0.0/10.0

Listing remarks

Welcome to 605 Waterwood Drive, a beautifully maintained condo nestled in the sought-after Greenslake Condominiums community in Goose Creek. This move-in ready 2-bedroom, 2-bathroom home offers a perfect blend of comfort, convenience, and low-maintenance living that's suited for a wide range of lifestyles. Freshly painted throughout, the home welcomes you with a bright, clean feel and an open layout filled with natural light. The seamless flow between the living and dining areas creates an inviting space for both everyday living and entertaining, while the kitchen offers ample cabinet and counter space for easy functionality. The spacious primary suite serves as a relaxing retreat with its

Key facts

• Pond views
• Private porches
• Neighborhood pool

Tags

• PRIVATE PORCHES
• POND VIEWS
• NEIGHBORHOOD POOL
• SCENIC WALKING TRAILS

Property features AI

Finance

• HOA & community: Monthly association fee of $255

Exterior

• Parking: Off-street parking
• Utilities: Public sewer; Charleston Water Service; Dominion Energy; BCW & SA
• Home design: Residential single-family attached (condominium); One story
• Construction: Condominium structure
• Exterior features: Architectural roof; Community pool; Trash service; Walk/jog trails; Lot under 0.5 acre

Interior

• Kitchen: Dishwasher; Electric range; Refrigerator
• Bedrooms: 2 bedrooms; Master bedroom with ceiling fan
• Flooring: Carpet; Other flooring
• Bathrooms: 2 bathrooms
• Heating & cooling: Central air conditioning; Electric heating
• Interior features: Smooth ceilings; Ceiling fans; Living/dining combo; One fireplace in the living room
• Laundry & utility: Laundry room with washer hookup and electric dryer hookup

What this means for you Summary

Snapshot

• This is a 2-bed/2.0-bath condo listed at $160k.

Deal economics

• At list price, monthly cash flow is $129 ($2k/yr) — positive.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($2k rent vs $160k).
• Recommended offer: $155k (3.0% below list) — sets the bar for market timing.
• Cap rate 7.3% vs local median 3.6% in Hanahan — 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 72/100 on livability (#45 in SC) — a middle-class / working-renter tenant base. Strengths: housing A+, employment A-, health & safety A-; Watch: amenities F, commute F.
• Berkeley 01 (suburban): math 35% / reading 48% proficiency, ranked #30 of 80 in SC (top 38%) — families likely to look elsewhere, expect single-tenant / working-renter base with shorter leases.
• Zoned schools: Bowen'S Corner Elementary (math 52% / reading 53%, grade C-, #143 of 597 statewide, top 24%, 779 students, 27% FRL); Sedgefield Middle (math 13% / reading 26%, grade F, #182 of 229 statewide, top 80%, 986 students, 100% FRL); Goose Creek High (math 33% / reading 68%, grade D+, #150 of 196 statewide, top 76%, 1,981 students, 52% FRL).
• Market conditions: Rents rising fast (+4.5%/yr); 267 active listings in the ZIP; 8 comparable units currently listed for rent nearby; rentals at typical pace (median 24d on market — plan ~3-4 weeks tenant-placement turnaround); solid renter incomes; 3,183 units permitted in Berkeley County in 2024 (580 in 5+ unit buildings).

Forward outlook

• 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.
• Berkeley County population projected at +48% by 2050 — long-run rental-demand tailwind backs the buy-and-hold thesis.

Negotiation context

• It's been on market 51 days — a 3% lower offer ($155k) is reasonable based on typical stale-listing flexibility.
• 4 sale attempts since 8y ago 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.
• Current owner paid $110k; 45% above their basis — modest negotiation headroom, anchor on the comps not their cost.

Risks & watch-outs

• Climate carrying-cost: severe wind risk, 99% chance of damaging wind over 30y; extreme-heat days projected 7→17/yr by 2055 (HVAC capex compounding) — expect insurance premiums to compound above CPI over the hold.

Recommended offer $155,200 (3.0% below list)

Questions for the listing agent

1. It's been on market 51 days. Have you received any prior offers? Is the seller open to a 3% concession, seller financing, or rate buy-down credit?
2. What does the HOA fee cover, when was the last increase, and are there any pending special assessments or reserve-fund shortfalls?
3. 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?
4. Is there a deadline driving the sale (1031 exchange, divorce, estate, relocation)? That informs how much negotiation room exists.
5. 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?
6. 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.
7. 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.
8. 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: 1.05% ✓
• Cap rate: 7.26%
• Cash-on-cash: 3.44%
• DSCR: 1.15
• GRM: 7.9

CMA / ARV

No comps found within radius.

Projected returns pro-forma

-3.0% appreciation · 4.52% rent growth · sell at horizon

5-year hold

• IRR: -9.0%
• Equity multiple: 0.66×
• Total profit: $-15,038
• Equity at exit: $23,857

10-year hold

• IRR: 2.6%
• Equity multiple: 1.20×
• Total profit: $8,873
• Equity at exit: $13,834

Cash invested: $44,800 (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 29445

• Home prices YoY: -18.0%
• Rents YoY: 4.5%
• Active inventory: 267
• Price-to-rent: 7.9×

Monthly cashflow live

• Estimated rent: $1,686 high
• Mortgage (P&I): −$839
• Tax from tax record: −$43 /mo · $514/yr
• Insurance: −$67
• HOA: −$255
• Vacancy / Maint / Mgmt: −$354
• Net cashflow: $129

Break-even live

Break-even rent $1,524

Max offer price $160,000

Occupancy floor 87%

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: $40,000
• Closing costs: $4,800
• Reserves months: —
• Total cash needed: —

Rent comps 8 comps

Address	Beds	Baths	Sqft	Rent	$/sqft	DOM	Units	Dist
100 Swift Blvd Goose Creek, SC	1.0–3.0	1.0–2.0	1015	$1,485	$1.46	3d	1	0.19mi
5055 Harbour Lake Dr Goose Creek, SC	2.0	1.0	877	$1,425	$1.62	23d	1	0.64mi
3000 Harbour Lake Dr Goose Creek, SC	2.0	1.0	962	$1,548	$1.61	3d	56	0.72mi
4255 Harbour Lake Dr Goose Creek, SC	2.0	2.0	950	$1,425	$1.50	23d	1	0.73mi
120 S Cranford Rd Goose Creek, SC	2.0	1.5–2.0	1059	$1,610	$1.52	2d	6	0.79mi
1841 Sundancer Ln Goose Creek, SC	3.0	2.0	1204	$2,200	$1.83	23d	1	0.81mi
169 Pine Shadow Dr Goose Creek, SC	3.0	2.5	1200	$1,800	$1.50	23d	1	1.08mi
1000 Channel Marker Way Hanahan, SC	1.0–3.0	1.0–2.0	960	$1,766	$1.84	2d	20	1.50mi

HOA detail condo

• Monthly dues: $255 · $3,060/yr
• Likely covers: water
• Assessments: None detected in remarks — confirm with the listing agent.

Listing history 27 events

1. 2026-06-18
   days on market $160,000 Active 51 DOM
2. 2026-06-17
   days on market $160,000 Active 50 DOM
3. 2026-06-16
   days on market $160,000 Active 49 DOM
4. 2026-06-15
   days on market $160,000 Active 48 DOM
5. 2026-06-13
   days on market $160,000 Active 46 DOM
6. 2026-06-13
   days on market $160,000 Active 45 DOM
7. 2026-06-10
   days on market $160,000 Active 43 DOM
8. 2026-06-09
   days on market $160,000 Active 42 DOM
9. 2026-06-08
   days on market $160,000 Active 41 DOM
10. 2026-06-07
    days on market $160,000 Active 40 DOM
11. 2026-06-05
    days on market $160,000 Active 37 DOM
12. 2026-06-03
    days on market $160,000 Active 36 DOM
13. 2026-06-03
    days on market $160,000 Active 35 DOM
14. 2026-06-01
    days on market $160,000 Active 34 DOM
15. 2026-05-31
    days on market $160,000 Active 33 DOM
16. 2026-04-28
    listed $162,500 Active
17. 2026-03-26
    historical
18. 2026-03-04
    price $164,000
19. 2026-01-26
    listed $165,000 Active
20. 2026-01-26
    historical
21. 2025-10-10
    listed $165,000 Active
22. 2025-08-08
    soldstatus $110,000
23. 2018-07-16
    soldstatus $68,100
24. 2018-07-12
    soldstatus $68,000 Closed
25. 2018-06-08
    status Pending
26. 2018-06-04
    listed $68,000 Active
27. 2006-04-06
    soldstatus $73,000

ⓘ 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: $514 · $43/mo
• Projected year-2 tax: $912 · $76/mo
• Expected delta: +$398/yr (+$33/mo · 77.3%)

ⓘ Screening estimate from a state-policy table — verify with the county assessor before closing.

Climate risk First Street

• 🌊 Flood 4/10 Moderate FEMA zone X (unshaded) · 24% chance over 30 yrs
• 🔥 Wildfire 3/10 Moderate
• 🌡 Heat 9/10 Extreme 7 d/yr ≥106°F today · 17 d/yr by 30 yrs out
• 💨 Wind 8/10 Severe 99% chance of damaging wind over 30 yrs
• 🫁 Air quality 2/10 Low 2 unhealthy d/yr today · 2 by 30 yrs out

Taxation est. · year 1

• Rental income: $20,234
• − Mortgage interest: −$8,962
• − Property taxes: −$514
• − Insurance: −$800
• − Repairs & maintenance: −$1,619
• − Management: −$1,619
• − HOA: −$3,060
• − Depreciation: −$4,655
• Taxable loss: −$994
• Est. tax savings @ 24.0%: +$239
• After-tax cash flow: $1,781/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: Berkeley 01
• NCES district ID: 4501170
• Math proficiency: 35% ▼ -8.00%
• Reading proficiency: 48% ▼ -2.00%
• Median HH income: $52,724
• Composite: 35.95/100
• National rank: #4799
• State rank: #30 of 80 in SC

Livability — Hanahan

• Score: 72/100
• State rank: #45
• US rank: #6201

Category grades

Amenities F Commute F Cost of living B- Crime B Employment A- Housing A+ Health & safety A- User ratings B+

Schools grade is shown separately in the Schools card above.

Census & demographics

• County: Berkeley County · 198,768 people
• City population: 21,314
• Metro: Charleston-North Charleston, SC
• Population (ZIP): 59,227
• Household income: $81,594
• Rent vs Own: 27.9% rent · 72.1% own
• Severe rent burden: 1308.0

Population outlook (Berkeley County) Hauer SSP2

• Today (2025): 254,184 people
• By 2030: 279,677 · +10.0%
• By 2040: 329,379 · +29.6%
• By 2050: 375,557 · +47.8%
• By 2075: 476,740 · +87.6%
• By 2100: 535,945 · +110.8%

Race, ethnicity, and origin ACS 2023

• Neighborhood character: Diverse neighborhood (Simpson 0.63)
• Race & ethnicity: White 55% Black 23% Hispanic / Latino 11% Two or more races 9% Asian 3%
• Hispanic origin (detail): Mexican 4% Puerto Rican 3%
• Common ancestry: Slovak 2% Lithuanian 2% Italian 1%
• Foreign-born: 9% · Canada, Jamaica, Vietnam
• Languages at home: 86% English-only · Spanish 8% Other Indo-European 2% Tagalog/Filipino 2%

Political lean MEDSL · Berkeley

• 2024 margin: R (+16.3) · D 41.1% · R 57.4% · Other 1.4%
• 2008→2024 swing: -3.2pp toward R · 2008: -13.1pp · 2024: -16.3pp
• All cycles: 2024: R+16.3 2020: R+11.7 2016: R+17.4 2012: R+18.9 2008: R+13.1

Not yet ingested

• Civics: —

Market trends

• HPI YoY: ▼ -66.40%
• Current HPI: 301.8653
• Rent YoY: ▲ 4.52%
• Metro: Charleston-North Charleston, 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

+122.6% since first listed

12 events — show timeline

• 2026-04-28 Listed $162,500 Charleston Trident MLS
• 2026-03-26 Listing Removed — Charleston Trident MLS
• 2026-03-04 Price Changed $164,000 Charleston Trident MLS
• 2026-01-26 Listing Removed — Charleston Trident MLS
• 2026-01-26 Listed $165,000 Charleston Trident MLS
• 2025-10-10 Listed $165,000 Charleston Trident MLS
• 2025-08-08 Sold (Public Records) $110,000 Public Records
• 2018-07-16 Sold (Public Records) $68,100 Public Records
• 2018-07-12 Sold (MLS) $68,000 Charleston Trident MLS
• 2018-06-08 Pending — Charleston Trident MLS
• 2018-06-04 Listed $68,000 Charleston Trident MLS
• 2006-04-06 Sold (Public Records) $73,000 Public Records

Property tax history

-4.2%/yr

Latest (2025): $514 · +6.6% YoY. Source: county tax records.