113 Shipyard Dr #198 · Hilton Head Island, SC 29928

$419,900

1 bd · 1.5 ba · 1,215 sqft · Condo public records · 110 Days on market

Built 1980 $346/sqft · 32% below area Est $614k · 32% under ↓ 10% since listing

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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).

• ARV discount +15.0/15.0
• Appreciation +6.6/10.0
• Schools +4.1/10.0
• Rent growth +3.3/5.0
• Livability +3.2/5.0
• Cash flow +2.7/30.0
• Condition / age +2.5/5.0
• 1% rule +1.2/10.0
• DSCR +0.0/10.0

Listing remarks MLS

Motivatеd Sеller! Grеаt rental prοрerty, second home, or prіmаry oasis! Short walk to private beach! Turnkey and move in ready! Welcome to Unit 198 The Greens Villas in the gated Shipyard community of Hilton Head Island. This furnished 1BR/1.5BA multi-level townhouse offers 1,215 heated sq ft with golf and landscape views. The kitchen has granite countertops and updated appliances. Features include cathedral ceilings, luxury vinyl plank flooring, spacious living and dining areas, and a private patio. Enjoy The Greens community pool plus Shipyard amenities including golf, tennis, leisure trails, and 24-hour security. Ideal as a primary residence, vacation getaway, or investment property.

Key facts

• Gated community
• Golf views
• Updated appliances

Tags

• GATED COMMUNITY
• GOLF VIEWS
• LANDSCAPE VIEWS
• GRANITE COUNTERTOPS
• UPDATED APPLIANCES
• CATHEDRAL CEILINGS

What this means for you Summary

Snapshot

• This is a 1-bed/1.5-bath condo listed at $420k.

Deal economics

• At list price, monthly cash flow is $-1k ($-18k/yr) — negative.
• To cash-flow at today's rent, offer at most $293k (30.1% below list).
• To meet the 1% rule (rent ≥ 1% of price), the offer needs to be $259k (38.3% below list).
• Recommended offer: $259k (38.3% below list) — sets the bar for 1% rule.
• Cap rate 2.2% vs local median 2.9% in Hilton Head Island — below-typical yield; the buyer is paying a premium for something (appreciation thesis, condition, location) that the cap rate doesn't capture.

Location & tenants

• Location reads 64/100 on livability (#157 in SC) — a middle-class / working-renter tenant base. Strengths: employment A+, crime A-; Watch: amenities F, commute F, cost of living F.
• 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: Hilton Head Island Elementary (math 50% / reading 49%, grade D, #168 of 597 statewide, top 31%, 709 students, 56% FRL); Hilton Head Island Middle (math 33% / reading 42%, grade F, #90 of 229 statewide, top 42%, 856 students, 52% FRL); Hilton Head Island High (math 70% / reading 82%, grade A-, #34 of 196 statewide, top 17%, 1,345 students, 40% FRL) — zoned schools at 49% FRL track the district average.
• Market conditions: Rents rising (+3.2%/yr); 846 active listings in the ZIP; 4 comparable units currently listed for rent nearby; rentals at typical pace (median 15d on market — plan ~3-4 weeks tenant-placement turnaround); solid renter incomes; 1,824 units permitted in Beaufort County in 2024 (618 in 5+ unit buildings).

Forward outlook

• In year one you build about $16k of equity ($3k loan paydown + $13k appreciation (3.2% local appreciation)).
• Beaufort County population projected at +30% by 2050 — long-run rental-demand tailwind backs the buy-and-hold thesis.
• By year 3, paydown + projected appreciation supports a ~$41k cash-out refi (75% LTV) — recoverable capital for the next deal without selling this one.

Negotiation context

• It's been on market 110 days — a 9% lower offer ($382k) is reasonable based on typical stale-listing flexibility.
• 6 sale attempts since 18y ago; this cycle's ask has dropped $29k (6%) from the opening price — seller is motivated, your offer sets the floor, not the list.
• Current owner paid $220k; list at $420k implies a 91% gain — meaningful room to come down on a strong offer.

Risks & watch-outs

• Watch-outs: flood insurance adds $66/mo; HOA is 30% of rent.
• Climate carrying-cost: major flood risk; 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.

Recommended offer $259,155 (38.3% below list)

Questions for the listing agent

1. 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?
2. It's been on market 110 days. Have you received any prior offers? Is the seller open to a 38% concession, seller financing, or rate buy-down credit?
3. What's the actual annual flood-insurance premium (NFIP or private), and is the property in a SFHA with mandatory coverage?
4. What does the HOA fee cover, when was the last increase, and are there any pending special assessments or reserve-fund shortfalls?
5. 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?
6. Why hasn't it sold? Are there any deal-killer items the seller is aware of (foundation, flood, title, zoning, code violations)?
7. Is there a deadline driving the sale (1031 exchange, divorce, estate, relocation)? That informs how much negotiation room exists.
8. 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?
9. 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?
10. 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.
11. 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.
12. 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: 0.62% ✗
• Cap rate: 2.24%
• Cash-on-cash: -14.46%
• DSCR: 0.36
• GRM: 13.5

CMA / ARV

• ARV (median comp): $614,280
• List price: $419,900
• Delta: -31.64%
• Verdict: UNDERPRICED
• Comps: 20 within 1.0 mi

Projected returns pro-forma

3.21% appreciation · 3.23% rent growth · sell at horizon

5-year hold

• IRR: -5.5%
• Equity multiple: 0.68×
• Total profit: $-38,211
• Equity at exit: $193,728

10-year hold

• IRR: -0.4%
• Equity multiple: 0.93×
• Total profit: $-7,840
• Equity at exit: $302,443

Cash invested: $117,572 (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 29928

• Home prices YoY: 1.3%
• Rents YoY: 3.2%
• Active inventory: 846
• Price-to-rent: 13.5×

Monthly cashflow live

• Estimated rent: $2,592 medium
• Mortgage (P&I): −$2,202
• Tax from tax record: −$320 /mo · $3,838/yr
• Insurance: −$175
• Flood insurance flood zone: −$66 /mo · $798/yr
• HOA est. from 2 same-building comps: −$767
• Vacancy / Maint / Mgmt: −$544
• Net cashflow: $-1,483

Break-even live

Break-even rent $4,469

Max offer price $157,937

Occupancy floor —

Sensitivity live

Price	-10% $-1,245	-5% $-1,364	+0% $-1,483	+5% $-1,602	+10% $-1,721
Rent	-10% $-1,688	-5% $-1,585	+0% $-1,483	+5% $-1,381	+10% $-1,278
Rate	-1.0pp $-1,271	-0.5pp $-1,376	base $-1,483	+0.5pp $-1,592	+1.0pp $-1,702

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: $104,975
• Closing costs: $12,597
• Reserves months: —
• Total cash needed: —

Rent comps 4 comps

Address	Beds	Baths	Sqft	Rent	$/sqft	DOM	Units	Dist
77 Ocean Ln Unit 1316255P Hilton Head Island, SC	2.0	2.0	1162	$6,002	$5.17	15d	1	0.61mi
21 Lagoon Rd Unit 1508866P Hilton Head Island, SC	2.0	2.0	742	$2,687	$3.62	15d	1	1.03mi
10 N Forest Beach Dr Unit 1470517P Hilton Head Island, SC	2.0	2.0	1323	$5,684	$4.30	23d	1	1.15mi
36 Deallyon Ave Unit 1498585P Hilton Head Island, SC	2.0	2.5	990	$2,706	$2.73	15d	1	1.44mi

HOA detail condo

• Monthly dues: $0 · $0/yr
• Likely covers: poolsecurity
• Assessments: None detected in remarks — confirm with the listing agent.

Listing history 32 events

1. 2026-06-21
   days on market $419,900 Active 110 DOM
2. 2026-06-18
   days on market $419,900 Active 107 DOM
3. 2026-06-17
   price $419,900 Active 106 DOM
4. 2026-06-17
   days on market $424,900 Active 106 DOM
5. 2026-06-16
   days on market $424,900 Active 105 DOM
6. 2026-06-15
   days on market $424,900 Active 104 DOM
7. 2026-06-14
   days on market $424,900 Active 102 DOM
8. 2026-06-13
   days on market $424,900 Active 101 DOM
9. 2026-06-10
   days on market $424,900 Active 99 DOM
10. 2026-06-09
    days on market $424,900 Active 98 DOM
11. 2026-06-08
    days on market $424,900 Active 97 DOM
12. 2026-06-07
    days on market $424,900 Active 96 DOM
13. 2026-06-05
    days on market $424,900 Active 93 DOM
14. 2026-06-03
    days on market $424,900 Active 92 DOM
15. 2026-06-02
    days on market $424,900 Active 91 DOM
16. 2026-06-01
    days on market $424,900 Active 90 DOM
17. 2026-05-31
    days on market $424,900 Active 89 DOM
18. 2026-05-12
    price $444,000 703-char remark

    Show marketing remark (662 chars)

    Less than a 5-minute walk to the beach! Your personal oasis awaits! Turnkey and move in ready! Welcome to Unit 198 The Greens Villas in the gated Shipyard community of Hilton Head Island. This furnished 1BR/1.5BA multi-level townhouse offers 1,215 heated sq ft with golf and landscape views. The kitchen has granite countertops and updated appliances. Features include cathedral ceilings, luxury vinyl plank flooring, spacious living and dining areas, and a private patio. Enjoy The Greens community pool plus Shipyard amenities including golf, tennis, leisure trails, and 24-hour security. Ideal as a primary residence, vacation getaway, or investment property.

19. 2026-05-12
    price $444,000 662-char remark

    Show marketing remark (662 chars)

    Less than a 5-minute walk to the beach! Your personal oasis awaits! Turnkey and move in ready! Welcome to Unit 198 The Greens Villas in the gated Shipyard community of Hilton Head Island. This furnished 1BR/1.5BA multi-level townhouse offers 1,215 heated sq ft with golf and landscape views. The kitchen has granite countertops and updated appliances. Features include cathedral ceilings, luxury vinyl plank flooring, spacious living and dining areas, and a private patio. Enjoy The Greens community pool plus Shipyard amenities including golf, tennis, leisure trails, and 24-hour security. Ideal as a primary residence, vacation getaway, or investment property.

20. 2026-03-03
    listed $449,000 Active 703-char remark

    Show marketing remark (662 chars)

    Less than a 5-minute walk to the beach! Your personal oasis awaits! Turnkey and move in ready! Welcome to Unit 198 The Greens Villas in the gated Shipyard community of Hilton Head Island. This furnished 1BR/1.5BA multi-level townhouse offers 1,215 heated sq ft with golf and landscape views. The kitchen has granite countertops and updated appliances. Features include cathedral ceilings, luxury vinyl plank flooring, spacious living and dining areas, and a private patio. Enjoy The Greens community pool plus Shipyard amenities including golf, tennis, leisure trails, and 24-hour security. Ideal as a primary residence, vacation getaway, or investment property.

21. 2026-03-03
    listed $449,000 Active 662-char remark

    Show marketing remark (662 chars)

    Less than a 5-minute walk to the beach! Your personal oasis awaits! Turnkey and move in ready! Welcome to Unit 198 The Greens Villas in the gated Shipyard community of Hilton Head Island. This furnished 1BR/1.5BA multi-level townhouse offers 1,215 heated sq ft with golf and landscape views. The kitchen has granite countertops and updated appliances. Features include cathedral ceilings, luxury vinyl plank flooring, spacious living and dining areas, and a private patio. Enjoy The Greens community pool plus Shipyard amenities including golf, tennis, leisure trails, and 24-hour security. Ideal as a primary residence, vacation getaway, or investment property.

22. 2025-10-13
    listed $449,000 Active
23. 2018-12-03
    soldstatus $220,000
24. 2018-11-30
    soldstatus $220,000
25. 2018-06-11
    listed $229,900
26. 2011-05-26
    listed $199,000
27. 2008-05-27
    listed $299,500
28. 1996-11-25
    soldstatus $89,000
29. 1993-05-19
    soldstatus $72,000
30. 1986-06-01
    soldstatus $104,500
31. 1981-03-01
    soldstatus $69,500
32. 1980-12-01
    soldstatus $492,885

ⓘ 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: $3,838 · $320/mo
• Projected year-2 tax: $3,838 · $320/mo
• Expected delta: $0/yr ($0/mo · 0.0%)

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

Climate risk First Street

• 🌊 Flood 7/10 Severe FEMA zone X (shaded) · 77% chance over 30 yrs
• 🔥 Wildfire 1/10 Low
• 🌡 Heat 10/10 Extreme 7 d/yr ≥106°F today · 19 d/yr by 30 yrs out
• 💨 Wind 9/10 Extreme 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: $31,099
• − Mortgage interest: −$23,521
• − Property taxes: −$3,838
• − Insurance: −$2,897
• − Repairs & maintenance: −$2,488
• − Management: −$2,488
• − HOA: −$9,204
• − Depreciation: −$12,215
• Taxable loss: −$25,552
• Est. tax savings @ 24.0%: +$6,133
• After-tax cash flow: $-11,662/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: Beaufort 01
• NCES district ID: 4501110
• Math proficiency: 42% ▼ -8.00%
• Reading proficiency: 51% ▲ 2.00%
• Median HH income: $57,430
• Composite: 40.56/100
• National rank: #3699
• State rank: #17 of 80 in SC

Livability — Hilton Head Island

• Score: 64/100
• State rank: #157
• US rank: #14648

Category grades

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

Schools grade is shown separately in the Schools card above.

Census & demographics

• Census place: Hilton Head Island, SC
• County: Beaufort County · 163,770 people
• City population: 40,243
• Metro: Hilton Head Island-Bluffton, SC
• Population (ZIP): 15,785
• Household income: $97,576
• Rent vs Own: 16.7% rent · 83.3% own
• Severe rent burden: 216.0

Population outlook (Beaufort County) Hauer SSP2

• Today (2025): 211,915 people
• By 2030: 227,272 · +7.2%
• By 2040: 253,861 · +19.8%
• By 2050: 275,126 · +29.8%
• By 2075: 311,022 · +46.8%
• By 2100: 321,286 · +51.6%

Race, ethnicity, and origin ACS 2023

• Neighborhood character: Predominantly White (87%)
• Race & ethnicity: White 87% Hispanic / Latino 6% Two or more races 2% Black 2% Asian 1%
• Hispanic origin (detail): Mexican 3%
• Common ancestry: Lithuanian 4% Slovak 4% Romanian 4%
• Foreign-born: 9% · Canada, China
• Languages at home: 91% English-only · Spanish 5% French/Haitian/Cajun 1% Chinese 1%

Political lean MEDSL · Beaufort

• 2024 margin: R (+14.5) · D 42.1% · R 56.6% · Other 1.2%
• 2008→2024 swing: -3.7pp toward R · 2008: -10.8pp · 2024: -14.5pp
• All cycles: 2024: R+14.5 2020: R+10.0 2016: R+14.3 2012: R+17.5 2008: R+10.8

Not yet ingested

• Civics: —

Market trends

• HPI YoY: ▲ 3.21%
• Current HPI: 243.4136
• Rent YoY: ▲ 3.23%
• Metro: Hilton Head Island-Bluffton, 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

-9.9% since first listed

15 events — show timeline

• 2026-05-12 Price Changed $444,000 RSMLS
• 2026-05-12 Price Changed $444,000 LRMLS
• 2026-03-03 Listed $449,000 RSMLS
• 2026-03-03 Listed $449,000 LRMLS
• 2025-10-13 Listed $449,000 RSMLS
• 2018-12-03 Sold (Public Records) $220,000 Public Records
• 2018-11-30 Sold (MLS) $220,000 RSMLS
• 2018-06-11 Listed $229,900 RSMLS
• 2011-05-26 Listed $199,000 RSMLS
• 2008-05-27 Listed $299,500 RSMLS
• 1996-11-25 Sold (Public Records) $89,000 Public Records
• 1993-05-19 Sold (Public Records) $72,000 Public Records
• 1986-06-01 Sold (Public Records) $104,500 Public Records
• 1981-03-01 Sold (Public Records) $69,500 Public Records
• 1980-12-01 Sold (Public Records) $492,885 Public Records

Property tax history

+3.6%/yr

Latest (2025): $3,838 · +1.1% YoY. Source: county tax records.