549 On The Golf Course Old Augusta Dr

Pawleys Island, SC 29585

$935,000D

4 bd · 3.5 ba · 3,365 sqft · Built 2002 · SingleFamily · Pending · 79 DOM

Cashflow @ list (25.0% down · 7.5%)

• Estimated rent: $7,999/mo
• Mortgage (P&I): −$4,903
• Tax + insurance: −$1,218
• HOA: −$151
• Vac / Maint / Mgmt: −$1,680
• Net cashflow: $47/mo
• Annual: $561/yr
• Cap rate: 6.35%
• Cash-on-cash: 0.21%
• DSCR: 1.01
• 1% rule: 0.86%
• Cash to close: $261,800

Investor read

• This is a 4-bed/3.5-bath single-family listed at $935k.
• At list price, monthly cash flow is $47 ($561/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 $800k (14.4% below list).
• It's been on market 79 days — a 6% lower offer ($879k) is reasonable based on typical stale-listing flexibility.
• Recommended offer: $800k (14.4% below list) — sets the bar for 1% rule.
• Local home prices are declining (-3.0%/yr); year-one equity from $6k of loan paydown is wiped out by about $28k of value loss. Plan a longer hold.
• Location reads 70/100 on livability (#60 in SC) — a middle-class / working-renter tenant base. Strengths: employment A+, health & safety A+, crime A; Watch: amenities F, commute F, cost of living F.
• Georgetown 01 (town): math 26% / reading 38% proficiency, ranked #51 of 80 in SC (top 64%) — families likely to look elsewhere, expect single-tenant / working-renter base with shorter leases.
• Market conditions: 392 active listings in the ZIP; 1 comparable units currently listed for rent nearby; 323 units permitted in Georgetown County in 2024 (0 in 5+ unit buildings).
• 2 sale attempts since 2y 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 $785k; 19% above their basis — modest negotiation headroom, anchor on the comps not their cost.
• Climate carrying-cost: severe wind risk, 99% chance of damaging wind over 30y; moderate wildfire risk; extreme-heat days projected 7→17/yr by 2055 (HVAC capex compounding) — expect insurance premiums to compound above CPI over the hold.
• Cap rate 6.4% vs local median 2.2% in Pawleys 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.

Questions for listing agent

• It's been on market 79 days. Have you received any prior offers? Is the seller open to a 14% concession, seller financing, or rate buy-down credit?
• What does the HOA fee cover, when was the last increase, and are there any pending special assessments or reserve-fund shortfalls?
• Why hasn't it sold? Are there any deal-killer items the seller is aware of (foundation, flood, title, zoning, code violations)?
• Is there a deadline driving the sale (1031 exchange, divorce, estate, relocation)? That informs how much negotiation room exists.
• Schools are A-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?
• 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.