113 Shipyard Dr #161 · Hilton Head Island, SC 29928

$606,000

2 bd · 2.5 ba · 1,380 sqft · Condo public records · 38 Days on market

Built 1980 $439/sqft · 6% below area Est $642k · 6% under

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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 +10.0/15.0
• Appreciation +6.6/10.0
• Schools +4.1/10.0
• Cash flow +4.0/30.0
• Rent growth +3.3/5.0
• Livability +3.2/5.0
• Condition / age +2.5/5.0
• 1% rule +1.4/10.0
• DSCR +0.0/10.0

Listing remarks MLS

Brand new paint and carpet in this golf view town house in a superb location! This is an end unit with the wrap around deck and the extra window. Great for entertaining and plenty of outdoor space w/ courtyard, back deck and side deck too. Green villas come on the market and sell quickly b/c of their location, curb appeal, rent-ability and proximity to the Beach Club, Van Der Meer Tennis, The Sonesta and all of the leisure trails. Shipyard Plantation is a gated Ocean community w/ Beach lockers, men's and women's club and so much more!

Key facts

• Spacious back deck
• Beach lockers
• Side deck

Tags

• WRAP AROUND DECK
• PRIVATE COURTYARD
• SPACIOUS BACK DECK
• SIDE DECK
• GATED OCEAN ORIENTED COMMUNITY
• BEACH LOCKERS

Property features AI

Finance

• HOA & community: Association amenities include clubhouse, golf course, pool, guard, tennis courts, trails; Association fees cover management, common areas, cable TV, flood insurance, insurance, grounds maintenance, structure maintenance, pest control, sewer, trash, and water

Exterior

• Parking: Unassigned parking
• Security: Building security; Security gate; Smoke detectors
• Utilities: Public water
• Home design: Condo / Townhome style (multi-story); Entry foyer
• Construction: Built with wood siding; Asphalt roof
• Exterior features: Courtyard; Front porch; Rear porch; Storage; Community pool; Property has a view

Interior

• Kitchen: Dishwasher; Disposal; Microwave; Oven; Stove; Refrigerator; Eat-in kitchen
• Flooring: Carpet; Tile
• Bathrooms: 2 full bathrooms; 1 half bathroom
• Heating & cooling: Central heating (electric, heat pump); Central air conditioning (electric, heat pump)
• Interior features: Furnished; Screened windows; Attic with pull-down stairs; Wet bar; Ceiling fans; Multiple closets; New paint; Cable TV; Upper-level primary; Entrance foyer; Eat-in kitchen
• Laundry & utility: Washer; Dryer; Utility room; Laundry room

What this means for you Summary

Snapshot

• This is a 2-bed/2.5-bath condo listed at $606k.

Deal economics

• At list price, monthly cash flow is $-2k ($-21k/yr) — negative.
• To cash-flow at today's rent, offer at most $466k (23.0% below list).
• To meet the 1% rule (rent ≥ 1% of price), the offer needs to be $387k (36.2% below list).
• Recommended offer: $387k (36.2% below list) — sets the bar for 1% rule.

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.
• Market conditions: Rents rising (+3.2%/yr); 845 active listings in the ZIP; 6 comparable units currently listed for rent nearby; rentals at typical pace (median 22d 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).
• At $3,868/mo this rent would consume 48% of the median local household income ($98k/yr) (locally 216% of renters already pay >50% of income on rent) — very limited rent-growth headroom before tenants either downsize or default.

Forward outlook

• In year one you build about $24k of equity ($4k loan paydown + $19k 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 2, paydown + projected appreciation supports a ~$38k cash-out refi (75% LTV) — recoverable capital for the next deal without selling this one.

Negotiation context

• It's been on market 38 days — a 3% lower offer ($588k) is reasonable based on typical stale-listing flexibility.
• 3 sale attempts since 22y 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 $241k; list at $606k implies a 151% gain — meaningful room to come down on a strong offer.

Risks & watch-outs

• Watch-outs: flood insurance adds $66/mo; HOA is 25% 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 $386,823 (36.2% 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 38 days. Have you received any prior offers? Is the seller open to a 36% 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. Is there a deadline driving the sale (1031 exchange, divorce, estate, relocation)? That informs how much negotiation room exists.
7. 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?
8. 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?
9. 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.
10. 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.
11. 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: 0.64% ✗
• Cap rate: 2.92%
• Cash-on-cash: -12.05%
• DSCR: 0.46
• GRM: 13.1

CMA / ARV

• ARV (median comp): $641,901
• List price: $606,000
• Delta: -5.59%
• Verdict: FAIR
• Comps: 20 within 1.0 mi

Projected returns pro-forma

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

5-year hold

• IRR: -3.2%
• Equity multiple: 0.81×
• Total profit: $-31,702
• Equity at exit: $279,589

10-year hold

• IRR: 1.4%
• Equity multiple: 1.23×
• Total profit: $38,917
• Equity at exit: $436,487

Cash invested: $169,680 (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: 845
• Price-to-rent: 13.1×

Monthly cashflow live

• Estimated rent: $3,868 high
• Mortgage (P&I): −$3,178
• Tax from tax record: −$349 /mo · $4,188/yr
• Insurance: −$252
• Flood insurance flood zone: −$66 /mo · $798/yr
• HOA est. from 3 same-building comps: −$980
• Vacancy / Maint / Mgmt: −$812
• Net cashflow: $-1,770

Break-even live

Break-even rent $6,109

Max offer price $293,328

Occupancy floor —

Sensitivity live

Price	-10% $-1,427	-5% $-1,598	+0% $-1,770	+5% $-1,941	+10% $-2,113
Rent	-10% $-2,076	-5% $-1,923	+0% $-1,770	+5% $-1,617	+10% $-1,464
Rate	-1.0pp $-1,465	-0.5pp $-1,616	base $-1,770	+0.5pp $-1,927	+1.0pp $-2,087

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: $151,500
• Closing costs: $18,180
• Reserves months: —
• Total cash needed: —

Rent comps 6 comps

Address	Beds	Baths	Sqft	Rent	$/sqft	DOM	Units	Dist
125 Shipyard Dr #148 Hilton Head Island, SC	3.0	3.0	1400	$3,200	$2.29	44d	1	0.14mi
183 Beachwalk Unit 1366633P Hilton Head Island, SC	3.0	3.5	1797	$3,943	$2.19	22d	1	0.24mi
77 Ocean Ln Unit 1316255P Hilton Head Island, SC	2.0	2.0	1162	$6,002	$5.17	14d	1	0.61mi
10 N Forest Beach Dr Unit 1470517P Hilton Head Island, SC	2.0	2.0	1323	$5,684	$4.30	22d	1	1.15mi
36 Deallyon Ave Unit 1498585P Hilton Head Island, SC	2.0	2.5	990	$2,706	$2.73	14d	1	1.44mi
10 Cobblestone Ct Hilton Head Island, SC	3.0	2.5	1600	$3,600	$2.25	44d	1	1.48mi

HOA detail condo

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

Listing history 32 events

1. 2026-06-21
   days on market $606,000 Active 38 DOM
2. 2026-06-18
   days on market $606,000 Active 35 DOM
3. 2026-06-17
   days on market $606,000 Active 34 DOM
4. 2026-06-16
   days on market $606,000 Active 33 DOM
5. 2026-06-15
   days on market $606,000 Active 32 DOM
6. 2026-06-14
   days on market $606,000 Active 30 DOM
7. 2026-06-13
   pricedays on market $606,000 Active 29 DOM
8. 2026-06-10
   days on market $629,000 Active 27 DOM
9. 2026-06-09
   days on market $629,000 Active 26 DOM
10. 2026-06-08
    days on market $629,000 Active 25 DOM
11. 2026-06-07
    days on market $629,000 Active 24 DOM
12. 2026-06-05
    days on market $629,000 Active 21 DOM
13. 2026-06-03
    days on market $629,000 Active 20 DOM
14. 2026-06-02
    days on market $629,000 Active 19 DOM
15. 2026-06-01
    days on market $629,000 Active 18 DOM
16. 2026-05-31
    days on market $629,000 Active 17 DOM
17. 2026-05-30
    days on market $629,000 Active 16 DOM
18. 2026-05-14
    listed $629,000 Active 1256-char remark
19. 2018-07-23
    soldstatus $241,000
20. 2018-07-18
    soldstatus $241,000 540-char remark

    Show marketing remark (540 chars)

    Brand new paint and carpet in this golf view town house in a superb location! This is an end unit with the wrap around deck and the extra window. Great for entertaining and plenty of outdoor space w/ courtyard, back deck and side deck too. Green villas come on the market and sell quickly b/c of their location, curb appeal, rent-ability and proximity to the Beach Club, Van Der Meer Tennis, The Sonesta and all of the leisure trails. Shipyard Plantation is a gated Ocean community w/ Beach lockers, men's and women's club and so much more!

21. 2018-01-12
    listed $269,900 540-char remark

    Show marketing remark (540 chars)

    Brand new paint and carpet in this golf view town house in a superb location! This is an end unit with the wrap around deck and the extra window. Great for entertaining and plenty of outdoor space w/ courtyard, back deck and side deck too. Green villas come on the market and sell quickly b/c of their location, curb appeal, rent-ability and proximity to the Beach Club, Van Der Meer Tennis, The Sonesta and all of the leisure trails. Shipyard Plantation is a gated Ocean community w/ Beach lockers, men's and women's club and so much more!

22. 2011-04-26
    soldstatus $296,800
23. 2004-12-07
    soldstatus $351,000
24. 2004-12-02
    soldstatus $351,000

    Show marketing remark (429 chars)

    This is TWO BEDROOM - TWO FULL BATHS - PLUS HALF BATH - - POA only 428 for Greens Villas. This one is pretty as anything I've seen - tile floor and mirror wall downstairs. Updated decor and furnishings throughout. Downstairs owners' closet has been converted to wet bar! End unit with wrap-around deck, extra window. Directly across from pool. Purchaser to participate in 1031 exchange at no cost to purchaser. Vacant until 10/24

25. 2004-09-30
    listed $364,000

    Show marketing remark (429 chars)

    This is TWO BEDROOM - TWO FULL BATHS - PLUS HALF BATH - - POA only 428 for Greens Villas. This one is pretty as anything I've seen - tile floor and mirror wall downstairs. Updated decor and furnishings throughout. Downstairs owners' closet has been converted to wet bar! End unit with wrap-around deck, extra window. Directly across from pool. Purchaser to participate in 1031 exchange at no cost to purchaser. Vacant until 10/24

26. 2003-06-05
    soldstatus $232,500
27. 2001-08-14
    soldstatus $216,600
28. 1996-02-19
    soldstatus $118,750
29. 1991-03-15
    soldstatus $100,000
30. 1981-05-01
    soldstatus $115,000
31. 1981-01-01
    soldstatus $89,500
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: $4,188 · $349/mo
• Projected year-2 tax: $4,188 · $349/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: $46,419
• − Mortgage interest: −$33,945
• − Property taxes: −$4,188
• − Insurance: −$3,828
• − Repairs & maintenance: −$3,714
• − Management: −$3,714
• − HOA: −$11,760
• − Depreciation: −$17,629
• Taxable loss: −$32,358
• Est. tax savings @ 24.0%: +$7,766
• After-tax cash flow: $-13,474/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

+22.9% since first listed

16 events — show timeline

• 2026-06-11 Price Changed $606,000 RSMLS
• 2026-05-14 Listed $629,000 RSMLS
• 2018-07-23 Sold (Public Records) $241,000 Public Records
• 2018-07-18 Sold (MLS) $241,000 RSMLS
• 2018-01-12 Listed $269,900 RSMLS
• 2011-04-26 Sold (Public Records) $296,800 Public Records
• 2004-12-07 Sold (Public Records) $351,000 Public Records
• 2004-12-02 Sold (MLS) $351,000 RSMLS
• 2004-09-30 Listed $364,000 RSMLS
• 2003-06-05 Sold (Public Records) $232,500 Public Records
• 2001-08-14 Sold (Public Records) $216,600 Public Records
• 1996-02-19 Sold (Public Records) $118,750 Public Records
• 1991-03-15 Sold (Public Records) $100,000 Public Records
• 1981-05-01 Sold (Public Records) $115,000 Public Records
• 1981-01-01 Sold (Public Records) $89,500 Public Records
• 1980-12-01 Sold (Public Records) $492,885 Public Records

Property tax history

+1.5%/yr

Latest (2025): $4,188 · +1.1% YoY. Source: county tax records.