116 Black Watch Dr #116 · Hilton Head Island, SC 29926

$247,000

3 bd · 2.5 ba · 1,493 sqft · Condo public records · 196 Days on market

Built 1990 $165/sqft · 22% below area Est $317k · 22% under $572/mo HOA · 22% of rent

---

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 +15.0/15.0
• Cash flow +13.0/30.0
• 1% rule +5.6/10.0
• Schools +4.1/10.0
• DSCR +3.9/10.0
• Livability +3.2/5.0
• Rent growth +2.5/5.0
• Condition / age +2.5/5.0
• Appreciation +0.0/10.0

Listing remarks MLS

Oversizеd deсk and mаnу rooms οvеrlook extraordinary long lаgοon/fountain view. 3 bedroom, 2.5 bath townhouse, fireplace, great bathrooms, upgrades throughout not typically seen in this price range. Bedrooms can easily accommodate king size beds. Open floor plan, great flow, large dining area and no carpet(!). Seller is HIGHLY motivated!

Key facts

• $572 HOA
• Community pool
• Built 1990

What this means for you Summary

Snapshot

• This is a 3-bed/2.5-bath condo listed at $247k.

Deal economics

• At list price, monthly cash flow is $-14 ($-173/yr) — negative.
• To cash-flow at today's rent, offer at most $244k (1.0% below list).
• Meets the 1% rule at list price ($3k rent vs $247k).
• Recommended offer: $217k (12.0% below list) — sets the bar for market timing.
• Cap rate 6.2% 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 soft (-0.2%/yr); 385 active listings in the ZIP; 4 comparable units currently listed for rent nearby; rentals at typical pace (median 21d 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).
• This rent runs 32% of the median local income ($98k/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 $7k of value loss. Plan a longer hold.
• Beaufort County population projected at +30% by 2050 — long-run rental-demand tailwind backs the buy-and-hold thesis.

Negotiation context

• It's been on market 196 days — a 12% lower offer ($217k) is reasonable based on typical stale-listing flexibility.
• 4 sale attempts; this cycle's ask has dropped $52k (18%) from the opening price — seller is motivated, your offer sets the floor, not the list.
• Current owner paid $98k; list at $247k implies a 151% gain — meaningful room to come down on a strong offer.

Risks & watch-outs

• Watch-outs: HOA is 22% of rent.

Recommended offer $217,360 (12.0% 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 196 days. Have you received any prior offers? Is the seller open to a 12% concession, seller financing, or rate buy-down credit?
3. What does the HOA fee cover, when was the last increase, and are there any pending special assessments or reserve-fund shortfalls?
4. 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?
5. Why hasn't it sold? Are there any deal-killer items the seller is aware of (foundation, flood, title, zoning, code violations)?
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: 1.06% ✓
• Cap rate: 6.22%
• Cash-on-cash: -0.25%
• DSCR: 0.99
• GRM: 7.9

CMA / ARV

• ARV (median comp): $317,011
• List price: $247,000
• Delta: -21.30%
• Verdict: UNDERPRICED
• Comps: 20 within 1.0 mi

Projected returns pro-forma

-3.0% appreciation · 0.0% rent growth · sell at horizon

5-year hold

• IRR: -20.8%
• Equity multiple: 0.30×
• Total profit: $-48,341
• Equity at exit: $36,829

10-year hold

• IRR: -25.8%
• Equity multiple: -0.04×
• Total profit: $-71,811
• Equity at exit: $21,356

Cash invested: $69,160 (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 29926

• Home prices YoY: -26.7%
• Rents YoY: -0.2%
• Active inventory: 385
• Price-to-rent: 7.9×

Monthly cashflow live

• Estimated rent: $2,616 medium
• Mortgage (P&I): −$1,295
• Tax from tax record: −$111 /mo · $1,329/yr
• Insurance: −$103
• HOA: −$572
• Vacancy / Maint / Mgmt: −$549
• Net cashflow: $-14

Break-even live

Break-even rent $2,634

Max offer price $244,449

Occupancy floor 96%

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: $61,750
• Closing costs: $7,410
• Reserves months: —
• Total cash needed: —

Rent comps 4 comps

Address	Beds	Baths	Sqft	Rent	$/sqft	DOM	Units	Dist
20 Old South Ct Unit A Bluffton, SC	2.0	2.0	1100	$2,250	$2.05	20d	1	0.17mi
14 S Old Ct Unit 14A Bluffton, SC	2.0	2.0	1000	$2,075	$2.08	13d	1	0.19mi
14 Old South Ct Bluffton, SC	3.0	2.0	1450	$2,100	$1.45	20d	1	0.19mi
29 Edgewater Cir Bluffton, SC	1.0–3.0	1.0–2.0	1089	$2,460	$2.26	13d	25	0.37mi

HOA detail condo

• Monthly dues: $572 · $6,864/yr
• Assessments: None detected in remarks — confirm with the listing agent.

Listing history 20 events

1. 2026-05-14
   status Pending 355-char remark

   Show marketing remark (339 chars)

   Oversized deck and many rooms overlook extraordinary long lagoon/fountain view. 3 bedroom, 2.5 bath townhouse, fireplace, great bathrooms, upgrades throughout not typically seen in this price range. Bedrooms can easily accommodate king size beds. Open floor plan, great flow, large dining area and no carpet(!). Seller is HIGHLY motivated!

2. 2026-05-14
   status Pending 339-char remark

   Show marketing remark (339 chars)

   Oversized deck and many rooms overlook extraordinary long lagoon/fountain view. 3 bedroom, 2.5 bath townhouse, fireplace, great bathrooms, upgrades throughout not typically seen in this price range. Bedrooms can easily accommodate king size beds. Open floor plan, great flow, large dining area and no carpet(!). Seller is HIGHLY motivated!

3. 2026-05-13
   price $247,000 355-char remark

   Show marketing remark (339 chars)

   Oversized deck and many rooms overlook extraordinary long lagoon/fountain view. 3 bedroom, 2.5 bath townhouse, fireplace, great bathrooms, upgrades throughout not typically seen in this price range. Bedrooms can easily accommodate king size beds. Open floor plan, great flow, large dining area and no carpet(!). Seller is HIGHLY motivated!

4. 2026-05-13
   price $247,000 339-char remark

   Show marketing remark (339 chars)

   Oversized deck and many rooms overlook extraordinary long lagoon/fountain view. 3 bedroom, 2.5 bath townhouse, fireplace, great bathrooms, upgrades throughout not typically seen in this price range. Bedrooms can easily accommodate king size beds. Open floor plan, great flow, large dining area and no carpet(!). Seller is HIGHLY motivated!

5. 2026-04-28
   price $249,500 355-char remark

   Show marketing remark (339 chars)

   Oversized deck and many rooms overlook extraordinary long lagoon/fountain view. 3 bedroom, 2.5 bath townhouse, fireplace, great bathrooms, upgrades throughout not typically seen in this price range. Bedrooms can easily accommodate king size beds. Open floor plan, great flow, large dining area and no carpet(!). Seller is HIGHLY motivated!

6. 2026-04-28
   price $249,500 339-char remark

   Show marketing remark (339 chars)

   Oversized deck and many rooms overlook extraordinary long lagoon/fountain view. 3 bedroom, 2.5 bath townhouse, fireplace, great bathrooms, upgrades throughout not typically seen in this price range. Bedrooms can easily accommodate king size beds. Open floor plan, great flow, large dining area and no carpet(!). Seller is HIGHLY motivated!

7. 2026-04-22
   price $249,900 355-char remark

   Show marketing remark (339 chars)

   Oversized deck and many rooms overlook extraordinary long lagoon/fountain view. 3 bedroom, 2.5 bath townhouse, fireplace, great bathrooms, upgrades throughout not typically seen in this price range. Bedrooms can easily accommodate king size beds. Open floor plan, great flow, large dining area and no carpet(!). Seller is HIGHLY motivated!

8. 2026-04-22
   price $249,900 339-char remark

   Show marketing remark (339 chars)

   Oversized deck and many rooms overlook extraordinary long lagoon/fountain view. 3 bedroom, 2.5 bath townhouse, fireplace, great bathrooms, upgrades throughout not typically seen in this price range. Bedrooms can easily accommodate king size beds. Open floor plan, great flow, large dining area and no carpet(!). Seller is HIGHLY motivated!

9. 2026-04-07
   price $263,609 355-char remark

   Show marketing remark (339 chars)

   Oversized deck and many rooms overlook extraordinary long lagoon/fountain view. 3 bedroom, 2.5 bath townhouse, fireplace, great bathrooms, upgrades throughout not typically seen in this price range. Bedrooms can easily accommodate king size beds. Open floor plan, great flow, large dining area and no carpet(!). Seller is HIGHLY motivated!

10. 2026-04-07
    price $263,609 339-char remark

    Show marketing remark (339 chars)

    Oversized deck and many rooms overlook extraordinary long lagoon/fountain view. 3 bedroom, 2.5 bath townhouse, fireplace, great bathrooms, upgrades throughout not typically seen in this price range. Bedrooms can easily accommodate king size beds. Open floor plan, great flow, large dining area and no carpet(!). Seller is HIGHLY motivated!

11. 2026-01-01
    price $269,550 355-char remark

    Show marketing remark (339 chars)

    Oversized deck and many rooms overlook extraordinary long lagoon/fountain view. 3 bedroom, 2.5 bath townhouse, fireplace, great bathrooms, upgrades throughout not typically seen in this price range. Bedrooms can easily accommodate king size beds. Open floor plan, great flow, large dining area and no carpet(!). Seller is HIGHLY motivated!

12. 2026-01-01
    price $269,550 339-char remark

    Show marketing remark (339 chars)

    Oversized deck and many rooms overlook extraordinary long lagoon/fountain view. 3 bedroom, 2.5 bath townhouse, fireplace, great bathrooms, upgrades throughout not typically seen in this price range. Bedrooms can easily accommodate king size beds. Open floor plan, great flow, large dining area and no carpet(!). Seller is HIGHLY motivated!

13. 2025-10-30
    status Active 339-char remark

    Show marketing remark (355 chars)

    Oversizеd deсk and mаnу rooms οvеrlook extraordinary long lаgοon/fountain view. 3 bedroom, 2.5 bath townhouse, fireplace, great bathrooms, upgrades throughout not typically seen in this price range. Bedrooms can easily accommodate king size beds. Open floor plan, great flow, large dining area and no carpet(!). Seller is HIGHLY motivated!

14. 2025-10-30
    status Active 355-char remark

    Show marketing remark (355 chars)

    Oversizеd deсk and mаnу rooms οvеrlook extraordinary long lаgοon/fountain view. 3 bedroom, 2.5 bath townhouse, fireplace, great bathrooms, upgrades throughout not typically seen in this price range. Bedrooms can easily accommodate king size beds. Open floor plan, great flow, large dining area and no carpet(!). Seller is HIGHLY motivated!

15. 2025-10-18
    historical 355-char remark

    Show marketing remark (355 chars)

    Oversizеd deсk and mаnу rooms οvеrlook extraordinary long lаgοon/fountain view. 3 bedroom, 2.5 bath townhouse, fireplace, great bathrooms, upgrades throughout not typically seen in this price range. Bedrooms can easily accommodate king size beds. Open floor plan, great flow, large dining area and no carpet(!). Seller is HIGHLY motivated!

16. 2025-10-17
    listed $299,500 Active 339-char remark

    Show marketing remark (355 chars)

    Oversizеd deсk and mаnу rooms οvеrlook extraordinary long lаgοon/fountain view. 3 bedroom, 2.5 bath townhouse, fireplace, great bathrooms, upgrades throughout not typically seen in this price range. Bedrooms can easily accommodate king size beds. Open floor plan, great flow, large dining area and no carpet(!). Seller is HIGHLY motivated!

17. 2025-10-17
    listed $299,500 Active 355-char remark

    Show marketing remark (355 chars)

    Oversizеd deсk and mаnу rooms οvеrlook extraordinary long lаgοon/fountain view. 3 bedroom, 2.5 bath townhouse, fireplace, great bathrooms, upgrades throughout not typically seen in this price range. Bedrooms can easily accommodate king size beds. Open floor plan, great flow, large dining area and no carpet(!). Seller is HIGHLY motivated!

18. 1997-05-27
    soldstatus $98,500
19. 1994-03-22
    soldstatus $70,500
20. 1989-12-28
    soldstatus $71,900

ⓘ 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: $1,329 · $111/mo
• Projected year-2 tax: $1,408 · $117/mo
• Expected delta: +$79/yr (+$7/mo · 5.9%)

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

Taxation est. · year 1

• Rental income: $31,390
• − Mortgage interest: −$13,836
• − Property taxes: −$1,329
• − Insurance: −$1,235
• − Repairs & maintenance: −$2,511
• − Management: −$2,511
• − HOA: −$6,864
• − Depreciation: −$7,185
• Taxable loss: −$4,082
• Est. tax savings @ 24.0%: +$980
• After-tax cash flow: $806/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

• County: Beaufort County · 163,770 people
• City population: 40,243
• Metro: Hilton Head Island-Bluffton, SC
• Population (ZIP): 24,458
• Household income: $97,948
• Rent vs Own: 22.7% rent · 77.3% own
• Severe rent burden: 562.0

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 (70%)
• Race & ethnicity: White 70% Hispanic / Latino 19% Two or more races 9% Black 8%
• Hispanic origin (detail): Mexican 13%
• Common ancestry: Romanian 3% Slovak 3% Lithuanian 2%
• Foreign-born: 14% · Canada, Jamaica
• Languages at home: 82% English-only · Spanish 16% French/Haitian/Cajun 1% Other Indo-European 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: ▼ -98.89%
• Current HPI: 271.4783
• Rent YoY: ▼ -0.16%
• 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

+243.5% since first listed

20 events — show timeline

• 2026-05-14 Pending — RSMLS
• 2026-05-14 Pending — LRMLS
• 2026-05-13 Price Changed $247,000 RSMLS
• 2026-05-13 Price Changed $247,000 LRMLS
• 2026-04-28 Price Changed $249,500 RSMLS
• 2026-04-28 Price Changed $249,500 LRMLS
• 2026-04-22 Price Changed $249,900 RSMLS
• 2026-04-22 Price Changed $249,900 LRMLS
• 2026-04-07 Price Changed $263,609 RSMLS
• 2026-04-07 Price Changed $263,609 LRMLS
• 2026-01-01 Price Changed $269,550 RSMLS
• 2026-01-01 Price Changed $269,550 LRMLS
• 2025-10-30 Relisted — LRMLS
• 2025-10-30 Relisted — RSMLS
• 2025-10-18 Delisted — RSMLS
• 2025-10-17 Listed $299,500 LRMLS
• 2025-10-17 Listed $299,500 RSMLS
• 1997-05-27 Sold (Public Records) $98,500 Public Records
• 1994-03-22 Sold (Public Records) $70,500 Public Records
• 1989-12-28 Sold (Public Records) $71,900 Public Records

Property tax history

+3.7%/yr

Latest (2025): $1,329 · +1.7% YoY. Source: county tax records.