702 E Island Square Dr · St. Simons, GA 31522

$329,000

2 bd · 2.0 ba · 1,076 sqft · Condo public records · 157 Days on market

Built 1984 $306/sqft · 11% above area Est $297k · 11% over $221/mo HOA · 7% of rent

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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).

• Cash flow +17.4/30.0
• DSCR +5.4/10.0
• 1% rule +4.7/10.0
• Schools +3.4/10.0
• Rent growth +3.1/5.0
• ARV discount +2.7/15.0
• Livability +2.5/5.0
• Condition / age +2.5/5.0
• Appreciation +0.0/10.0

Listing remarks MLS

The big news here is that the listing price has just been reduced!! This condominium home is an upstairs two-bedroom, two-bathroom home. The current tenant is on a month-to-month rental basis. This property can be used as a vacation rental, long-term rental, a personal second home, or a personal primary residence. The property has the amenities of a nice swimming pool. A great exercise room, covered parking upon availability. The location is superb in that it is close to great restaurants, grocery stores, a post office, hardware stores, drug stores, etc. This unit even has a sunroom. There is an outside storage closet. The outside building updates are being compensated for out of the COA monthly fees.

Key facts

• Close to restaurants
• Exercise room
• Swimming pool

Tags

• SWIMMING POOL
• EXERCISE ROOM
• SUNROOM
• OUTSIDE STORAGE CLOSET
• CLOSE TO RESTAURANTS
• CLOSE TO GROCERY STORES

What this means for you Summary

Snapshot

• This is a 2-bed/2.0-bath condo listed at $329k.

Deal economics

• At list price, monthly cash flow is $245 ($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 $320k (2.9% below list).
• Recommended offer: $290k (12.0% below list) — sets the bar for market timing.
• Cap rate 7.2% vs local median 1.7% in St. Simons — 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: area grade D — affects rentability + tenant quality, not the cash-flow math above.
• Glynn County (other): math 37% / reading 42% proficiency, ranked #47 of 174 in GA (top 27%) — families likely to look elsewhere, expect single-tenant / working-renter base with shorter leases.
• Zoned schools: St. Simons Elementary School (math 64% / reading 57%, grade B-, #123 of 1,228 statewide, top 10%, 523 students, 48% FRL); Glynn Middle (math 42% / reading 58%, grade C, #68 of 470 statewide, top 15%, 815 students, 51% FRL); Glynn Academy (math 45% / reading 42%, grade F, #50 of 424 statewide, top 12%, 1,823 students, 41% FRL).
• Market conditions: Rents rising (+2.3%/yr); 579 active listings in the ZIP; 3 comparable units currently listed for rent nearby; rentals lingering (median 46d on market — plan ~5-8 weeks vacancy on turnover, expect pricing pressure); 100% of comp listings sitting > 30 days — soft ceiling on asking rent; solid renter incomes; 734 units permitted in Glynn County in 2024 (136 in 5+ unit buildings).
• This rent runs 35% of the median local income ($109k/yr) — at the standard rent-burdened threshold; future hikes will face affordability resistance.

Forward outlook

• Local home prices are declining (-3.0%/yr); year-one equity from $2k of loan paydown is wiped out by about $10k of value loss. Plan a longer hold.
• Glynn County population projected at +13% by 2050 — modest demand growth; plan on rents tracking national, not racing it.

Negotiation context

• It's been on market 157 days — a 12% lower offer ($290k) is reasonable based on typical stale-listing flexibility.

Risks & watch-outs

• Climate carrying-cost: moderate flood risk; severe wind risk, 99% chance of damaging wind over 30y; moderate wildfire risk; extreme-heat days projected 7→21/yr by 2055 (HVAC capex compounding) — expect insurance premiums to compound above CPI over the hold.

Recommended offer $289,520 (12.0% below list)

Questions for the listing agent

1. It's been on market 157 days. Have you received any prior offers? Is the seller open to a 12% concession, seller financing, or rate buy-down credit?
2. What does the HOA fee cover, when was the last increase, and are there any pending special assessments or reserve-fund shortfalls?
3. 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?
4. Why hasn't it sold? Are there any deal-killer items the seller is aware of (foundation, flood, title, zoning, code violations)?
5. Is there a deadline driving the sale (1031 exchange, divorce, estate, relocation)? That informs how much negotiation room exists.
6. 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?
7. 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.
8. 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.
9. 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: 0.97% ✗
• Cap rate: 7.19%
• Cash-on-cash: 3.20%
• DSCR: 1.14
• GRM: 8.6

CMA / ARV

• ARV (median comp): $297,310
• List price: $329,000
• Delta: 10.66%
• Verdict: OVERPRICED
• Comps: 20 within 1.0 mi

Projected returns pro-forma

-3.0% appreciation · 2.26% rent growth · sell at horizon

5-year hold

• IRR: -12.1%
• Equity multiple: 0.57×
• Total profit: $-39,995
• Equity at exit: $49,055

10-year hold

• IRR: -4.1%
• Equity multiple: 0.74×
• Total profit: $-24,043
• Equity at exit: $28,446

Cash invested: $92,120 (down + closing). Projections, not guarantees.

Landlord ↔ Tenant lean methodology

• Overall (STATE): 90 Strongly Landlord-Friendly
• State Georgia: 90 Strongly Landlord-Friendly · R+3
• County: — inherits STATE
• City: — inherits STATE

Magistrate court evictions in 10-30 days; no rent control; preempted; few tenant protections.

Methodology + full state rankings →

ZIP-level market 31522

• Rents YoY: 2.3%
• Active inventory: 579
• Price-to-rent: 8.6×

Monthly cashflow live

• Estimated rent: $3,196 medium
• Mortgage (P&I): −$1,725
• Tax from tax record: −$196 /mo · $2,350/yr
• Insurance: −$137
• HOA: −$221
• Vacancy / Maint / Mgmt: −$671
• Net cashflow: $245

Break-even live

Break-even rent $2,885

Max offer price $329,000

Occupancy floor 87%

Sensitivity live

Price	-10% $432	-5% $338	+0% $245	+5% $152	+10% $59
Rent	-10% $-7	-5% $119	+0% $245	+5% $372	+10% $498
Rate	-1.0pp $411	-0.5pp $329	base $245	+0.5pp $160	+1.0pp $73

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: $82,250
• Closing costs: $9,870
• Reserves months: —
• Total cash needed: —

Rent comps 3 comps

Address	Beds	Baths	Sqft	Rent	$/sqft	DOM	Units	Dist
122 Shady Brook Cir #100 Saint Simons Island, GA	3.0	2.0	1500	$4,950	$3.30	45d	1	0.47mi
1704 Frederica Rd #426 Saint Simons Island, GA	2.0	2.0	1150	$2,150	$1.87	45d	1	0.49mi
372 Moss Oak Cir St Simons Island, GA	3.0	2.0	1355	$4,250	$3.14	45d	1	1.37mi

HOA detail condo

• Monthly dues: $221 · $2,652/yr
• Likely covers: pool
• Assessments: None detected in remarks — confirm with the listing agent.

Listing history 20 events

1. 2026-06-22
   days on market $329,000 Active 157 DOM
2. 2026-06-21
   days on market $329,000 Active 156 DOM
3. 2026-06-19
   days on market $329,000 Active 154 DOM
4. 2026-06-18
   days on market $329,000 Active 153 DOM
5. 2026-06-17
   days on market $329,000 Active 152 DOM
6. 2026-06-16
   days on market $329,000 Active 151 DOM
7. 2026-06-15
   days on market $329,000 Active 150 DOM
8. 2026-06-14
   days on market $329,000 Active 148 DOM
9. 2026-06-13
   days on market $329,000 Active 147 DOM
10. 2026-06-10
    days on market $329,000 Active 145 DOM
11. 2026-06-09
    days on market $329,000 Active 144 DOM
12. 2026-06-08
    days on market $329,000 Active 143 DOM
13. 2026-06-07
    days on market $329,000 Active 142 DOM
14. 2026-06-05
    days on market $329,000 Active 139 DOM
15. 2026-06-03
    days on market $329,000 Active 138 DOM
16. 2026-06-02
    days on market $329,000 Active 137 DOM
17. 2026-06-01
    days on market $329,000 Active 136 DOM
18. 2026-05-31
    days on market $329,000 Active 135 DOM
19. 2026-05-30
    days on market $329,000 Active 134 DOM
20. 2026-01-16
    listed $329,000 Active 710-char remark

    Show marketing remark (710 chars)

    The big news here is that the listing price has just been reduced!! This condominium home is an upstairs two-bedroom, two-bathroom home. The current tenant is on a month-to-month rental basis. This property can be used as a vacation rental, long-term rental, a personal second home, or a personal primary residence. The property has the amenities of a nice swimming pool. A great exercise room, covered parking upon availability. The location is superb in that it is close to great restaurants, grocery stores, a post office, hardware stores, drug stores, etc. This unit even has a sunroom. There is an outside storage closet. The outside building updates are being compensated for out of the COA monthly fees.

ⓘ Source: listings_history table (triggers on properties + properties_extension) + one-shot backfill from property_details.listing_events for pre-trigger history.

Tax reassessment forecast GA · Resets to sale price

• Current annual tax: $2,350 · $196/mo
• Projected year-2 tax: $3,027 · $252/mo
• Expected delta: +$677/yr (+$56/mo · 28.8%)

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

Climate risk First Street

• 🌊 Flood 5/10 Major FEMA zone X (unshaded) · 24% chance over 30 yrs
• 🔥 Wildfire 5/10 Major
• 🌡 Heat 10/10 Extreme 7 d/yr ≥105°F today · 21 d/yr by 30 yrs out
• 💨 Wind 9/10 Extreme 99% chance of damaging wind over 30 yrs
• 🫁 Air quality 4/10 Moderate 6 unhealthy d/yr today · 6 by 30 yrs out

Taxation est. · year 1

• Rental income: $38,348
• − Mortgage interest: −$18,429
• − Property taxes: −$2,350
• − Insurance: −$1,645
• − Repairs & maintenance: −$3,068
• − Management: −$3,068
• − HOA: −$2,652
• − Depreciation: −$9,571
• Taxable loss: −$2,435
• Est. tax savings @ 24.0%: +$584
• After-tax cash flow: $3,529/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: Glynn County
• NCES district ID: 1302400
• Math proficiency: 37% ▼ -9.00%
• Reading proficiency: 42% ▼ -7.00%
• Median HH income: $47,554
• Composite: 33.83/100
• National rank: #5359
• State rank: #47 of 174 in GA

Livability — St. Simons

No livability data for this city. (Only ~50 U.S. cities are tracked.)

Census & demographics

• Census place: St. Simons, GA
• County: Glynn County · 69,019 people
• Metro: Brunswick, GA
• Population (ZIP): 17,780
• Household income: $108,632
• Rent vs Own: 15.2% rent · 84.8% own
• Severe rent burden: 339.0

Population outlook (Glynn County) Hauer SSP2

• Today (2025): 91,404 people
• By 2030: 94,806 · +3.7%
• By 2040: 100,060 · +9.5%
• By 2050: 103,258 · +13.0%
• By 2075: 107,970 · +18.1%
• By 2100: 103,363 · +13.1%

Race, ethnicity, and origin ACS 2023

• Neighborhood character: Predominantly White (92%)
• Race & ethnicity: White 92% Two or more races 3% Hispanic / Latino 3% Black 2%
• Common ancestry: Slovak 5% Italian 3% Romanian 3%
• Foreign-born: 4% · Canada
• Languages at home: 96% English-only · Spanish 2% French/Haitian/Cajun 1%

Political lean MEDSL · Glynn

• 2024 margin: Strong R (+26.0) · D 36.8% · R 62.8%
• 2008→2024 swing: -2.6pp toward R · 2008: -23.4pp · 2024: -26.0pp
• All cycles: 2024: R+26.0 2020: R+23.2 2016: R+28.6 2012: R+27.0 2008: R+23.4

Not yet ingested

• Civics: —

Market trends

• HPI YoY: ▼ -564.58%
• Current HPI: 191.6942
• Rent YoY: ▲ 2.26%
• Metro: Brunswick, GA
• State GDP YoY: ▲ 2.66%
• F500 in state: 28

Industry mix (Fortune 500 HQ in GA)

Industry	F500 HQs	Revenue
▸Paper / Packaging	2	$29B
▸Retail	1	$160B
▸Transportation / Logistics	1	$91B
▸Airlines	1	$62B
▸Consumer Goods	1	$47B
▸Utilities	1	$25B

Price history

1 event — show timeline

• 2026-01-16 Listed $329,000 GIAR

Property tax history

+8.3%/yr

Latest (2025): $2,350 · +0.0% YoY. Source: county tax records.