92 Forest Cove Rd #92 · Hilton Head Island, SC 29928

$265,500

2 bd · 2.0 ba · 1,000 sqft · Condo public records · 401 Days on market

Built 1988 $266/sqft · at area comps Est $265k · at est. ↓ 5% since listing

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Why this score? — see what drove the C 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 +20.0/30.0
• ARV discount +7.4/15.0
• Appreciation +6.6/10.0
• DSCR +6.3/10.0
• 1% rule +5.0/10.0
• Schools +4.1/10.0
• Rent growth +3.3/5.0
• Livability +3.2/5.0
• Condition / age +2.5/5.0

Listing remarks MLS

MOTIVΑTΕD SΕᏞLERS: ΤΟP FLOOR UNIT . .. .Drive to thе vеry back where quiet & serenity draw you into this tranquil Island cutie. 2025 renovations, very few details missed in this updated villa. This TOP FLOOR (which means there are stairs) unit will captivate you the moment you walk in. You'll not find a nicer unit for under 290k on the island. .. .With plenty of parking, all that's left to say is "Welcome Home".

Key facts

• Plenty of parking
• 2025 renovations
• Top floor unit

Tags

• 2025 RENOVATIONS
• TOP FLOOR UNIT
• PLENTY OF PARKING

What this means for you Summary

Snapshot

• This is a 2-bed/2.0-bath condo listed at $266k.

Deal economics

• At list price, monthly cash flow is $326 ($4k/yr) — positive.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($3k rent vs $266k).
• Recommended offer: $234k (12.0% below list) — sets the bar for market timing.
• Cap rate 7.8% vs local median 3.0% in Hilton Head Island — 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 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; 1 comparable units currently listed for rent nearby; solid renter incomes; 1,824 units permitted in Beaufort County in 2024 (618 in 5+ unit buildings).
• This rent runs 33% of the median local income ($98k/yr) — at the standard rent-burdened threshold; future hikes will face affordability resistance.

Forward outlook

• In year one you build about $10k of equity ($2k loan paydown + $9k appreciation (3.2% local appreciation)).
• Beaufort County population projected at +30% by 2050 — long-run rental-demand tailwind backs the buy-and-hold thesis.
• At projected returns (3.2% appreciation + 3.2% rent growth), your $74k cash investment doubles in ~5 years — after that, you're playing with house money.
• By year 4, paydown + projected appreciation supports a ~$35k cash-out refi (75% LTV) — recoverable capital for the next deal without selling this one.

Negotiation context

• It's been on market 401 days — a 12% lower offer ($234k) is reasonable based on typical stale-listing flexibility.
• 6 sale attempts since 22y ago; this cycle's ask has dropped $34k (11%) from the opening price — seller is motivated, your offer sets the floor, not the list.
• Current owner paid $190k; 40% above their basis — modest negotiation headroom, anchor on the comps not their cost.

Recommended offer $233,640 (12.0% below list)

Questions for the listing agent

1. It's been on market 401 days. Have you received any prior offers? Is the seller open to a 12% concession, seller financing, or rate buy-down credit?
2. 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?
3. Why hasn't it sold? Are there any deal-killer items the seller is aware of (foundation, flood, title, zoning, code violations)?
4. Is there a deadline driving the sale (1031 exchange, divorce, estate, relocation)? That informs how much negotiation room exists.
5. 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?
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: 1.00% ✓
• Cap rate: 7.77%
• Cash-on-cash: 5.26%
• DSCR: 1.23
• GRM: 8.3

CMA / ARV

• ARV (median comp): $264,751
• List price: $265,500
• Delta: 0.28%
• 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: 13.1%
• Equity multiple: 1.76×
• Total profit: $56,306
• Equity at exit: $122,493

10-year hold

• IRR: 15.0%
• Equity multiple: 3.27×
• Total profit: $168,674
• Equity at exit: $191,233

Cash invested: $74,340 (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: 8.3×

Monthly cashflow live

• Estimated rent: $2,667 medium
• Mortgage (P&I): −$1,392
• Tax from tax record: −$278 /mo · $3,338/yr
• Insurance: −$111
• HOA: −$0
• Vacancy / Maint / Mgmt: −$560
• Net cashflow: $326

Break-even live

Break-even rent $2,255

Max offer price $265,500

Occupancy floor 83%

Sensitivity live

Price	-10% $476	-5% $401	+0% $326	+5% $251	+10% $176
Rent	-10% $115	-5% $221	+0% $326	+5% $431	+10% $537
Rate	-1.0pp $460	-0.5pp $394	base $326	+0.5pp $257	+1.0pp $187

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: $66,375
• Closing costs: $7,965
• Reserves months: —
• Total cash needed: —

Rent comps 1 comps

Address	Beds	Baths	Sqft	Rent	$/sqft	DOM	Units	Dist
13 Forest Cove Rd Hilton Head Island, SC	2.0	2.0	1000	$2,150	$2.15	14d	1	0.22mi

HOA detail condo

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

Listing history 20 events

1. 2026-05-11
   price $265,500 465-char remark

   Show marketing remark (465 chars)

   MOTIVΑTΕD SΕᏞLERS: ΤΟP FLOOR UNIT . .. .Drive to thе vеry back where quiet & serenity draw you into this tranquil Island cutie. 2025 renovations, very few details missed in this updated villa. This TOP FLOOR (which means there are stairs) unit will captivate you the moment you walk in. You'll not find a nicer unit for under 290k on the island. .. .With plenty of parking, all that's left to say is "Welcome Home".

2. 2026-03-18
   status Active 465-char remark

   Show marketing remark (465 chars)

   MOTIVΑTΕD SΕᏞLERS: ΤΟP FLOOR UNIT . .. .Drive to thе vеry back where quiet & serenity draw you into this tranquil Island cutie. 2025 renovations, very few details missed in this updated villa. This TOP FLOOR (which means there are stairs) unit will captivate you the moment you walk in. You'll not find a nicer unit for under 290k on the island. .. .With plenty of parking, all that's left to say is "Welcome Home".

3. 2026-02-05
   price $275,000 465-char remark

   Show marketing remark (465 chars)

   MOTIVΑTΕD SΕᏞLERS: ΤΟP FLOOR UNIT . .. .Drive to thе vеry back where quiet & serenity draw you into this tranquil Island cutie. 2025 renovations, very few details missed in this updated villa. This TOP FLOOR (which means there are stairs) unit will captivate you the moment you walk in. You'll not find a nicer unit for under 290k on the island. .. .With plenty of parking, all that's left to say is "Welcome Home".

4. 2026-01-07
   price $280,000 465-char remark

   Show marketing remark (465 chars)

   MOTIVΑTΕD SΕᏞLERS: ΤΟP FLOOR UNIT . .. .Drive to thе vеry back where quiet & serenity draw you into this tranquil Island cutie. 2025 renovations, very few details missed in this updated villa. This TOP FLOOR (which means there are stairs) unit will captivate you the moment you walk in. You'll not find a nicer unit for under 290k on the island. .. .With plenty of parking, all that's left to say is "Welcome Home".

5. 2025-09-11
   price $289,000 465-char remark

   Show marketing remark (465 chars)

   MOTIVΑTΕD SΕᏞLERS: ΤΟP FLOOR UNIT . .. .Drive to thе vеry back where quiet & serenity draw you into this tranquil Island cutie. 2025 renovations, very few details missed in this updated villa. This TOP FLOOR (which means there are stairs) unit will captivate you the moment you walk in. You'll not find a nicer unit for under 290k on the island. .. .With plenty of parking, all that's left to say is "Welcome Home".

6. 2025-06-16
   price $299,000 465-char remark

   Show marketing remark (465 chars)

   MOTIVΑTΕD SΕᏞLERS: ΤΟP FLOOR UNIT . .. .Drive to thе vеry back where quiet & serenity draw you into this tranquil Island cutie. 2025 renovations, very few details missed in this updated villa. This TOP FLOOR (which means there are stairs) unit will captivate you the moment you walk in. You'll not find a nicer unit for under 290k on the island. .. .With plenty of parking, all that's left to say is "Welcome Home".

7. 2025-04-21
   listed $299,900 Active 465-char remark

   Show marketing remark (465 chars)

   MOTIVΑTΕD SΕᏞLERS: ΤΟP FLOOR UNIT . .. .Drive to thе vеry back where quiet & serenity draw you into this tranquil Island cutie. 2025 renovations, very few details missed in this updated villa. This TOP FLOOR (which means there are stairs) unit will captivate you the moment you walk in. You'll not find a nicer unit for under 290k on the island. .. .With plenty of parking, all that's left to say is "Welcome Home".

8. 2021-11-23
   soldstatus $190,000
9. 2021-11-19
   soldstatus $190,000 443-char remark

   Show marketing remark (443 chars)

   A best opportunity to be on Hilton Head and the South-end of the Island at a great value. Close to beaches, shopping, restaurants, and golf courses. Enjoy two bedrooms and two full baths, fireplace, and end unit. Onsite amenities include a super pool with playground, picnic area and grills, tennis courts, fishing lake, a marsh front observation area to enjoy sunsets, and much more. All in a primarily residential neighborhood. Pet Friendly!

10. 2021-09-16
    listed $194,900 443-char remark

    Show marketing remark (443 chars)

    A best opportunity to be on Hilton Head and the South-end of the Island at a great value. Close to beaches, shopping, restaurants, and golf courses. Enjoy two bedrooms and two full baths, fireplace, and end unit. Onsite amenities include a super pool with playground, picnic area and grills, tennis courts, fishing lake, a marsh front observation area to enjoy sunsets, and much more. All in a primarily residential neighborhood. Pet Friendly!

11. 2007-11-12
    listed $159,900
12. 2005-07-21
    soldstatus $142,000
13. 2005-07-18
    soldstatus $142,000
14. 2005-04-28
    listed $147,500
15. 2004-07-02
    soldstatus $103,000
16. 2004-07-02
    soldstatus $103,000
17. 2004-01-16
    listed $104,900
18. 1996-07-30
    soldstatus $67,200
19. 1996-03-12
    soldstatus $71,500
20. 1993-05-17
    soldstatus $279,600

ⓘ 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: $3,338 · $278/mo
• Projected year-2 tax: $3,338 · $278/mo
• Expected delta: $0/yr ($0/mo · 0.0%)

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

Taxation est. · year 1

• Rental income: $32,009
• − Mortgage interest: −$14,872
• − Property taxes: −$3,338
• − Insurance: −$1,328
• − Repairs & maintenance: −$2,561
• − Management: −$2,561
• − Depreciation: −$7,724
• Taxable loss: −$374
• Est. tax savings @ 24.0%: +$90
• After-tax cash flow: $4,003/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

-5.0% since first listed

20 events — show timeline

• 2026-05-11 Price Changed $265,500 RSMLS
• 2026-03-18 Relisted — RSMLS
• 2026-02-05 Price Changed $275,000 RSMLS
• 2026-01-07 Price Changed $280,000 RSMLS
• 2025-09-11 Price Changed $289,000 RSMLS
• 2025-06-16 Price Changed $299,000 RSMLS
• 2025-04-21 Listed $299,900 RSMLS
• 2021-11-23 Sold (Public Records) $190,000 Public Records
• 2021-11-19 Sold (MLS) $190,000 RSMLS
• 2021-09-16 Listed $194,900 RSMLS
• 2007-11-12 Listed $159,900 RSMLS
• 2005-07-21 Sold (Public Records) $142,000 Public Records
• 2005-07-18 Sold (MLS) $142,000 RSMLS
• 2005-04-28 Listed $147,500 RSMLS
• 2004-07-02 Sold (Public Records) $103,000 Public Records
• 2004-07-02 Sold (MLS) $103,000 RSMLS
• 2004-01-16 Listed $104,900 RSMLS
• 1996-07-30 Sold (Public Records) $67,200 Public Records
• 1996-03-12 Sold (Public Records) $71,500 Public Records
• 1993-05-17 Sold (Public Records) $279,600 Public Records

Property tax history

+12.4%/yr

Latest (2025): $3,338 · +1.2% YoY. Source: county tax records.