122 Bonaire Cir S

Shell Point, SC 29906

$249,000D+

3 bd · 2.0 ba · 1,568 sqft · Built 2005 · Manufactured · Active · 29 DOM

Cashflow @ list (25.0% down · 7.5%)

• Estimated rent: $2,207/mo
• Mortgage (P&I): −$1,306
• Tax + insurance: −$197
• HOA: −$0
• Vac / Maint / Mgmt: −$463
• Net cashflow: $241/mo
• Annual: $2,887/yr
• Cap rate: 7.45%
• Cash-on-cash: 4.14%
• DSCR: 1.18
• 1% rule: 0.89%
• Cash to close: $69,720

Investor read

• This is a 3-bed/2.0-bath manufactured listed at $249k.
• At list price, monthly cash flow is $241 ($3k/yr) — positive.
• The deal already cash-flows at list — no discount required.
• To meet the 1% rule (rent ≥ 1% of price), the offer needs to be $221k (11.4% below list).
• It's been on market 29 days — a 2% lower offer ($245k) is reasonable based on typical stale-listing flexibility.
• Recommended offer: $221k (11.4% below list) — sets the bar for 1% rule.
• Local home prices are declining (-3.0%/yr); year-one equity from $2k of loan paydown is wiped out by about $7k of value loss. Plan a longer hold.
• Location reads 69/100 on livability (#74 in SC) — a middle-class / working-renter tenant base. Strengths: crime A+, cost of living A+, housing A+; Watch: schools C-, amenities F, commute 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 fast (+6.6%/yr); 206 active listings in the ZIP; 14 comparable units currently listed for rent nearby; rentals at typical pace (median 22d on market — plan ~3-4 weeks tenant-placement turnaround); 1,824 units permitted in Beaufort County in 2024 (618 in 5+ unit buildings).
• Beaufort County population projected at +30% by 2050 — long-run rental-demand tailwind backs the buy-and-hold thesis.
• 3 sale attempts since 5y 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 $155k; list at $249k implies a 61% gain — meaningful room to come down on a strong offer.
• Climate carrying-cost: moderate flood risk; severe wind risk, 99% chance of damaging wind over 30y; extreme-heat days projected 7→18/yr by 2055 (HVAC capex compounding) — expect insurance premiums to compound above CPI over the hold.
• This rent runs 39% of the median local income ($68k/yr) — at the standard rent-burdened threshold; future hikes will face affordability resistance.

Questions for listing agent

• Is there a deadline driving the sale (1031 exchange, divorce, estate, relocation)? That informs how much negotiation room exists.
• 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?
• 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.
• How much new for-sale + rental construction is in the pipeline within 1–3 miles? Heavy new supply typically softens prices + rents 12–24 months out; constrained supply supports both.