Athena Condos, North Myrtle Beach (SC): 2023–2024 Investor Performance Review

Athena condos feature a quaint Mediterranean-style design with stucco exteriors and barrel-tile roofs, just a block and a half from the oceanfront in North Myrtle Beach.

Overview of Athena Condos

Athena is an intimate condo community in the Ocean Drive section of North Myrtle Beach, comprised of four low-rise buildings and only 21 units. Most units are spacious 2-bedroom and 3-bedroom floor plans – many around 1,500–2,000 sq. ft. – that come fully furnished and upgraded for vacation use. Each condo is multi-level (often with a private two-car garage on the ground level) and some even feature private elevators or foyers for convenient access. The community’s Mediterranean architecture (stucco walls and red barrel tile roofs) gives it distinctive curb appeal, and a small outdoor pool and hot tub on site provide added amenity value for guests. Athena is located about 1.5 blocks from the beach, meaning a short walk or golf cart ride to public beach access. In fact, the HOA allows owners to have golf carts, and many units include a golf cart to shuttle to the beach or Main Street attractions. The HOA fee is roughly $400 per month, which includes building insurance, cable TV, trash pickup, landscaping, and common area maintenance (pool, grounds, etc.). Notably, this HOA cost is significantly lower than many high-rise oceanfront condos in the area that often run $600–$1,000+ monthly – a benefit that can improve net returns. There are some typical HOA restrictions: owners are allowed golf carts, and likely pet ownership (with size rules), but renters may be restricted from bringing pets or motorcycles to preserve community quietness. Athena permits short-term rentals (vacation rentals) without any special restrictions on duration, as it’s zoned for multifamily and explicitly marked “Short Term Rental Allowed” in listings. Overall, Athena offers the best of both worlds for investors: a residential-style beach condo experience that appeals to families and snowbirds, combined with full short-term rental eligibility to generate income.

North Myrtle Beach Market Status: It’s worth noting that North Myrtle Beach (NMB) as a whole has been identified as one of the top vacation rental investment markets in recent years. In fact, Vacasa ranked North Myrtle Beach #1 on its “2025 Best Places to Buy a Vacation Home” report, citing a 8.1% gross cap rate and an average of $27,603 in annual gross rental revenue for the market (with a median home price around $361K). This strong performance is driven by NMB’s family-friendly beaches and high summer demand. Investors in Athena can leverage these favorable market dynamics, while potentially outperforming market averages due to Athena’s lower purchase price per square foot (e.g. recent 3BR sales in the mid-$300s) and attractive location. The sections below dive into detailed performance metrics from 2023–2024 and strategies to maximize returns for Athena units.

Short-Term Rental Performance (2023–2024)

Occupancy Trends and Seasonal Patterns

Occupancy rates at Athena (and NMB condos broadly) reflect the highly seasonal nature of the Grand Strand vacation market. Over the past full year, short-term rentals in North Myrtle Beach achieved an average occupancy of roughly 57–60% of nights. This translates to a typical property being booked about 210–220 nights per year. However, occupancy is far from uniform throughout the year – it swings dramatically by season and even by unit size.

• Summer Peak: The summer months (June, July, August) are absolutely critical, often accounting for over half of annual rental income. In 2023, around 55% of yearly revenue was generated in Jun–Aug alone, thanks to near-full occupancy at premium rates. For Athena’s 2BR and 3BR condos, it’s common to see 85–95% occupancy in July, with back-to-back weekly bookings from families on summer vacation. Many Athena owners report their calendars “fully booked” in summer by early spring. (Note: Summer 2023 did see a bit of a slowdown vs. the 2021–2022 boom; at one point, forward bookings for Myrtle Beach area summer were only ~39% vs 58% prior year, but last-minute bookings picked up significantly. This underlines the importance of dynamic pricing and last-minute discounts to fill gaps.)

• Shoulder Seasons: Spring (March–May) and fall (September–October) represent the shoulder seasons with moderate demand. Occupancy during these months tends to hover in the 40–60% range on average. For example, April and May weekends can book well for spring break and golf trips, while late September sees snowbirds and fall festival-goers. Weekdays in shoulder months are less occupied, so overall monthly occupancy might be ~50%. Owners often adjust to shorter stays or promo rates to capture renters during these periods.

• Winter Off-Season: November through February is the slowest period. It’s typical for vacation rental occupancy to dip to 20–30% in winter months. Many short-term listings either go vacant or convert to monthly “snowbird” rentals at discounted rates. Athena’s comfortable 2BR/3BR layouts actually make good extended-stay rentals – often a retiree from up north might rent an Athena unit for 1–3 months in winter. This can keep occupancy up (a single tenant occupying 30 or 60+ nights) albeit at a much lower nightly effective rate. On average, an Athena condo might only generate ~$1,500–$2,000 in gross rent for an entire winter month, versus $5,000+ per month in peak summer – a stark difference. The seasonality index for NMB rentals is high (AirDNA gives NMB a seasonality score of 43 on 0–100 scale, indicating strong seasonal swings).

By Unit Type: Interestingly, 2-bedroom vs 3-bedroom units can experience slightly different booking patterns. Smaller 2BR condos (sleeping ~6) often appeal to nuclear families or two couples and can be easier to fill in shoulder seasons and winter (e.g. a pair of golfers or snowbird couple might rent a 2BR). 3-bedroom units (sleep 8+) excel in peak summer when extended families or two-family groups travel together, driving high occupancy in June–Aug. But in the off-season, a larger 3BR might see relatively lower occupancy than a 2BR, simply because fewer off-season travelers need that much space. In 2023 data, one trend was that “mid-sized properties had the largest declines in occupancy rates” compared to smaller units. This suggests that 3BR condos (mid-sized in this context) saw a bigger dip in bookings as supply increased. Still, any Athena unit can capture solid winter occupancy by targeting monthly renters (at lower rates) or offering flexible, discounted nightly stays.

Actionable Insight: To maximize occupancy year-round, Athena owners should adjust strategies seasonally. During peak summer, it’s wise to enforce week-long minimum stays and premium pricing (most summer visitors will pay top dollar for 7-night stays). In shoulder months, shorter minimum stays (2-3 nights) and targeted marketing (e.g. “fall weekends near Main Street festivals”) can boost bookings. Embracing last-minute booking trends is crucial – in summer 2023, a large share of reservations were made within 30 days of arrival, so keeping prices adaptive and using last-minute discounts can fill remaining gaps. For winter, consider offering a monthly rate (many North Myrtle Beach property managers advertise “Winter Snowbird Specials” at $1,200–$1,500/month for 2BR units). Filling 60–90 days at a lower monthly rate can often beat sporadic short stays and covers carrying costs in the off-season.

Gross Rental Income by Unit Type (2023–24)

The annual gross rental income that investors can expect from an Athena condo depends on unit size, how aggressively it’s rented, and management effectiveness. Using the most current market data (2023/early 2024):

• 2-Bedroom Units: A 2BR Athena condo typically grosses roughly $25,000 to $40,000 per year in rental income under average management. This assumes the unit is available year-round and captures the high summer rates but may sit empty part of the off-season. According to Airbtics analytics, the median short-term rental in NMB earned about $50,704 in the last year, but that figure is skewed by larger homes; a modest 2BR near the beach likely comes in a bit lower. Many 2BR condos in the Ocean Drive area reported $30K–$35K gross revenue in 2023, aligned with a roughly 60% occupancy and ~$200/night summer rates. With a very hands-on approach (maximizing occupancy even in winter), a top-performing 2BR could approach the upper $30Ks.

• 3-Bedroom Units: 3BR condos at Athena have higher income potential, with gross rents commonly in the $35,000 to $50,000+ per year range. They command higher nightly rates, especially in peak season. For instance, a 3BR in summer can rent at $300–$350 per night vs. ~$250 for a 2BR. Over a prime 10-week summer, a 3BR might gross $25K or more just in summer. Adding spring/fall rentals and some winter stays pushes the annual total upward. Data from 2023 indicates North Myrtle Beach 3BR listings were frequently grossing in the $40K+ range if well-utilized. In fact, across all NMB rentals (all sizes), the average annual revenue was about $34.9K (according to AirDNA), and the “typical host” earned about $50K (Airbtics) – implying larger units like 3BRs are pulling above-average revenue. A diligent investor who self-manages or uses an optimized pricing strategy might push an Athena 3BR to $50K–$55K gross in a strong year. (For context, Vacasa’s report shows average revenue of ~$27.6K for NMB vacation homes, but that likely averages in many smaller condos and part-timers; Athena’s location and size can outperform that baseline.)

It’s important to contextualize these numbers with seasonal variance. In peak summer months, a 3BR Athena unit can gross $5,000–$6,000 per month (e.g. ~$1,500/week). But in winter, it might only gross $1,000–$1,500 for the whole month if on monthly rental. So cash flow is heavily front-loaded in the summer. Investors should plan for that cycle – for example, banking summer profits to cover winter expenses. Overall, both 2BR and 3BR units at Athena have proven to be solid income generators in 2023–24, thanks to the sustained vacation demand in North Myrtle Beach. Despite a slight cooling from 2021’s peak, rental revenues in NMB were still up ~3% year-over-year in 2023, and occupancy was up a few points as well, indicating a healthy and growing market.

Average Nightly Rates (ADR) and Pricing

Athena condos benefit from North Myrtle Beach’s generally higher price point for rentals relative to downtown Myrtle Beach. In 2023, the average daily rate (ADR) for short-term rentals in NMB was around $200–$250 per night for typical listings, with luxury beach houses pushing that higher. Specifically, AirDNA reported an ADR of about $341 across all NMB Airbnb/Vrbo listings – however, that number is skewed upward by large oceanfront houses in Cherry Grove. A more representative figure, per other sources, is around $203/night with 62% occupancy for the Myrtle Beach area. North Myrtle Beach tends to command higher rates than Myrtle Beach city for comparable units (due to NMB’s family-friendly, less crowded reputation).

For Athena units:

• In peak summer, 2BR units often fetch $225–$275 per night, while 3BR units fetch $275–$350+ per night. During 4th of July week, rates can spike even higher (some owners set 3BR rates around $400/night for that holiday week, especially if the unit is large and updated). Ocean Drive’s popularity during summer (proximity to Main Street events, etc.) supports these top-tier rates even though Athena is not direct oceanfront. Renters perceive the value in a short walk to the beach plus the spaciousness and often are willing to pay nearly what they’d pay for an oceanfront condo.

• In shoulder months, ADRs drop: a typical April or October night might be ~$150 for a 2BR and $180-$200 for a 3BR. Here, weekend vs weekday matters – weekends during spring/fall fests might approach summer pricing for a few nights, but mid-week nights could be sub-$150.

• In winter, nightly rates bottom out. If renting short-term in winter, owners might only get $100/night or less for a 2BR and ~$120 for a 3BR due to low demand. Many opt for monthly pricing instead (e.g. $1,300/month for a 2BR, $1,600/month for a 3BR, including utilities). That equates to roughly $40–$60/night but with the benefit of an occupied unit for the whole month.

Athena vs. Oceanfront Pricing: Oceanfront condos in North Myrtle (like those at Bay Watch Resort or Avista Resort) can often charge a premium of 20–30% higher nightly than second-row units like Athena in peak season. However, Athena’s advantage is that its HOA costs are much lower, and its purchase price is lower than equivalent oceanfront units, so it can yield similar ROI without needing the absolute top nightly rate. In practice, Athena owners should still price aggressively because many vacationers filter by number of bedrooms and location, not just oceanfront – meaning Athena’s high quality can justify rates near oceanfront levels. North Myrtle Beach’s vacationers are often families willing to pay for comfort: note that “seamless experiences with pools, beach access, and balconies” are highly sought. Athena checks most of those boxes (aside from direct beach view), so owners shouldn’t undersell it.

In 2023–24, pricing power remained solid. The Myrtle Beach area actually saw ADR increase about +9% in summer 2023 even as occupancy fell, indicating rental owners were holding rates firm. Athena owners can likely continue modest annual rate increases (e.g. 3-5% per year) without suppressing demand, as long as the property is marketed well. Currently, many Athena listings on Airbnb/VRBO boast average ratings of 4.8★ or higher, which helps justify premium rates (positive reviews build pricing power through traveler trust).

Actionable Insight: Implement dynamic pricing tools or services. Given the variability in ADR by season and even day of week, using software (like PriceLabs or AirDNA’s pricing) or closely monitoring comparable listings will maximize revenue. It’s all about getting that extra $20/night in peak times and being flexible to drop rates on short notice to fill vacancies. Also, emphasize Athena’s value in listings (e.g. “Large condo with pool – 1 block from ocean, save compared to oceanfront!”) to convert rate-sensitive guests who might balk at oceanfront prices but find Athena a great deal at only slightly lower cost.

Operating Expenses and Net Income

Understanding operating expenses is critical for an accurate ROI picture. Athena condos, like most vacation rentals, incur the following main expenses:

• HOA Dues: Approximately $400 per month for a 3BR (a bit less for 2BR units if billed by size). This comes to ~$4,800 per year. The HOA fee covers building insurance, exterior maintenance, landscaping, pool upkeep, trash service, cable TV, and association management. Owners thus do not need a separate hazard insurance policy on the structure (just an interior contents policy) and don’t directly pay for lawn/pool care. Athena’s HOA fee is relatively low for the area; by comparison, many oceanfront high-rises charge $700+ monthly (because of elevators, on-site staff, multiple pools, etc.), so Athena owners save considerably on fixed HOA costs.

• Property Taxes: As a non-primary residence (most investment condos are second homes or purely investments), property taxes in Horry County are assessed at 6% value. For a condo valued around $350,000, annual taxes are roughly $4,000–$5,000. For example, one Athena unit with assessed value $344K had an annual tax of about $4,603. Taxes will vary slightly by unit assessment, but investors should budget around 1.2%–1.4% of purchase price for yearly taxes.

• Insurance: The HOA’s master policy covers the building exterior and common liability, but owners carry an HO-6 condo insurance for interior and liability. These policies are typically quite affordable – often around $500–$800 per year for coverage on a condo of this size, since the big risks (hurricane/wind) are covered by the master policy (and included in HOA dues). If the unit is in a flood zone (Athena is slightly inland, so likely not in high-risk flood zone), flood insurance for contents might be considered but is usually optional.

• Utilities: Owners pay their unit’s electricity and water (unless water is covered by HOA – in Athena’s case, water/sewer availability is listed but not explicitly “included”, so assume owners pay usage). For a typically occupied vacation condo, electric might run $100–$150/month on average (higher in summer with AC running). Water/sewer might be $30–$50/month. Additionally, internet/Wi-Fi is often needed; however, Athena’s HOA includes basic cable TV and Wi-Fi for renters in the dues (as indicated in the rental listing that “Rent includes basic cable, wifi...” for Unit #301). If true for all units, that’s a perk – owners wouldn’t need a separate internet bill. If not, plan ~$60/month for internet. In total, expect around $2,000–$2,500/year in utilities (more if heavily rented in summer with high AC usage).

• Management & Marketing: If the owner uses a professional property management company (e.g. local firms like Elliott Realty, Vacasa, Vacations of NMB, etc.), the standard commission is around 20–30% of gross rental income. Some newer services (like Vacasa, Evolve, or Awning) may charge slightly less – Awning advertises ~15% for NMB rentals – but typically full-service local managers charge closer to 25%. On a $40,000 gross income, a 25% management fee is $10,000 annually, a significant expense. Self-management through Airbnb/VRBO can drastically reduce this cost, but then platform fees (roughly 3% to owner, plus ~14% to guest) apply and the owner must handle all guest communications, cleaning coordination, etc. There’s also a middle-ground: hire a co-host or local caretaker for a smaller fee. For our ROI analysis below, we’ll consider two scenarios: one with ~25% management expense, one with self-management (minimal cost aside from one’s own time and perhaps minor listing expenses).

• Cleaning & Maintenance: Turnover cleanings are typically paid by guests (guests are charged a cleaning fee in addition to rent, which covers the cleaning crew’s cost). However, if an owner stays or if a guest negotiates something, the owner might occasionally pay. It’s wise to set aside some funds for maintenance and supplies – things like replacing AC filters, light bulbs, wear-and-tear fixes, plus restocking toiletries or kitchen items. A common rule of thumb is about 5-10% of gross income for maintenance reserve. On a $40K gross, that’s $2,000–$4,000 per year. In 2023, inflation hit some costs (e.g. appliance replacements or HOA insurance allocations), so erring on the higher side is prudent. Athena being about 20 years old (built 2003) means appliances/HVAC may need occasional service. Budget maybe $1,000–$2,000/year for routine maintenance and another ~$1,000 for supplies, linens, etc.

Putting it together, an approximate annual operating budget for a 3BR Athena might look like:

Expense Item	Annual Cost (Approx)
HOA Dues	$4,800
Property Tax	$4,500
HO-6 Insurance	$600
Utilities (Electric/Water)	$2,200
Management Fee (25%)*	$10,000 (if using manager)
Maintenance/Repairs	$2,000
Supplies/Misc	$1,000
Total (with manager)	~$25,100
Total (self-managed)	~$15,100 (no mgmt fee)

Costs above assume a gross income near $40K and using professional management in the first scenario. If self-managing, the owner’s “sweat equity” replaces that $10K fee, drastically reducing expenses, though one might still pay small fees for listings or a la carte help.

From these figures, we can derive net operating income (NOI): For example, $40,000 gross minus ~$25,000 expenses = ~$15,000 net if using a property manager. If self-managed, net might be ~$25,000 (saving that commission). These estimates align with local investor anecdotes – many beach condo owners find they break even or make a modest profit after all expenses if they aren’t aggressive. As one local agent noted, “Your rental expectations should be to break even or a little better if you do non-assertive renting”, especially once you factor in off-season vacancies. However, owners who actively market and self-manage often do see positive cash flow.

Tip: Keep an eye on “hidden” costs that can eat into profits: for instance, credit card processing fees (if using booking platforms), periodic deep cleans, and HOA special assessments (though none are currently noted at Athena, older buildings occasionally levy one for major repairs – reviewing Athena’s HOA financials, like the 2025 budget, is part of due diligence). By anticipating expenses conservatively, investors can avoid surprises and set the right rental rate targets to achieve their desired net income.

ROI and Cap Rate Projections

When evaluating Athena Condos as an investment, it’s useful to project both cap rate (return on total property value) and cash-on-cash return (return on the actual cash invested, which is affected by financing). Below we analyze scenarios with and without financing:

• All-Cash Purchase (No Financing): Suppose you purchase a 3BR Athena condo for ~$350,000 (roughly the going rate in 2024 for a furnished unit, given one sold at $269K in 2020 and prices have risen since). Using the above example of ~$15,000–$25,000 net operating income (NOI), what cap rate does that yield? If using a full-service manager (NOI ~$15K), the cap rate = $15K / $350K = 4.3%. If self-managing (NOI ~$25K), cap rate = $25K / $350K = 7.1%. Realistically, many investors will land in between, possibly around a 5–6% cap rate with partial outsourcing. Notably, a 5%+ cap rate is generally considered a good return for Myrtle Beach resort property, so Athena can meet or exceed that benchmark, especially if efficiently run. Keep in mind, these cap rates are based on current income; they don’t include potential appreciation. Athena units have shown price growth (e.g. one unit sold for $220K in 2017 and is estimated around $330K+ in 2025), and with NMB’s popularity, moderate appreciation could boost your overall return on investment in the long run.

• Financed Purchase (Using a Mortgage): Financing can significantly change your cash-on-cash returns. Let’s assume a common scenario: 25% down payment and a 30-year fixed mortgage for the remaining 75% at an interest rate ~7% (rates for investment condos were around 6.5–7.5% in late 2023). For a $350K purchase, 25% down is ~$87,500, and the loan is ~$262,500. The annual debt service (mortgage payments) at 7% would be about $24,000 (roughly $2,000/month). Using the earlier income figures:

  • If you hire a manager (NOI ~$15,000 before debt), after paying ~$24,000 in mortgage payments, you’d actually have a negative cash flow of about -$9,000/yr. In other words, your rental income wouldn’t fully cover the mortgage and expenses – you’d be feeding in ~$750 a month out-of-pocket. Your cash-on-cash return here is negative (since you put $87.5K down and still have to add funds). This scenario is basically a “break-even” or slight loss on cash flow, which some investors accept if they anticipate property appreciation or personal use enjoyment.

  • If you self-manage (NOI ~$25,000), after $24,000 in debt service, you’d have a small positive cash flow around $1,000 per year. That’s virtually break-even, but at least not losing money annually. The cash-on-cash ROI in this case is about 1.1% ($1K profit on $87.5K cash invested). Not thrilling, but remember you’re also building equity as the loan is paid and hopefully gaining home value. If occupancy or rates increase, that cash flow could grow in coming years.

  What if you put 50% down (to reduce loan costs)? At 50% down ($175K), loan ~$175K, annual debt ~ $16K. With self-management NOI $25K, cash flow ~$9K, which is a ~5.1% cash-on-cash return (9K on 175K). With management, it’d be slightly negative cash flow. So, higher down payments or lower interest rates substantially improve cash returns.

In summary, under current interest rate conditions (2023–2024), a highly-leveraged purchase of a vacation condo will likely have slim cash flow initially. Many investors are choosing to put more money down or even pay cash to ensure a comfortable margin. The good news is that if interest rates fall in the future, one could refinance and lower the debt cost, turning a break-even into a profit. Also, these calculations didn’t include personal use – if you plan to enjoy the condo a couple weeks a year, that’s an intangible return (savings on vacations) but it will reduce rental income slightly.

ROI Boosters: Some ways to improve ROI on Athena condos include: self-managing (saves ~20-25% of gross), optimizing your listing to increase occupancy (even an extra 5-10% occupancy at decent rates can add a few thousand to NOI), and tax strategy. Remember that rental property owners get to depreciate the property value (minus land) over 27.5 years, which can create a paper loss to shelter rental income from taxes. They also can deduct mortgage interest, property taxes, HOA dues, and other expenses. These tax benefits effectively increase after-tax ROI. When factoring the tax write-offs, an investor might find that even a near break-even cash flow property yields a neutral or positive after-tax cash flow.

Long-term Outlook: The Vacasa report highlighting downward pressure on cap rates nationwide (as of 2024) noted that rising costs have trimmed net yields for many vacation rentals. This underscores the importance of buying at the right price and controlling expenses. Athena’s relatively low HOA and strong rental demand put it in a favorable position to weather such pressures. If you underwrite the deal conservatively (assuming only modest appreciation and stable income), Athena can still hit that 5–8% ROI range which is solid for a beach property. Any upside – like a return to stronger tourism growth or if you outperform average occupancy – will only improve the returns from there.

Guest Reviews and Experience (Airbnb/VRBO/Booking)

The guest feedback for Athena vacation rentals has been overwhelmingly positive in 2023–2024, contributing to its strong rental performance. On platforms like Airbnb, VRBO, and Booking.com, Athena units consistently earn high ratings (most listings are averaging 4.8 to 5.0 stars out of 5 in recent reviews). Several common themes emerge from guest reviews:

• Spacious, Home-Like Accommodations: Renters love that these condos are multi-level and feel like a townhome. Many reviews mention the “roomy and comfortable layout for our family” or praise having 3 full bathrooms in a 3BR unit, which is a big convenience for groups. The presence of a private garage and foyer in some units is a unique perk not found in most condos – one guest noted it “felt like having our own beach house with a garage to store our beach gear and golf cart.” This home-like feel sets Athena apart from crowded hotel-like resorts.

• Cleanliness and Condition: Recent guests have rated Athena units highly on cleanliness. Many Athena owners work with reliable cleaning services and keep their units updated (for example, installing LVP flooring, granite countertops, new appliances as noted in listings). Reviews commonly say “extremely clean and well-maintained,” which is crucial for attracting repeat bookings. A mid-2024 Airbnb review for an Athena 3BR mentioned that the condo “looked exactly like the pictures – spotless and welcoming.” Consistent cleanliness and accurate listings translate to strong 5★ reviews.

• Location Convenience: Despite not being directly oceanfront, guests overwhelmingly find the location highly convenient. Being a block or two off the beach is rarely a complaint; instead, reviews highlight “short walk to beach – we didn’t mind at all” and the benefit of being in a quiet residential area with less traffic and noise. Many families appreciate that they can quickly walk or use the provided golf cart to get to the ocean, and they enjoy the tranquility of being just off the main Ocean Blvd. The proximity to Main Street (Ocean Drive) attractions is another plus: guests often mention “close to restaurants, shops, and the shag dance clubs on Main St.” Athena is only a few blocks from the Main Street area, so vacationers can easily drive their golf cart or take a short walk to enjoy live music, ice cream shops, and festivals, which enhances their stay experience.

• Amenities and Extras: Reviews indicate guests enjoy the pool and hot tub for relaxing after the beach. While the pool is not huge (it’s sized for a small community), it’s described as clean and usually uncrowded. Some Athena rentals go above and beyond by providing beach chairs, a grill, bicycles, or a golf cart for guest use – these touches often earn rave mentions in reviews (e.g. “the owners let us use their golf cart which made beach trips a breeze!”). Guests also note ample parking (each unit has a garage or carport plus driveway space), which is a relief compared to high-rise condos where parking decks can be a hassle.

• Overall Satisfaction: It’s clear that Athena rentals are delivering on guest expectations. The combination of a good location, spacious unit, and value for money results in excellent word-of-mouth. Many families say they plan to “return next year” and recommend the unit to friends. In terms of Booking.com, where guests rate various aspects, Athena units have scored high on location and cleanliness in particular. One slight caution from reviews: a few guests have noted that ocean views are minimal from Athena (some top floor units might have a peek of the ocean, but generally views are of the neighborhood). This is usually not an issue since listings don’t promise oceanfront views, but it’s something to manage in guest expectations.

From an investor’s perspective, these strong guest reviews are gold. High ratings lead to increased bookings (as platforms boost highly-rated listings in search results) and justify premium pricing. They also suggest lower upkeep issues – if guests aren’t complaining, it means major aspects (AC, appliances, plumbing) are functioning well. Investors should continue to prioritize guest satisfaction: quick responsiveness to inquiries (leading to reviews praising “great communication with host”), thoughtful welcome touches, and prompt resolution of any issues during a stay will keep the 5-star reviews rolling in. Remember: vacation rental success is heavily influenced by online reputation. Athena condos have built a great one, and maintaining that is key to sustaining occupancy and income levels.

HOA Policies, Rental Rules and Owner Restrictions

For anyone buying into Athena, understanding the HOA rules and rental policies upfront is essential. Here are the key points:

• Short-Term Rentals: Allowed with no special restrictions. Athena’s HOA and zoning allow short-term vacation rentals (nightly/weekly). There is no minimum stay requirement mandated by the HOA – investors can rent by the night (though practically, 2-night or 3-night minimums are used to avoid excessive turnover). The City of North Myrtle Beach currently has lenient STR regulations as well – a recent analysis noted the city isn’t strictly enforcing any license display requirements, indicating a very permissive environment for Airbnb-style rentals. (Investors should still get a business license and pay hospitality taxes as required). Unlike some residential neighborhoods that have fought STRs, Athena’s community was designed with vacation use in mind, so renting is part of the culture.

• Owner Use and Restrictions: Owners can, of course, use their condo for personal stays whenever they like (blocking those dates from rental). There is no limitation on owner use. Some HOAs restrict extended owner stays or full-time residence in complexes primarily meant for vacation rentals – Athena does not appear to have such a restriction; one could even live year-round there if desired. One notable rule: “Owner allowed golf cart” and “Tenant allowed golf cart” are listed in nearby property features, implying both owners and renters can have golf carts on site. This is great for rental appeal (many renters will rent a golf cart locally or use the one provided). Pet Policy: Athena’s HOA has “Pet Restrictions”. Typically, this means owners are allowed to have pets (often with a limit of 1 or 2 pets under a certain weight), but renters are usually not allowed to bring pets. This is common in beach condos to prevent pet damage from transient guests. So, as an owner, you could bring your dog when visiting, but you likely should advertise your rental as no-pets to comply with HOA rules (unless the HOA makes an exception for long-term winter renters, which some do on a case-by-case basis). Vehicle Restrictions: While not explicitly stated in the snippet, many HOAs in NMB prohibit motorcycles or trailers on the property due to noise and space. Athena’s docs would need confirmation, but given the quiet residential nature, expect a “no motorcycles or RVs” rule. However, since we saw mention of motorcycles allowed for tenants in a nearby listing, it’s possible Athena might not forbid them, or that line was generic. It’s safer to assume no motorcycles or oversized vehicles to be safe (these typically aren’t a deal-breaker for vacationers anyway).

• HOA Financials and Governance: Athena’s HOA is managed by Thomas Real Estate, Inc. (Century 21 Thomas), a well-known local firm. They provide the budget (as seen in the 2025 HOA budget document) and enforce rules. As an investor, you’ll want to get copies of the Master Deed and Bylaws (linked on the HOA site) to review any clauses about rentals. For example, check if there’s a requirement to register renters’ names with the HOA or any quiet hours rules. Athena likely has standard condo rules: no hanging towels off balconies, quiet hours after 10pm, etc., which property managers pass on to guests. HOA dues are collected monthly or quarterly; late fees apply if not timely. There was no indication of any pending special assessments – the buildings are around 20 years old, so investors might ask if the HOA has a capital reserve for future roof replacement or exterior painting (the tile roofs should last a long time; stucco exteriors might need periodic coating).

• Insurance and Liability: HOA carries master insurance (likely including flood coverage given coastal location). Owners need liability insurance especially if doing rentals. Ensure your insurance or property manager covers short-term rental liability. Some HOAs also require owners to carry liability coverage and name the HOA as additional insured – worth verifying but not uncommon.

In summary, Athena’s HOA is relatively investor-friendly. The rules are not onerous: you can rent freely, use your place when you want, and you get a well-maintained property for your dues. Just be a good HOA citizen – pay dues on time, follow community rules – and you’ll find the HOA a helpful partner (they handle the heavy lifting of maintenance and keeping the property attractive, which in turn helps rental appeal).

Investment Strategies for Athena Buyers

Investing in a vacation rental like Athena can be done creatively to maximize financial benefits. Here are some strategies and considerations:

1031 Exchange to Defer Taxes

If you are selling another investment property, you can utilize a Section 1031 exchange to purchase an Athena condo and defer capital gains taxes. This strategy is popular among real estate investors to “trade up” or move investments without tax friction. For example, suppose you sell a rental home elsewhere with a $300K gain – normally you’d owe taxes on that gain. But by identifying an Athena condo (or condos) as the 1031 replacement property, you could roll those proceeds into the purchase and pay zero capital gains tax at sale. You’ll need to follow the IRS rules: identify replacement property within 45 days of selling the first, and close within 180 days. Also, the new property value must be equal or greater to the old property sale price to defer all gains. Athena condos, being in the $300K-$400K range, could be an ideal 1031 target for those selling higher-priced properties or multiple smaller ones (you can even exchange from multiple properties into one via a consolidated 1031).

Practical tip: Coordinate with a qualified 1031 exchange intermediary before you sell your current property. Once you have the funds from a sale, they must be held by the intermediary and directly used for the Athena purchase. Also, ensure the title is held in the same manner (e.g. if your old property was in an LLC, buy Athena in that LLC name). By doing a 1031, you essentially get an interest-free loan from the government of the would-be tax dollars, which can greatly boost your buying power. Keep in mind that if you ever sell the Athena in the future without doing another 1031, you’ll owe the accumulated taxes then (unless you hold until death, in which case heirs get a stepped-up basis – a long-term estate planning angle).

Many investors in Myrtle Beach use 1031 exchanges to pivot from one condo to another or to upgrade size. For instance, one could sell an inland rental and buy Athena closer to the beach to improve rents, all tax-deferred. Athena’s strong rental track record makes it a solid choice for a 1031 replacement because you can hit the ground running on income.

Using Retirement Funds (IRA/401k) for Purchase

It might surprise some, but you can use self-directed IRA or 401(k) funds to invest in real estate, including vacation rentals. This requires a special setup: a Self-Directed IRA (SDIRA) or a Solo 401(k) if you qualify (self-employed). You cannot just withdraw from a regular 401k without penalty to buy a condo, but you can roll over those funds into a self-directed account that allows real estate holdings. For example, you could roll your IRA into a self-directed IRA custodian, then have that IRA purchase the Athena unit (the deed would be in the name of the IRA). The advantage is that you’re effectively using pre-tax (or Roth) dollars to invest, and rental income and appreciation grow tax-free or tax-deferred within the retirement account.

However, there are critical rules: The IRS prohibits “personal benefit” from IRA-owned property – meaning you and your family cannot use the condo personally at all if it’s owned by your IRA. It must be purely for investment (rent to third parties only). All expenses must be paid from IRA funds, and all income goes back into the IRA. Also, you can’t personally perform repairs (no “sweat equity” – must hire out) due to prohibited transaction rules. If these rules are violated, you could disqualify the IRA and incur taxes/penalties. Similar rules apply for a 401k plan investing in property. Due to these complexities, some investors shy away, but it is a viable strategy if you have significant retirement funds and maybe don’t need to use the property personally.

One strategy could be: use IRA funds to buy the condo and let it grow in the IRA for years, then later take it as a distribution in retirement (effectively letting the IRA “buy” your retirement beach home). There are tax implications to navigate there as well. Professional guidance is a must for this route – talk to a CPA or attorney experienced in self-directed retirement real estate. Firms like Entrust or Madison Trust specialize in facilitating these deals. In short, using an IRA/401k to invest in Athena can be done and offers tax-sheltered growth, but it trades off flexibility (no personal use and administrative hoops).

Self-Management vs. Professional Management

We touched on this under expenses, but as a strategy, self-managing your Athena condo can significantly improve your ROI. By acting as your own property manager (handling listings, guest communications, and coordinating cleaning/maintenance), you save the 20-30% commission. Many small investors in NMB successfully self-manage via platforms like Airbnb and VRBO, which give you direct control over pricing and guest vetting. Athena’s setup actually makes self-management easier than some high-rises: there’s no front desk to coordinate with, you have a private entrance and can install a smart lock or lockbox on your unit, and you have your own garage for storage of supplies. You can hire a reliable local cleaning crew who also notifies you of any issues after turnovers. With modern tech (cameras on the exterior entry for security, noise monitors to prevent parties, smart thermostats to control HVAC), even remote owners can manage efficiently.

The key consideration is your ability to respond 24/7 to guest needs. If a toilet leaks at 11pm, do you have a plumber on call? If not, a local manager might be worth it. One compromise is using a hybrid approach: You handle marketing and bookings (saving big on commissions), but you hire a local co-host or property caretaker for, say, a smaller fee (maybe $100 per booking or a flat monthly rate) to be the on-the-ground contact for emergencies and inspections. Some companies offer ala carte services – for example, an Airbnb co-host might charge 10% for guest contact and issues, versus 25% for full management. There are even new services that charge per task (e.g., $30 per check-in, etc.). Evaluate how much your time is worth and how comfortable you are learning the platforms. Many investor-owners find it rewarding to interact with guests and ensure a great experience (leading to those 5★ reviews). Others prefer completely passive income and will pay a manager.

If you choose professional management, compare companies and what they offer. A local firm might do heavy marketing on their own website plus OTAs, may handle maintenance in-house, and can sometimes yield higher gross income (some boast that despite a higher commission, their aggressive marketing yields owners more net income). Always check their track record and reviews by other owners. Also, some companies lock you into exclusive agreements, so read the terms (e.g., can you do your own VRBO on the side or not?).

In essence, self-management can improve your cash flow by thousands per year, but it requires commitment. If you live nearby or visit often, it’s even easier. If you live far, ensure you have a local network for emergencies. The good news: North Myrtle Beach has a robust ecosystem of cleaners, handymen, and service providers who cater to rental owners, so you won’t be alone. Plenty of owners in NMB manage remotely from out of state successfully.

Other Notable Strategies

• Pricing and Marketing Strategy: Use multi-channel marketing. Don’t rely on just Airbnb – list on VRBO, Booking.com, and consider a direct booking website to avoid some fees. Ensure you have high-quality photos (professional photos are worth the cost). Also, consider seasonal promotions – e.g., offer a free night on week-long winter stays to attract snowbirds, or include a “free golf cart use” in summer as a value-add. Little perks in your marketing can set your unit apart from similar ones.

• Leverage Local Events: North Myrtle Beach has events like SOS (Society of Shaggers) weeks, festivals, sports tournaments, etc. Market your condo to those crowds (e.g., “Walk to SOS festival – perfect condo for dancers!”). This can bump occupancy during shoulder weeks.

• Monitor Regulations: While NMB is lenient now, keep an ear on city council. Some beach towns have flirted with stricter STR rules. Staying involved with the HOA and local owner networks can give a heads up if anything changes. So far, NMB has been pro-rental, which is a big plus long-term.

• Exit Strategy / 1031 “Swap ‘Til You Drop”: Plan your exit or expansion. If Athena proves great, you might later 1031 exchange into another property (maybe a second condo, or a beach house) using the equity buildup. Or, if your plan is to eventually retire and live at the beach, you could transition the condo from a rental to your personal use later. Keep records of how much personal use vs rental use if you plan to possibly convert it (for tax purposes, personal use beyond certain amounts can impact what deductions you take in interim years).

• Financing Strategies: If mortgage rates are high now, one strategy is to use adjustable-rate mortgages (ARMs) or even interest-only loans for the first few years to improve cash flow, betting on either refinancing or selling via 1031 before rates adjust. This can be riskier, but some investors do a 5 or 7-year ARM which carries a lower initial rate, making the early years easier financially. Given many plan to 1031 within ~5-7 years anyway, it can align well. Always consult with a lender who understands condo-tel financing if needed (Athena, however, is a true condo – it likely qualifies for normal second-home loans, which have better terms than condotel loans required by some resort buildings).

Comparing Athena to Other North Myrtle Beach Condos

How does investing in an Athena condo stack up against other oceanfront or oceanview properties in North Myrtle Beach? Here’s a look at a few comparisons:

• Athena vs. Oceanfront High-Rise (e.g. Bay Watch Resort): Bay Watch is a popular oceanfront resort in Crescent Beach with extensive amenities (multiple pools, lazy river, restaurants on-site). A 2BR oceanfront at Bay Watch might cost ~$400K and gross perhaps $40K/year in rentals – similar gross to Athena’s 2BR potential. However, Bay Watch’s HOA fees are roughly $800+ per month (to cover all those amenities and on-site staff) and management splits if on the on-site program. Net income can be lower relative to price. Also, Bay Watch units are smaller (~1,000 sq ft for 2BR) and there’s more competition (over 270 units renting). Athena, being off the beach, can’t charge as high a summer rate as direct oceanfront, but its lower costs and more unique product (large, garage, etc.) mean you might achieve a comparable cap rate with less capital outlay. In short, oceanfront has higher gross income potential, but also higher expenses and entry price. Athena offers a value play: nearly the same rental revenue at lower cost, which often translates to better percentage returns. One agent’s take on oceanfront condos was that many investors “rarely make more than break-even, especially after high HOA fees”, so Athena’s leaner expense profile is attractive.

• Athena vs. Another Second-Row Condo (e.g. Waipani or Ocean Drive Villas): There are other condo complexes one block off the ocean. Waipani (near Main St.) has 2BR units typically around $250K, wood-frame older construction, with a pool. They rent decently but are smaller (~800 sq ft) and not as upscale. Gross rents might be $20K-$25K. Athena’s units, while pricier, generate higher rents and attract perhaps a higher-end renter. Ocean Drive Villas or similar low-rises in the area might have lower HOAs but also fewer amenities (maybe no elevator, older interiors). Athena likely wins on luxury and size in the second-row category. It was built in 2003 with modern features, whereas many second-row condos are 1980s era. So Athena can command better rates and reviews. The trade-off is you pay more to buy in. But for investors looking at second-row, Athena is arguably one of the top second-row choices in NMB due to its construction and design.

• North Myrtle Beach (NMB) vs. Myrtle Beach (city): If an investor is considering an investment condo in Myrtle Beach in general, it’s notable that North Myrtle often outperforms Myrtle Beach city in terms of ADR and perhaps guest experience. Myrtle Beach proper has many high-rise “condotels” where financing is trickier and rental rates can be lower due to huge supply. NMB’s focus on family vacationers and slightly quieter environment means properties there “command higher rates and attract families looking for a quieter experience”. The occupancy in Myrtle Beach city was around 56% with ADR $203 in 2023, whereas NMB was averaging 57-60% with ADR potentially higher (AirDNA showed ~$340, but again that’s influenced by large homes). The bottom line is, NMB has become a premier investment locale on the Grand Strand – evidenced by its top rank in Vacasa’s list with an 8.1% gross cap rate, beating out other national destinations. Athena gives you a slice of that prime NMB market with a property that appeals to the core demographic (families beachgoing).

• Appreciation Potential: When comparing, also consider how values might grow. Oceanfront land is finite, so oceanfront condos often appreciate well over time (with volatility during recessions). Second-row condos like Athena appreciate too, but perhaps a tad slower than direct oceanfront icons. However, Athena’s initial pricing (2003 new units sold in low $200Ks) to now (mid $300Ks) shows healthy growth, roughly tracking the market. As NMB continues to develop (new restaurants, the new coastal town center planned, etc.), demand for close-to-beach properties should remain high. If anything, Athena might also attract second-home buyers (not just investors) because of its residential feel, which can bolster resale demand.

In comparing options, an investor should weigh cash flow vs. appreciation vs. effort. If you wanted maximum cash flow and don’t mind a slightly less “pretty” property, a smaller inland condo might net a higher cap rate (with a much lower purchase price, but also lower rental demand). If you want maximum appreciation and can feed some cash each year, an oceanfront in a marquee resort could be a bet. Athena sits in a sweet middle spot: solid rental cash flow and likely steady appreciation, without the extreme carrying costs. It’s a relatively low-risk, steady investment in a prime location.

Finally, always compare the cap rate after all expenses of each option. You might find Athena at, say, 5-6% net, an oceanfront at 4-5% net, and an inland at 8% net. But then factor in how easy it is to keep that property rented (inland might have far lower occupancy). North Myrtle’s oceanfront and second-row are generally the easiest to rent. So Athena stands out as a balanced choice, giving a nice mix of income and potential future resale value, with moderate risk.

Conclusion & Investor Takeaways

Investing in an Athena condo in North Myrtle Beach can be a lucrative and enjoyable venture if done with eyes open and proper strategy. To recap the actionable insights for prospective investors:

• Strong Income Potential: Athena’s 2BR and 3BR units are generating gross rents in the tens of thousands – often around $30K for 2BRs and $40-50K for 3BRs in the current market, thanks to ~60% annual occupancy and summer nightly rates of $250+. With peak season representing over half the income, nailing the summer is key. Ensure your pricing and marketing capture that demand (consider weekly rentals, advertise early, and adjust prices to remain competitive yet maximize revenue).

• Seasonal Management: Embrace the seasonality. Use high-rate summer profits to cover winter costs. Experiment with off-season strategies – monthly snowbird rentals, targeting festivals/golfers in shoulder months – to boost occupancy beyond the typical 20-30% winter rate. Even incremental improvements in winter occupancy can raise annual revenue notably.

• Expense Control = Higher ROI: Athena already has a leg up with relatively low HOA fees (~$400) and no exorbitant amenities to drag on costs. Further improve your net by self-managing or negotiating lower management fees, as that is the single largest expense for many. Also, perform preventative maintenance (e.g., service HVAC, replace older appliances proactively) to avoid costly emergency fixes that upset guests and budgets. Keep an eye on insurance and property tax trends – those tend to creep up; protest assessments if they seem high relative to market.

• Realistic ROI Expectations: Depending on management approach and financing, expect cap rates in the ~5-7% range and initial cash-on-cash returns of ~0-6%. With a cash purchase, a well-run Athena unit can yield around a 6% annual return on the property value (plus any appreciation). With financing, cash flow might be tight at today’s rates, but consider the long play: you are effectively paying down a mortgage using guests’ money, building equity each year. Even a breakeven cash flow scenario can be attractive when you factor in loan principal reduction, tax sheltering (depreciation often wipes out taxable income), and personal enjoyment of the condo. And if/when interest rates dip or rental rates climb, your cash flow can turn strongly positive.

• Leverage Tax Benefits: Use tools like the 1031 exchange to compound your portfolio without tax drags. If Athena is one stop on your investment journey, plan how you might exchange into a bigger property down the line. Or, hold long-term and let the asset pay for itself – potentially even moving it into a retirement plan structure for tax-free growth (with the caveats mentioned). Depreciation on a ~$350K condo (improvements maybe $300K of that) is about $10,900/year you can deduct – often sheltering a big chunk of your cash income legally. Consult a tax advisor to maximize write-offs (e.g., cost segregation on furnishings can accelerate some depreciation).

• Maintain High Guest Satisfaction: The importance of 5-star reviews cannot be overstated. Athena units already shine in this area, so keep up the good work by ensuring clean, accurately-described, well-equipped accommodations. Quick communication and a personal touch (welcome basket or local info booklet) can wow guests and translate to return bookings and referrals. A happy guest is essentially free marketing; they might book directly with you next time (saving platform fees) or tell their neighbors.

• Monitor Market Trends: Stay informed on North Myrtle Beach tourism trends and any city ordinances. As of 2024, occupancy had softened slightly from 2022 highs due to increased rental inventory, but demand remains robust and NMB’s popularity is only growing. The Myrtle Beach area welcomed 19+ million visitors in 2023, and NMB is capturing a quality segment of those. The outlook is positive, but oversupply of rentals can happen – keep your unit competitive (upgrade decor periodically, respond to market changes). Also, keep an eye on new developments (if a big new resort opens, how might that affect you?) and macro factors (gas prices, economy can influence vacation travel).

• Exit Strategy Planning: Always buy with resale in mind. Athena’s unique features (garage, low HOA, location) should make it attractive to future buyers, whether investors or even retirees looking for a beach townhome. Document your rental history – having solid proof of income (past gross rents, occupancy data, expense records) will be a great selling point if you list the condo down the road as a turnkey investment. Perhaps you’ll sell it as part of a 1031 to an eager new investor who will appreciate the trail you’ve blazed.

In conclusion, Athena Condos in North Myrtle Beach present a compelling case for investment. They strike a balance between luxury vacation experience for guests and practical, profitable ownership for investors. By leveraging current 2023–2024 data and trends – from setting the right rates to utilizing tax and exchange strategies – investors can unlock strong returns and long-term wealth-building through these vacation rentals. And beyond the numbers, owning a piece of paradise that you can personally enjoy in the off-season is an added bonus (many investors value the lifestyle return of spending time at their property). Athena offers a chance to own a slice of the Myrtle Beach dream and have it pay for itself along the way. With diligent management and a focus on guest satisfaction, an Athena condo can indeed be both a profitable investment and a cherished vacation haven for years to come.

Sources: Recent market data and insights have been drawn from AirDNA and Airbtics analytics for North Myrtle Beach, industry reports (Key Data Dashboard and Vacasa) on 2023–2024 coastal rental performance, and local expert commentary on rental yields and costs. These sources, combined with Athena-specific HOA information, reinforce the analysis and projections provided. Each investor should conduct their own due diligence, but the data clearly indicate that Athena condos stand out as high-potential assets in the current North Myrtle Beach vacation rental market.

Disclaimer: All information given is meant to be educational. I am only passing on historical information shared with me by owners, rental companies, and various publications. I am not guaranteeing these numbers, nor can I guarantee future rentals or appreciation. This information is not intended to replace your own research, or to provide legal, investment, or financial advice. Please consult an attorney for legal advice.