410 Yacht Harbor Ct #410

Isle of Palms, SC 29451

$299,000B+

3 bd · 3.0 ba · 2,020 sqft · Built 1986 · Condo · Active · 121 DOM

Cashflow @ list (25.0% down · 7.5%)

• Estimated rent: $9,502/mo
• Mortgage (P&I): −$1,568
• Tax + insurance: −$1,116
• HOA: −$2,086
• Vac / Maint / Mgmt: −$1,995
• Net cashflow: $2,737/mo
• Annual: $32,841/yr
• Cap rate: 18.99%
• Cash-on-cash: 45.34%
• DSCR: 3.02
• 1% rule: 3.18%
• Cash to close: $83,720

Investor read

• This is a 3-bed/3.0-bath condo listed at $299k.
• At list price, monthly cash flow is $3k ($33k/yr) — positive.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($10k rent vs $299k).
• It's been on market 121 days — a 12% lower offer ($263k) is reasonable based on typical stale-listing flexibility.
• Recommended offer: $263k (12.0% below list) — sets the bar for market timing.
• In year one you build about $23k of equity ($2k loan paydown + $20k appreciation (6.8% local appreciation)).
• Location reads 61/100 on livability (#217 in SC) — a middle-class / working-renter tenant base. Strengths: employment A+, crime A-; Watch: housing C-, amenities F, commute F.
• Charleston 01 (urban): math 48% / reading 53% proficiency, ranked #7 of 80 in SC (top 9%) — acceptable for families but not a draw, mixed tenant base, ~2y average lease.
• Zoned schools: Sullivan'S Island Elementary (math 88% / reading 81%, grade A+, #2 of 597 statewide, top 0%, 475 students, 9% FRL); Moultrie Middle (math 68% / reading 74%, grade A, #6 of 229 statewide, top 2%, 1,119 students, 22% FRL); Lucy Garrett Beckham High (math 78%, 1,673 students, 20% FRL) — zoned schools average 17% FRL vs 44% district-wide (27 pts lower); this property's tenant base skews higher-income than the district average.
• Zoned-school proficiency averages 78% at this address vs 50% district-wide (+27 pts) — the actual schools serving this property are materially stronger than the Charleston 01 average implies; a family-tenant draw the district grade alone would hide.
• Watch-outs: flood insurance adds $427/mo; HOA is 22% of rent.
• Market conditions: 121 active listings in the ZIP; 2 comparable units currently listed for rent nearby; high-income renter base; 4,156 units permitted in Charleston County in 2024 (857 in 5+ unit buildings).
• Charleston County population projected at +44% by 2050 — long-run rental-demand tailwind backs the buy-and-hold thesis.
• Current owner paid $120k; list at $299k implies a 149% gain — meaningful room to come down on a strong offer.
• At projected returns (6.8% appreciation + 3.0% rent growth), your $84k cash investment doubles in ~2 years — after that, you're playing with house money.
• By year 2, paydown + projected appreciation supports a ~$36k cash-out refi (75% LTV) — recoverable capital for the next deal without selling this one.
• Climate carrying-cost: in FEMA flood zone AE (mandatory federal flood insurance); severe wind risk, 99% chance of damaging wind over 30y; extreme-heat days projected 7→19/yr by 2055 (HVAC capex compounding) — expect insurance premiums to compound above CPI over the hold.

Questions for listing agent

• It's been on market 121 days. Have you received any prior offers? Is the seller open to a 12% concession, seller financing, or rate buy-down credit?
• What's the actual annual flood-insurance premium (NFIP or private), and is the property in a SFHA with mandatory coverage?
• 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.
• 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.
• 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.