If you spend $21,000 in Remodel Cost your initial year of ownership, then it only costs you $2,100 per year for 10 years to remodel your unit. 

Now, if you increase your Gross Rental Income by $5000 per year over the next 10 years due to the remodel because you can now charge more for a daily rate, and you should increase your occupancy as more renters will book your unit because it’s updated, then you’d make $50,000 in additional Gross Rental Income (GRI). 

$50,000 in GRI subtracted by $21,000 for your remodel leaves you with $29,000 in projected profit you made off remodeling your unit at the end of 10 years.

You’re already invested in it, it should be building equity and appreciation, plus earning you depreciation, so go ahead and spend $21,000 to make $29,000 so that it does even better. 

Now, that’s not to say that the additional $5,000 in Gross Rental Income annually is your lid. You could make $7,000+ each year. 

$7,000 in Gross Rental Income over 10 years is $70,000 in additional Gross Rental Income. 

$70,000 in GRI subtracted by $21,000 for remodel cost leaves you with $49,000 in additional projected profit. 

Additionally, your property is better positioned should you need to sell it quickly before the 10-year horizon.

In my opinion, it’s clear to see that a little upfront investment in remodeling your Oceanfront Condo positions you for better resaleability, can generate a projected profit, helps increase your occupancy, and can generate additional Gross Rental Income (GRI).

Call today to discuss your next Oceanfront Condo purchase in the Myrtle Beach Real Estate Market: 843-360-1737

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.

You’re considering investing in an oceanfront condo in Myrtle Beach South Carolina, and you want to know if there’s an upside besides the potential projected profitability each year, tremendous appreciation over the past 10 years, and the equity that the 20-22 million tourists build in your rental property each year? Well, there is. There’s plenty of room to grow your occupancy, but how do you do that?

Currently, there’s plenty of room to increase the profitability of your rental property by increasing your annual occupancy, but first let’s see just how much room there is to grow so that we can also better understand how the size of the unit impacts its rental performance.

1 Bedroom Units Across All Property Types

The average 1 bedroom rental in our market across all property types averages 147 nights booked, which is 40% of the year, has a daily average rental rate of $113 and brings in between $16,117 and $24,464 each year in Gross Rental Income. 1 Bedroom rental properties make up around 30% of the Myrtle Beach South Carolina rental market.

How does that stack up to 1 bedroom Oceanfront Condos?

At the Landmark Resort for instance, an oceanfront condo with a single King-sized bed in 2023 brought in between $26,000 - $34,000, in Gross Rental Income with the highest rental at $38,500. That’s, on the low end, $9,883 less than you would have gotten by investing in an oceanfront condo at the Landmark Resort, not to mentioned $9,536 less on the higher end. And if your unit performed like Landmark’s highest unit of that type, that a difference of $14,036. One-bedroom Oceanfront Condos at the Landmark Resort run as low as $135,000 to $190,000.  

2 Bedroom Units Across All Property Types

The average 2-bedroom rental in our market across all property types averages 146 nights booked, which is 40% of the year, has a daily average rental rate of $146 and brings in between $22,551 and $33,178 each year in Gross Rental Income. 2 Bedroom rental properties make up around 29% of the Myrtle Beach South Carolina rental market.

How does that stack up to 2-bedroom Oceanfront Condos?

At Beach Colony Resort for instance, an oceanfront condo 2-bedroom unit in 2023 brought in between $47,000 - $55,000, in Gross Rental Income with the highest rental at $72,250. That’s, on the high end of things, $24,449 less than you would have gotten by investing in an oceanfront condo at Beach Colony Resort. And if your unit performed like Beach Colony’s highest unit of that type, that a difference of $39,072. Two-bedroom Oceanfront Condos at Beach Colony Resort run as low as $242,000 to $290,000. 

3 Bedroom Units Across All Property Types

The average 3-bedroom rental in our market across all property types averages 153 nights booked, which is 44% of the year, has a daily average rental rate of $200 and brings in between $31,781 and $46,083 each year in Gross Rental Income. 3 Bedroom rental properties make up around 17% of the Myrtle Beach South Carolina rental market. There’s not nearly as many 3-bedroom units in our market as the 1 and 2 bedroom oceanfront units, and when supply is lower, you can expect to pay more for these units.

How does that stack up to 3-bedroom Oceanfront Condos?

At Beach Cove Resort for instance, an oceanfront condo 3-bedroom unit in 2023 brought in between $69,000 - $71,000, in Gross Rental Income with the highest rental at $76,775. That’s, on the high end of things, $24,917 less than you would have gotten by investing in an oceanfront condo at Beach Cove Resort. And if your unit performed like Beach Colony’s highest unit of that type, that a difference of $30,692. Three-bedroom Oceanfront Condos at Beach Cove Resort run as low as $465,000 to $476,000. 

4 Bedroom Units Across All Property Types

The average 4-bedroom rental in our market across all property types averages 145 nights booked, which is 42% of the year, has a daily average rental rate of $312 and brings in between $56,082 and $77,428 each year in Gross Rental Income. 4-Bedroom rental properties make up only 6% of the Myrtle Beach South Carolina rental market. There’s not nearly as many 4-bedroom units in our market as the 1, 2, and 3-bedroom oceanfront units, and when supply is lower, you can expect to pay more for these units.

How does that stack up to 4-bedroom Oceanfront Condos?

Unfortunately, we don’t currently have information on occupancy, and gross rental income on these units. However, 4-bedroom Oceanfront Condos run as low as $565,000 to as high as $1,275,000 with an average price of $759,960.

5 Bedroom Units Across All Property Types

The average 5-bedroom rental in our market across all property types averages 141 nights booked, which is 39% of the year, has a daily average rental rate of $402 and brings in between $64,611 and $97,526 each year in Gross Rental Income. 5-Bedroom rental properties make up only 3% of the Myrtle Beach South Carolina rental market. There’s not nearly as many 5-bedroom units in our market as the 1, 2, and 3-bedroom oceanfront units, and less than half the 4-bedrooms, when supply is lower, you can expect to pay more for these units.

How does that stack up to 5-bedroom Oceanfront Condos?

Unfortunately, we don’t currently have information on occupancy, and gross rental income on these units. However, 5-bedroom Oceanfront Condos run as low as $475,000 to as high as $2,450,000 with an average price of $1,065,687.

Which unit type should I invest in?

The top performers were a 3-bedroom unit that booked 272 nights and a 4-bedroom that had an average daily rate of $501.

Offer Vacation Packages to Increase Occupancy.

It’s simple. Just offer three different vacation packages to your tenants. One at $500, one at $1000, and one at $1500 and then fill those vacation packages with gift cards to the best restaurants, paid for attractions like shows, local events, and concerts, and even include more concierge options like rose pedals, bath robes, and gifts for him and her.  You’ll most likely find that your tenants will be thrilled that you put this level of work into their vacation, they’ll gladly pay the convenience fee of each package, and most importantly, want to return year after year.

What’s this do for you? Repeat and Loyal Business.

You’re more likely to have satisfied and therefore repeat customers who will rent your property year in and you’re out, repeatedly. Two-things impact your rental business because of the yearly repeat tenants: you can successively build your Gross Rental Income (GRI) each year upon the next year—growing your book of business—and, due to the loyalty of your tenants, you may be insulated from the ups and downs of the rental market. In other words, if the rental market has a bad year overall, because your tenants are loyal, you may not see a significant reduction in Gross Rental Income. They very well could choose to cut expenses elsewhere in their budget because they just don’t want to give up their dream vacation, even when the economy struggles along.

Source: Click Here

Call today to discuss your next Oceanfront Condo purchase in the Myrtle Beach Real Estate Market: 843-360-1737

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.

Depreciation

Depreciation settles the matter. If passive income is what you’re after, then the upside that depreciation offers on oceanfront condos, tips the scale and makes residential real estate the best way to generate passive income, but don’t forget, it also can reduce your overall tax burden.   

Depreciation is one of the most important reasons to invest in Oceanfront Condos. It helps you keep your money rather than pay out unnecessary taxes.

Depreciation is when you reduce the value of your oceanfront condo over time due to deterioration, or use.

The government allows you to depreciate your oceanfront condo over the course of 27.5 years, under the assumption that the property will have lost its value by that time, even though it doesn’t necessarily lose its value.

The Stock Market simply doesn’t have this upside. Even when the Stock market drops to zero, real estate never drops to zero. 

Over 27.5 years, you can claim depreciation to offset the rental income your oceanfront condo produces.

If your oceanfront condo appraises for $200,000 then divide $200,000 by 27.5 years and you’ll arrive at $7,272.72, which is the amount you can claim on your taxes annually for the depreciation of that asset.

If your oceanfront condo rents at $30,000 each year, you can deduct the $7,272.72 from your taxable income for that property. So, you’ll only have to pay taxes on $22,727.28.

But What’s Cost Segregation?

Rather than depreciating the oceanfront condo as a whole, you can depreciate specific sections of the house like the cabinets or certain sections of the unit.

However, you must hire an accountant to perform the cost segregation study. If you have multiple oceanfront condos, this could be very advantageous for you.

Source: Redacted (YouTube News Channel)

The Bay View on the Boardwalk Resort is known for its view of the Myrtle Beach Boardwalk and its close proximity to the Skywheel and Pier at 2^nd Avenue.

These units offer an impressive selection of meticulously designed condos that cater to diverse lifestyles and preferences.

Units Range from Efficiency to 4-bedrooms, having both oceanfront and Oceanview units, and offer square footage as low as 400 square feet and as high as 2,200 square feet.

While smaller units may be perfect for couples, larger units that have expansive multi-bedroom layouts could be ideal for families and larger groups. Bay View on the Boardwalk Resort condos provide a range of options to suit your needs.

About Oceanfront Condo Unit 1705.

Welcome to your slice of coastal paradise at 504 N Ocean Blvd #1705, Myrtle Beach, SC – an investor's dream! This fully furnished, turn-key OCEANFRONT condominium offers not just a home, but a potential rental income opportunity.

This "lock out" unit features both A and B sides, each equipped with 2 bedrooms, 2 bathrooms, and spacious living/dining areas. Granite countertops and a breakfast bar adorn the kitchen, perfect for hosting guests. The master bedroom boasts a private balcony, walk-in closet, and ensuite bathroom, while the second bedroom offers ample space for guests, family, or friends.

Step onto your private balcony to soak in the sights and sounds of the ocean, or enjoy a range of amenities including pools, a fitness center, and direct beach access. Located near the vibrant attractions, restaurants, and entertainment of Myrtle Beach, this condo offers both a lifestyle and a potential lucrative rental opportunity.

Don't miss your chance to own a piece of the coastal dream – seize the opportunity to invest in this highly rentable oceanfront resort at 504 N Ocean Blvd, Unit 1705.

Accommodation & Amenities.

Accommodations vary by room type but some include Sleeper sofas, fully equipped kitchens, coffee makers, in-room safe, irons and ironing boards, washer and dryers, free in-room coffee with coffee markers, hair dryers, and some units include private balconies.

Guests enjoy indoor water amenities, life-size games of chess and checkers, Starbucks onsite, shuffleboard overlooking Ocean Boulevard, an outdoor pool and spa, and elegant details within the rooms and condos including private balconies.

Onsite Vs Offsite Property Management

Some Oceanfront Resorts won’t allow an owner’s tenants to use onsite amenities if the owner uses offsite property management. However, at Beach Colony Resort, even if you use offsite property management, your tenants can use all the amenities.

What does the HOA Include?

The HOA includes Electric Common, Water and Sewer, Trash Pickup, Elevator Service, Pool Service, Landscape/Lawn, Insurance, Manager, Security, Legal and Accounting, Master Antenna/Cable TV, Common Maint/Repair.

How Does the Location Serve My Guests?

2 Minutes from Myrtle Beach Boardwalk and Promenade

8 Minutes from Broadway at the Beach

3 Minutes from Family Kingdom

8 Minutes from Walmart Supercenter

8 Minutes from Top Golf

12 Minutes from Medieval Times Dinner and Tournament

12 Minutes from Market Common/Savannah’s Playground

10 Minutes from Coastal Grand Mall, Costco, and Best Buy

10 Minutes from Springmaid Pier

11 Minutes from Myrtle Beach International Airport

12 Minutes from River Oaks Golf Club

13 Minutes from Myrtlewood Golf Club

14 Minutes from World Tour Golf Links

16 Minutes from Pirates Voyage

16 Minutes from Grand Strand Medical Center

Tanger Outlets

Only Minutes from many great restaurants on Ocean Blvd and Bus 17

How Do My Guest Navigate the Area?

Take Bus 17 North to reach North Myrtle Beach and Little River

Take Bus 17 South to reach Surfside Beach, Garden City, Murrells Inlet and Pawleys Island.

Take Bus 17 to Hwy 501 to go inland towards Forestbrook (14 Minutes), Pine Island (15 Minutes), or Carolina Forest (25 Minutes) Communities to reach Conway, SC (32 Minutes)

Take Hwy 501 to Hwy 31 and go north to reach Carolina Forest and North Myrtle Beach

Take Hwy 501 to Hwy 31 and go south to reach Socastee

Take Hwy 501 to Hwy 17 Bypass South to reach Garden City and Murrells Inlet

Take Hwy 501 to Hwy 17 Bypass North to merge into Bus 17 and reach North Myrtle Beach and Little River

Depreciation.

Assuming that the purchase price of Unit 1705 is the same as the appraised value at $365,000, when this appraised value is divided over 27.5 years for depreciation, this gives you an annual taxable income deduction of $13,272.72 for this rental property.  If that doesn’t get you excited, just wait until you see how this unit has appreciated!

How did Bay View on the Boardwalk Appreciate?

In 2014, the average unit across all types had a purchase price of $177,333. In 2023, the average unit across all types had a purchase price of $308,500. This an increase in appreciated value of $131,167. In the last 10 years, Bay View on the Boardwalk appreciated 74%.

What are Occupancy Rates Like in Myrtle Beach South Carolina?

Currently, there’s plenty of room to increase the profitability of your rental property by increasing your annual occupancy, but first let’s see just how much room there is to grow so that we can also better understand how the size of the unit impacts its rental performance.

2 Bedroom Units Across All Property Types

The average 2-bedroom rental in our market across all property types averages 146 nights booked, which is 40% of the year, has a daily average rental rate of $146 and brings in between $22,551 and $33,178 each year in Gross Rental Income. 2 Bedroom rental properties make up around 29% of the Myrtle Beach South Carolina rental market.

Which unit type should I invest in?

The top performers were a 3-bedroom unit that booked 272 nights and a 4-bedroom that had an average daily rate of $501.

Offer Vacation Packages to Increase Occupancy.

It’s simple. Just offer three different vacation packages to your tenants. One at $500, one at $1000, and one at $1500 and then fill those vacation packages with gift cards to the best restaurants, paid for attractions like shows, local events, and concerts, and even include more concierge options like rose pedals, bath robes, and gifts for him and her.  You’ll most likely find that your tenants will be thrilled that you put this level of work into their vacation, they’ll gladly pay the convenience fee of each package, and most importantly, want to return year after year.

What’s this do for you? Repeat and Loyal Business.

You’re more likely to have satisfied and therefore repeat customers who will rent your property year in and you’re out, repeatedly. Two-things impact your rental business because of the yearly repeat tenants: you can successively build your Gross Rental Income (GRI) each year upon the next year—growing your book of business—and, due to the loyalty of your tenants, you may be insulated from the ups and downs of the rental market. In other words, if the rental market has a bad year overall, because your tenants are loyal, you may not see a significant reduction in Gross Rental Income. They very well could choose to cut expenses elsewhere in their budget because they just don’t want to give up their dream vacation, even when the economy struggles along.

Run Facebook Ads Targeting Groups that Visit Our Market for Local Events and Golf.

Here are my picks for your top 4 groups to run Facebook Ads to in order to increase your occupancy:

1.    Golfers. Myrtle Beach has over 90 Golf Courses. Spring time is when golfers begin arriving.

2.    Marathon Runners. Myrtle Beach Marathon: Held typically in late February or early March, this event attracts runners from all over the country. It includes a full marathon, half marathon, and other races.

3.    Country Music Lovers. Carolina Country Music Fest: Held in June, this multi-day music festival features some of the biggest names in country music performing on stages set up along the Myrtle Beach Boardwalk.

4.    Bikers. Myrtle Beach Bike Week: Both spring and fall editions of Bike Week attract motorcycle enthusiasts to the area for rallies, rides, and entertainment.

What is the Projected Profitability for these Units?

Do I Buy an Oceanfront Condo as a Second Home or Investment Property?

Buying as a Second Home.

If you buy as a Second Home, you cannot rent the property more than 180 days each year.

You must occupy the property 3 weeks out of the year

You must qualify with current and new housing costs

Primary Residence can’t be within 75 miles of the Second Home

If you do buy as a second home, you should get a better interest rate and lower down payment.

Buying as an Investment Property.

If you buy as an Investment Property, you can rent the property for more than 180 days each year.

You do not have to occupy the property.

You may not have to qualify with current and new housing costs if the property has historical rental income.

When you buy as an investment property, you will have to pay personal property taxes on the furnishings in your unit.

If you buy as an Investment Property, you won’t get as good of an interest rate, and you’ll have a higher down payment, but you have the option of doing a 1031 Like-kind exchange.

Remodeling.

A smart approach for many investors is to buy a dated Oceanfront Condo for cheaper than market price, a unit that needs remodeling, and then remodel the unit so that it maximizes Gross Rental Income. When prospective tenants are searching online for the best vacation rentals, they’re more likely to choose the nicest, more updated units when comparing rentals.

Several things increase the desirability of the unit for tenants such a LVP flooring, fresh paint, new fixtures and faucets, backsplash, barnyard doors, wainscoting, fireplace inserts, flat screen Tv’s, and new furniture to name a few. You might even consider leaving a telescope on the balcony so that your guests can enjoy the stars.

I had a client once that listed their property with a different agent before me and couldn’t get it sold. Based on feedback from showings after the property was listed with me, we remodeled the unit. The property went under contract in only 23 days after the remodel, when before it wouldn’t sell.

For more information, please Click Here.

Bayview on the Boardwalk Market Report.

This Market Report is as of 03-07-2023.

Active Properties.

10 Active

Average Price: $329,160

Average Days on Market: 117 days

Sellers are more likely to reduce their price due to high competition.

Under Contract.

2 Properties Under Contract

Average Price: $286,500

Average Days on Market: 59 days

Sold Properties.

6 Properties Sold in last 6 months

Average Price: $312,800

Average Days on Market: 104 days

Properties are selling so don’t let another buyer get the best deal on the condo you want.

For current information, please Click Here.

Click Here for More information on Bay View on the Boardwalk.

Beach Colony Resort

The Beach Colony Resort is was named in Forbes’ list of best hotels in Myrtle Beach South Carolina!

These units offer an impressive selection of meticulously designed condos that cater to diverse lifestyles and preferences.

Units Range from Efficiency to 4-bedrooms, having both oceanfront and Oceanview units, and offer square footage as low as 350 square feet and as high as 1,500 square feet.

While smaller units may be perfect for couples, larger units that have expansive multi-bedroom layouts could be ideal for families and larger groups. Beach Colony Resort condos provide a range of options to suit your needs.

About this Property.

Introducing an unparalleled opportunity in one of the most sought-after vacation destinations on the East Coast! Nestled within the vibrant community of Myrtle Beach, this stunning oceanfront retreat offers an ideal blend of luxury, convenience, and investment potential.

Welcome to your slice of paradise: a breathtaking 2-bedroom, 2-bathroom end unit with a thoughtfully designed split floor plan. Floor-to-ceiling windows frame panoramic vistas of the majestic Atlantic Ocean and the Golden Mile of Myrtle Beach, providing an exquisite backdrop to every moment spent in this coastal haven.

Impeccably renovated in 2022, this residence boasts new luxury vinyl plank flooring, a modern refrigerator, and a fresh coat of paint throughout, ensuring both style and functionality. The fully equipped kitchen features elegant granite countertops, a cozy breakfast bar, and brand-new appliances, offering the perfect space to entertain or indulge in culinary delights.

For added convenience, this turnkey property comes fully furnished, complete with the luxury of an in-unit washer and dryer—a testament to effortless coastal living. Beach Colony, renowned for its exceptional amenities, presents a wealth of leisure options, including private parking, indoor/outdoor pools, rejuvenating hot tubs, a tranquil lazy river, and a vibrant tiki bar. Indulge in delectable dining experiences at onsite restaurants, peruse charming boutiques at the gift shop, or maintain your wellness routine at the fitness center—every day promises endless possibilities.

The reasonable HOA fee encompasses all utilities, from electric to Wi-Fi, ensuring worry-free ownership and maximizing rental potential. Whether you seek an idyllic second home to escape harsh weather or a potential lucrative investment opportunity in a thriving market, this is the home you've been dreaming of.

Don't miss your chance to experience coastal living at its finest—schedule a viewing today and seize this extraordinary opportunity to own a piece of Myrtle Beach's unparalleled allure. Your oceanfront oasis awaits!

Accommodation & Amenities.

Beach Colony offers accommodations such as separate living rooms in Suites & Condos, Kitchens in many accommodations, Free Wi-Fi, and linen and towel services.

Guests enjoy 2 outdoor pools, lazy river, indoor pool, outdoor kiddie pool, indoor whirlpool, and an outdoor whirlpool.

Onsite Vs Offsite Property Management

Some Oceanfront Resorts won’t allow an owner’s tenants to use onsite amenities if the owner uses offsite property management. However, at Beach Colony Resort, even if you use offsite property management, your tenants can use all the amenities.

NOTE: Owners who are on the onsite rental program have the benefit of receiving “RESORT FEE CREDIT” annually to be used towards upgrading their unit.  (Resort Fee is a charge to the guests and Beach Colony splits 60% of this with the owners on their program) This is basically “Free money” to use only toward upgrading your unit and organized through the onsite homeowner relations office.  This helps our owners maintain their unit and maintains the value of the resort.  When buyers purchase a specific unit that is on the onsite program, you can ask to see if there is any “resort fee credit” money on account as many owners do not use the money and the money stays with the unit – not the owner.  So, if a unit sells and the owner hasn’t used the money, often times there a thousands of dollars in that unit’s account that transfers with sale to the new owners. 

What does the HOA Include?

The HOA includes Electric Common, Water and Sewer, Trash Pickup, Elevator Service, Pool Service, Security, Rec. Facilities, Master Antenna/Cable TV, Common Maint/Repair, Electric In Unit, Internet Access, Pest Control.

How Does the Location Serve My Guests?

9 Minutes from Myrtle Beach Boardwalk and Promenade

7 Minutes from Broadway at the Beach

10 Minutes from Family Kingdom

13 Minutes from Walmart Supercenter

7 Minutes from Top Golf

15 Minutes from Medieval Times Dinner and Tournament

18 Minutes from Market Common/Savannah’s Playground

14 Minutes from Coastal Grand Mall, Costco, and Best Buy

16 Minutes from Springmaid Pier

14 Minutes from Apache Pier

14 Minutes from Myrtle Beach International Airport

15 Minutes from River Oaks Golf Club

11 Minutes from Grande Dunes Resort Club

18 Minutes from Barefoot Resort & Golf

7 Minutes from Myrtlewood Golf Club

15 Minutes from World Tour Golf Links

8 Minutes from Pirates Voyage

8 Minutes from Grand Strand Medical Center

14 Minutes from Tanger Outlets

18 Minutes from Barefoot Landing  

Only Minutes from many great restaurants on Ocean Blvd and Bus 17

How Do My Guest Navigate the Area?

Take Bus 17 North to reach North Myrtle Beach and Little River

Take Bus 17 South to reach Surfside Beach, Garden City, Murrells Inlet and Pawleys Island.

Take Bus 17 to Hwy 501 to go inland (West) towards Forestbrook, Pine Island, or Carolina Forest Communities to reach Conway, SC

Take Bus 17 South to Hwy 501 to Hwy 31 and go north to reach Carolina Forest and North Myrtle Beach

Take Bus 17 to Hwy 501 to Hwy 31 and go south to reach Socastee

Take Bus 17 to Hwy 501 to Hwy 17 Bypass South to reach Garden City and Murrells Inlet

Take Bus 17 to Hwy 501 to Hwy 17 Bypass North to merge into Bus 17 and reach North Myrtle Beach and Little River

How did Beach Colony Resort  Appreciate?

In 2014, the average unit across all types had a purchase price of $116,492. In 2023, the average unit across all types had a purchase price of $235,809. This an increase in appreciated value of $119,317. In the last 10 years, Beach Colony Resort on the Boardwalk appreciated 102%.

What are Occupancy Rates Like in Myrtle Beach South Carolina?

Currently, there’s plenty of room to increase the profitability of your rental property by increasing your annual occupancy, but first let’s see just how much room there is to grow so that we can also better understand how the size of the unit impacts its rental performance.

1 Bedroom Units Across All Property Types

The average 1 bedroom rental in our market across all property types averages 147 nights booked, which is 40% of the year, has a daily average rental rate of $113 and brings in between $16,117 and $24,464 each year in Gross Rental Income. 1 Bedroom rental properties make up around 30% of the Myrtle Beach South Carolina rental market.

2 Bedroom Units Across All Property Types

The average 2-bedroom rental in our market across all property types averages 146 nights booked, which is 40% of the year, has a daily average rental rate of $146 and brings in between $22,551 and $33,178 each year in Gross Rental Income. 2 Bedroom rental properties make up around 29% of the Myrtle Beach South Carolina rental market.

3 Bedroom Units Across All Property Types

The average 3-bedroom rental in our market across all property types averages 153 nights booked, which is 44% of the year, has a daily average rental rate of $200 and brings in between $31,781 and $46,083 each year in Gross Rental Income. 3 Bedroom rental properties make up around 17% of the Myrtle Beach South Carolina rental market. There’s not nearly as many 3-bedroom units in our market as the 1 and 2 bedroom oceanfront units, and when supply is lower, you can expect to pay more for these units.

4 Bedroom Units Across All Property Types

The average 4-bedroom rental in our market across all property types averages 145 nights booked, which is 42% of the year, has a daily average rental rate of $312 and brings in between $56,082 and $77,428 each year in Gross Rental Income. 4-Bedroom rental properties make up only 6% of the Myrtle Beach South Carolina rental market. There’s not nearly as many 4-bedroom units in our market as the 1, 2, and 3-bedroom oceanfront units, and when supply is lower, you can expect to pay more for these units.

5 Bedroom Units Across All Property Types

The average 5-bedroom rental in our market across all property types averages 141 nights booked, which is 39% of the year, has a daily average rental rate of $402 and brings in between $64,611 and $97,526 each year in Gross Rental Income. 5-Bedroom rental properties make up only 3% of the Myrtle Beach South Carolina rental market. There’s not nearly as many 5-bedroom units in our market as the 1, 2, and 3-bedroom oceanfront units, and less than half the 4-bedrooms, when supply is lower, you can expect to pay more for these units.

Which unit type should I invest in?

The top performers were a 3-bedroom unit that booked 272 nights and a 4-bedroom that had an average daily rate of $501.

Offer Vacation Packages to Increase Occupancy.

It’s simple. Just offer three different vacation packages to your tenants. One at $500, one at $1000, and one at $1500 and then fill those vacation packages with gift cards to the best restaurants, paid for attractions like shows, local events, and concerts, and even include more concierge options like rose pedals, bath robes, and gifts for him and her.  You’ll most likely find that your tenants will be thrilled that you put this level of work into their vacation, they’ll gladly pay the convenience fee of each package, and most importantly, want to return year after year.

What’s this do for you? Repeat and Loyal Business.

You’re more likely to have satisfied and therefore repeat customers who will rent your property year in and you’re out, repeatedly. Two-things impact your rental business because of the yearly repeat tenants: you can successively build your Gross Rental Income (GRI) each year upon the next year—growing your book of business—and, due to the loyalty of your tenants, you may be insulated from the ups and downs of the rental market. In other words, if the rental market has a bad year overall, because your tenants are loyal, you may not see a significant reduction in Gross Rental Income. They very well could choose to cut expenses elsewhere in their budget because they just don’t want to give up their dream vacation, even when the economy struggles along.

What is the Projected Profitability for these Units?

In 2023, this type 2 Bedroom Oceanfront unit at Beach Colony Resort brought in a high of $72,250 and ranges between $47,000 - $55,000 in Gross Rental Income.

Paying with Cash.

As of 2023, this 2 Bedroom Oceanfront unit generates on the high end of the range $55,000 in Gross Rental income. If using a property manager that charges 10%, your expense should be $5,500 which brings you to a subtotal of $49,500.00 after property management fees are paid.

With estimated taxes—based on 2020—at $3,293.40, cleaning services—based on 27 bookings annually at $150 per cleaning—at $4,050, estimated HO6 insurance at $1,000, and annualized HOA dues at $10,704, your estimated expenses are $19,047.40.

Subtracting from your subtotal (after property management fees) of $49,500, for your total estimated expenses of $19,047.40, your projected profit is $30,452.60.

Paying with Financing.

As of 2023, this 2 Bedroom Oceanfront unit generates on the high end of the range $55,000 in Gross Rental income. If using a property manager that charges 10%, you’ll expense should be $5,500 which brings you to a subtotal of $49,500.00 after property management fees are paid.

At a purchase price of $421,750, your 15% down payment is $63,262. Assuming an 8.24 interest rate for 30 years with a down payment of 15%, your principal and interest totals $33,396.00. With estimated taxes—based on 2020—at $3,293.40, cleaning services—based on 27 bookings annually—at $4,050, Estimated HO6 insurance at $1,000, and annualized HOA dues at $10,704.00, your estimated expenses are $ $55,383.40.

Subtracting from your subtotal (after property management fees) of $49,500.00, for your total estimated expenses of $55,383.40, your projected profit is a loss of -$5,883.40.

Do I Buy an Oceanfront Condo as a Second Home or Investment Property?

If You Buy as a Second Home.

If you buy as a Second Home, you cannot rent the property more than 180 days each year.

You must occupy the property 3 weeks out of the year

You must qualify with current and new housing costs

Primary Residence can’t be within 75 miles of the Second Home

If you do buy as a second home, you should get a better interest rate and lower down payment.

If You Buy as an Investment Property.

If you buy as an Investment Property, you can rent the property for more than 180 days each year.

You do not have to occupy the property.

You may not have to qualify with current and new housing costs if the property has historical rental income.

If you buy as an Investment Property, you won’t get as good of an interest rate, and you’ll have a higher down payment, but you have the option of doing a 1031 Like-kind exchange.

Remodeling.

A smart approach for many investors is to buy a dated Oceanfront Condo for cheaper than market price, a unit that needs remodeling, and then remodel the unit so that it maximizes Gross Rental Income. When prospective tenants are searching online for the best vacation rentals, they’re more likely to choose the nicest, more updated units when comparing rentals.

Several things increase the desirability of the unit for tenants such a LVP flooring, fresh paint, new fixtures and faucets, backsplash, barnyard doors, wainscoting, fireplace inserts, flat screen Tv’s, and new furniture to name a few. You might even consider leaving a telescope on the balcony so that your guests can enjoy the stars.

For more information, please Click Here.

Beach Colony Market Report.

This Market Report is as of 03-08-2023.

Active Properties.

3 Active

Average Price: $352,250

Average Days on Market: 67 days

Sellers are not likely to reduce their price due to low competition.

Under Contract.

4 Properties Under Contract

Average Price: $262,450

Average Days on Market: 60 days

When a property is nice or updated, it sells quickly. Have your pre-approval or proof of funds ready so you can make an offer when you see a unit you like.

Sold Properties.

5 Properties Sold in last 6 months

Average Price: $216,940

Average Days on Market: 93 days

Sold/Listed$: 96.47%

Almost all properties listed sell in Beach Colony. Come prepared to buy. Properties are selling so don’t let another buyer get the best deal on the condo you want.

For current information, please Click Here.

Click Here for More information on Beach Colony Resort on the Boardwalk.

Call today to discuss your next Oceanfront Condo purchase in the Myrtle Beach Real Estate Market: 843-360-1737

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.

Only a Golf Cart Ride To The Beach!!!!!!!!! Located in the Meridian at Market Common, don’t miss this exquisite, single-story home, primarily used as a second residence, that boasts three bedrooms, two baths, and an airy open-concept layout. It features a screened porch and a two-car garage. The interior is tastefully adorned with beautiful LVP flooring throughout, complemented by carpeted bedrooms. The property has attractive landscaping and irrigation system. Residents can enjoy community amenities such as a large pool. The home is centrally located in Myrtle Beach and offers proximity to various highways, facilitating easy travel everywhere in our market. Its location near Market Common allows for quick trips most anywhere you’d like to go. 12 Minutes to Boardway at the Beach. 13 Minutes to Tanger Outlets. 13 Minutes to Springmaid Pier. 21 Minutes to Myrtle Beach State Park. 17 Minutes to the Myrtle Beach Boardwalk and Promenade.  You can easily get to the Beach or State Park in only 12 minutes by Golf Cart. Seize this home before another buyer does!

How did Meridian at Market Common Appreciate?

This property proves exactly why the Market Common is so popular and perhaps the most desirable place to live. The average sold price of a property across all types in the Meridian at Market Common in 2018 was $246,140. The average sold price of a property across all types just last year was $360,892. That’s $114,752 in appreciated value and an increase of 47% in only 5 years!

What does the HOA Include?

The HOA is only $105 per month and includes Electric Common, Pool Service, Manager, Common Maint/Repair, Recreation Facilities, Legal and Accounting.

How Does the Location Serve Me?

7 Minutes from Market Common

8 Minutes from Publix

10 Minutes from Costco, Coastal Grand Mall, and Best Buy

12 Minutes from Boardway at the Beach

15 Minutes from Mrytle Beach International Airport

12 Minutes to Boardway at the Beach.

13 Minutes to Tanger Outlets.

13 Minutes to Springmaid Pier.

21 Minutes to Myrtle Beach State Park.

17 Minutes to the Myrtle Beach Boardwalk and Promenade

17 Minutes to Myrtlewood Golf Club

14 Minutes from World Tour Golf Links

10 Minutes from River Oaks Golf Club

13 Minutes from Top Golf

22 Minutes from Grand Strand Medical Center

How Do I Navigate the Area?

Take Hwy 17 Bypass North to reach North Myrtle Beach and merge onto Bus 17 to reach Little River

Take Hwy 17 Bypass North to reach Hwy 501 and go East to reach Myrtle Beach

Take Hwy 17 Bypass North to reach Hwy 501 and go West to reach Carolina Forest and Conway, South Carolina

Take Hwy 17 Bypass South to reach Surfside Beach, Garden City Beach, Murrells Inlet and merge on Bus 17 to reach Pawleys Island  

Take Hwy 17 Bypass North to reach Hwy 501 and go West, taking Hwy 31 South to Reach Socastee.

Take Hwy 17 Bypass North to reach Hwy 501 and go West, taking Hwy 31 North to Reach North Myrtle Beach.

Do I Buy this Property as a Second Home or Investment Property?

If You Buy as a Second Home.

If you buy as a Second Home, you cannot rent the property more than 180 days each year.

You must occupy the property 3 weeks out of the year

You must qualify with current and new housing costs

Primary Residence can’t be within 75 miles of the Second Home

If you do buy as a second home, you should get a better interest rate and lower down payment.

If You Buy as an Investment Property.

If you buy as an Investment Property, you can rent the property for more than 180 days each year.

You do not have to occupy the property.

You may not have to qualify with current and new housing costs if the property has historical rental income.

If you buy as an Investment Property, you won’t get as good of an interest rate, and you’ll have a higher down payment, but you have the option of doing a 1031 Like-kind exchange.

Meridian at Market Common Market Report.

This Market Report is as of 03-07-2023.

Active Properties.

5 Active Properties

Average Price: $407,856

Average Days on Market: 34 days

Sellers are less likely to reduce their price due to low competition.

Under Contract.

6 Properties Under Contract

Average Price: $367,369

Average Days on Market: 147 days

This property is priced under the Average Price of a property Under Contract.

Sold Properties.

15 Properties Sold in last 6 months

Average Price: $361,544

Sold to Listed: 99.05%

Average Days on Market: 130 days

Properties almost always sell in this community so don’t let another buyer get the best deal on the home you want.

For current information, please Click Here.

Should I invest in a Money Market Account or Real Estate?

Your money is sitting in your money market account and yes, it's collecting interest, but the money market account can’t give you appreciation. Not only are you missing out on as much as $246,500 in appreciation, but you’re also missing the better cash on cash returns from the annual gross rental income produced by oceanfront condos.

Off the top of my head, I know of at least four oceanfront condo resorts here in Myrtle Beach South Carolina that generated excellent appreciation over the past 10 years and most of which produced higher cash on cash returns than most money market accounts.

The Sea Mist Resort.

The Sea Mist Resort runs around $100,000 for an efficiency oceanfront unit that in the last 10 years experienced $47,219 in appreciation, much less generates on average $16,865.90 in potential profitability each year (This number includes property management fees but does not include cleaning costs). That’s a cash-on-cash return of 16.86% on your money, much better than 5% you’re getting in your money market and you’ve made $47,219 in appreciation.

The Meridian Resort.

The Meridian Resort averages $170,750 for a 1 bedroom 1 bathroom oceanfront unit that in the last 10 years experienced $106,011 in appreciation, much less generates on average $11,314.73 in potential profitability each year (This number includes property management fees but does not include cleaning costs). That’s a cash-on-cash return of 6.62% on your money, better than 5% you’re getting in your money market, and you’ve made $106,011 in appreciation.

The Sailfish Resort.

The Sailfish Resort averages $405,000 for a 2-bedroom 2-bathroom oceanfront unit that in the last 10 years experienced $246,500 in appreciation, much less generates on average $21,050.65 in potential profitability each year (This number includes property management fees but does not include cleaning costs). That’s a cash-on-cash return of 5.19% on your money, pretty much the same as your money market account, and you’ve realized $246,500 in appreciation.

The Verandas Resort.

The Verandas Resort averages $510,000 for a 4-bedroom 3 bathroom oceanfront unit that in the last 10 years experienced $210,000 in appreciation, much less generates on average around $48,643.91 in potential profitability each year (This number includes property management fees but does not include cleaning costs). That’s a cash-on-cash return of 9.5% on your money, much better than 5% you’re getting in your money market, and you’ve realized the additional $210,000 in appreciated value.

Note: All projected profitability is based on cash purchases.

It’s clear to see that investing in Oceanfront Condos can give you an annual return if profitable and, in addition to your annual return, help you realize the property’s appreciation. This two-one-punch knocks out the competing money market account, leaving investing in oceanfront condo real estate the clear winner.  

Call today to discuss your next Oceanfront Condo purchase in the Myrtle Beach Real Estate Market: 843-360-1737

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.

Oceanfront Condo Investment Secrets: Maximize Returns with Smart Management and Rental Strategies!

Are you considering investing in oceanfront condos? It's crucial to understand the intricacies of property management, taxes, and purchase strategies to make informed decisions and maximize your returns. Here's what you need to know:

1. Off-Site Property Management: Off-site property management companies often advertise lower fees but may end up costing you more in the long run. While they claim to charge only 15-18%, hidden fees—in one instance I’m aware of—resulted in a net loss of around $10,000 when compared to other units in that condominium.

Be sure to ask about the fees and get a copy of the contract to review.

2. Taxes: Navigating taxes is essential for property owners. There are two tax rates to consider in South Carolina:

• Non-resident tax rate: 6%
• Resident tax rate: 4%
• Additionally, owning an oceanfront condo entails paying personal property taxes on items like furniture, which can impact your overall expenses.

Smart Purchase Strategies:

• A solid and professional real estate agent will research the most recent sold price of the unit you’d like to invest in, through the Court House Retrieval System (CRS), to discover what the Seller paid for the unit. Then, they’ll factor in remodel costs (If the Seller remodeled the unit), and possibly consider financing costs, so that you make an informed offer without overpaying for the property.
• Your real estate agent can also contact multiple listing agents in your complex of interest, and negotiate a competitive offer, potentially starting with a bid $50,000 under the asking price to gauge responses. When someone bites, then they’ll begin to really dive into the numbers and see if this unit works for you. This approach generally works well when the investor is mostly concerned with the financial aspects of the unit.

Rental Income Considerations:

• Analyze rental rates based on the unit's sleeping capacity. Units accommodating more people typically command higher prices, offering a metric to assess if a property is overpriced. For example, if the average unit that sleeps 2 people runs $150,000 then generally you could consider that a unit sleeping 4 people should cost about $300,000 and a unit that sleeps 6 people, should cost about $450,000 in that market. If the property you’re interested sleeps 6 people, but the asking price is $550,000, the unit could be overpriced. You must think in terms of what drives income into your unit, and what your renters are considering is how many people they can sleep. This could be a decent metric to discover if the unit you’re looking at is overpriced. 
• Larger properties face challenges during off-season months but can leverage strategic marketing to attract groups like golfers, enhancing rental prospects. Larger properties like 4+ bedroom units have a more difficult time renting during the off-Season months. Generally, on-site property managers have special marketing programs in place to attract large groups like golfers so that your unit stays rented during the off season. 
• Enhance rental appeal by remodeling or converting bedrooms into recreational spaces, giving your unit a competitive edge in attracting renters. This can be easier with larger units and more challenging with smaller units because you don’t have as much space. When you have a 4+ bedroom unit, you can do things to improve your Gross Rental Income like convert a bedroom into a game room which gives your unit a competitive  market advantage, especially when renters are looking at pictures online and considering which unit they’d like to spend their Summer vacation in. 
• Smaller properties are easier to rent like 2–3-bedroom oceanfront condos but have more competition in the rental market. Which might cause rental price rates to decrease. 

Location Dynamics:

• While purchase prices may be higher, rental incomes tend to be more lucrative in North Myrtle Beach compared to Myrtle Beach, in my opinion, making it a desirable investment destination.

Conclusion: Investing in oceanfront condos requires careful consideration of property management, taxes, purchase strategies, and rental dynamics. By understanding these factors, you can make informed decisions to maximize returns on your investment in coastal properties.

Call today to discuss your next Oceanfront Condo purchase in the Myrtle Beach Real Estate Market: 843-360-1737

Disclaimer: All information given is meant to be educational. 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.

Discover the Fastest-Growing Places in the United States

Welcome to our exploration of the fastest-growing places in the United States! Join us as we count down the top 10 cities experiencing remarkable population surges, each offering its unique allure. From serene coastal paradises to vibrant urban hubs, let's uncover what makes these communities so appealing.

10. Salisbury, Maryland: Kicking off our list is Salisbury, Maryland, a hidden gem on the Eastern Shore. With a median home price of $415,625 and a population increase of 2.8% between 2020 and 2021, Salisbury offers a tranquil lifestyle with easy access to the Chesapeake Bay and a strong sense of community.

9. Naples, Florida: Securing the ninth spot is Naples, Florida, renowned for its luxurious coastal living and vibrant cultural scene. Despite its higher median home price of $823,196, Naples continues to attract residents seeking upscale amenities and year-round sunshine.

8. Daytona Beach, Florida: Taking the eighth spot is Daytona Beach, Florida, known for its iconic beaches and lively atmosphere. With a population growth of 2.89% between 2020 and 2021 and a median home price of $375,917, Daytona Beach offers a perfect blend of coastal living and affordable luxury.

7. Ocala, Florida: Securing the seventh spot on our list is Ocala, Florida, nestled in the heart of the Sunshine State. With a population increase of 3.03% and a median home price of $313,625, Ocala attracts newcomers with its abundance of outdoor activities and laid-back lifestyle.

6. Boise, Idaho: Boise, Idaho, takes the sixth spot with its breathtaking scenery and booming economy. With a population growth of 3.15% between 2020 and 2021 and a median home price of $221,475, Boise offers residents a high quality of life amidst the stunning backdrop of the Rocky Mountains.

5. Port St. Lucie, Florida: Taking the fifth spot is Port St. Lucie, Florida, situated along the picturesque Treasure Coast. With a population increase of 3.4% and a median home price of $429,104, Port St. Lucie appeals to those seeking a tranquil waterfront lifestyle without sacrificing urban amenities.

4. Lakeland, Florida: Securing the fourth spot is Lakeland, Florida, known for its charming downtown area and abundance of lakes. With a population growth of 3.5% and a median home price of $353,429, Lakeland offers residents a serene escape from the hustle and bustle of city life.

3. Fort Myers, Florida: Taking the third spot on our list is Fort Myers, Florida, a paradise for outdoor enthusiasts and beach lovers alike. With a population increase of 3.51% and a median home price of $509,633, Fort Myers boasts a laid-back lifestyle and year-round sunshine that's hard to resist.

2. Sarasota, Florida: Securing the second spot is Sarasota, Florida, renowned for its pristine beaches and vibrant arts scene. With a population growth of 3.55% and a median home price of $387,630, Sarasota offers residents a sophisticated coastal lifestyle with a touch of Southern charm.

1. Myrtle Beach, South Carolina: And now, claiming the top spot on our list is Myrtle Beach, South Carolina! With its pristine coastline and vibrant atmosphere, Myrtle Beach leads the pack as the fastest-growing metro area in the US. Boasting a 4.46% increase in population between 2020 and 2021, this coastal gem offers a blend of stunning beaches, world-class entertainment venues, and affordable living. In 2022, 90,600 people relocated to this beach haven, drawn by its charm, lower property tax rates, tax-friendly policies, lower cost of living, and abundance of attractions. With over 90 golf courses and a plethora of year-round activities, it's no wonder Myrtle Beach is a top destination for both tourists and residents alike! When compared with Florida, Myrtle Beach South Carolina is less crowded, has lower property tax rates, is tax-friendly on Social Security Benefits and Retirement Income Deductions, has a lower cost of living, and less traffic congestion. With over 90 golf courses, some of the best year-round weather, and many attractions for tourists and residents alike, it’s easy to see why so many people are moving to Myrtle Beach South!

And there you have it, the top 10 fastest-growing places in the United States! Each city offers its unique blend of amenities, attractions, and opportunities, making them prime destinations for individuals and families alike. Whether you're drawn to coastal paradises, bustling urban centers, or charming communities, there's something for everyone among these rapidly growing cities.

For more information on why Myrtle Beach South Carolina is a better place to live compared to Florida, Call or text me at: 843-360-1737

Disclaimer: All information given is meant to be educational. 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.

Welcome to your dream escape at 1207 S Ocean Blvd, Unit 50804, Myrtle Beach, SC 29577 – where the allure of a potential rental income property meets the promise of a summer getaway like no other! Imagine a place where the warm ocean breeze whispers through your balcony, and the sun-kissed waves beckon you to a coastal retreat.
As you step into this charming Efficiency,1-bathroom oceanview condo, you'll instantly feel the tranquility that comes with having your own slice of paradise. But what makes this property truly special is its dual identity – a potentially lucrative rental income generator when you're not soaking up the sun and a personal haven for those seeking the quintessential beach experience.
Located in the vibrant heart of Myrtle Beach, just minutes away from the famed Broadway at the Beach, your options for entertainment, dining, and nightlife are practically endless. Picture lazy days exploring the Myrtle Beach Boardwalk, only an 8-minute drive from your doorstep, or family-friendly adventures at Family Kingdom, a mere 4-minute escape.
Golf enthusiasts, rejoice! The Myrtlewood Golf Club is a short 17-minute drive, River Oaks Golf Club awaits in just 12 minutes, and the charming Whispering Pines Golf Course is only 6 minutes away. But don’t miss Top Golf, it’s only a mere 11 minutes from your doorstep.
If shopping is your therapy, the Tanger Outlets are a quick 14-minute drive – perfect for treating yourself or finding unique gifts for loved ones.
But what truly sets this property apart is the climate – bask in some of the best weather on the East Coast, making it the perfect escape for those looking to leave the cold behind. Myrtle Beach, recognized as the 2nd best vacation destination on the East Coast, offers you a year-round haven for relaxation and adventure.
Whether you're a savvy investor looking for a rental property or a sunseeker yearning for your own coastal retreat, 1207 S Ocean Blvd, Unit 50804, Myrtle Beach, SC 29577, is the answer to your dreams. Don't miss the chance to make this piece of paradise yours – seize the opportunity to invest in the blend of potential rental income and vacation bliss!