Covenant Towers Long-Term Rental Investment Case Study

Figure 1: Covenant Towers is a six-story, 159-unit condominium complex in Myrtle Beach built in the mid-1980s, operated as a 55+ independent living community. Short-term vacation rentals are prohibited – the community is intended for full-time senior residents (at least age 55) with leases conforming to residential zoning. The property spans 9 acres in a quiet wooded area near the Pine Lakes golf course, offering extensive on-site amenities (dining hall, pool, fitness center, library, etc.) tailored to an active senior lifestyle.

Overview

Investment Profile: Covenant Towers presents a unique long-term rental opportunity in Myrtle Beach focused on senior housing. Units are individually owned condos (mostly 1-bedroom ~700 sq ft and 2-bedroom ~1000 sq ft) priced well below $100k. The monthly HOA fee is high (over $2,200) because it “covers most EVERYTHING” – all utilities, cable/internet, weekly linen laundry, bi-weekly housekeeping, daily dinner service, activities, 24-hour security and more. In essence, Covenant Towers functions like an independent living facility, with the HOA fee substituting for what would normally be paid in service/meal plans. Investors therefore must carefully analyze net yields, as the robust HOA dues materially impact cash flow.

Rental Strategy: Only long-term leasing (typically 6–12 month minimums) to age-qualified tenants is allowed. The target renter demographic is retirees or seniors seeking an all-inclusive living arrangement without ownership commitment. This age-restricted, service-rich model appeals to income-seeking investors who prioritize stable, year-round occupancy over seasonal tourism income. Covenant Towers essentially opts out of the volatile short-term rental (STR) market in favor of steady senior tenancy.

In the sections below, we examine recent rental income ranges, perform a gross-to-net yield analysis accounting for HOA and other expenses, discuss occupancy demand and senior tenant trends, compare Covenant Towers to nearby rental properties (including popular STR resorts), consider the ROI on unit upgrades in this setting, review HOA rules (55+ policy, lease terms) affecting operations, and outline strategies for investing via 1031 exchanges or self-directed retirement accounts. We also evaluate key risk factors (illiquidity, STR limitations, tenant pool constraints) and conclude with the types of investors for whom this opportunity is most suitable.

Rental Income Performance (2023–2024)

1BR vs 2BR Rent Ranges: In 2023–2024, one-bedroom units at Covenant Towers have generally rented in the $2,300 to $2,800 per month range, while two-bedroom units have commanded around $2,800 to $3,500 per month depending on condition and whether one or two occupants are sharing the unit. These figures reflect the fact that rent must cover the hefty HOA-inclusive services. Indeed, the average monthly cost for a resident at Covenant Towers is about $3,103, slightly below the Myrtle Beach-area average cost for similar senior living arrangements (≈$3,298). This suggests that many tenants effectively pay around $3k/month for the convenience and care provided – aligning with our range for typical rents.

• 1-Bedroom Units (700 sq ft): Estimated 2023–24 Rent: $2,400 – $2,700/month. In practice, some 1BR owners simply pass through the HOA expense (~$2,250) plus a small margin. Rent at or above $2,300 is necessary just to cover the HOA dues, so asking rents tend to be in the mid-$2k’s to ensure the owner isn’t operating at a loss. Well-upgraded 1BR units on higher floors or with better views might reach the upper end ($2,700+). For example, one analysis shows independent-living units in newer communities averaging ~$3k/month, so Covenant’s older 1BR units are usually a few hundred dollars less.

• 2-Bedroom Units (1000+ sq ft): Estimated 2023–24 Rent: $3,000 – $3,500/month. Two-bedroom condos can accommodate couples or even two unrelated roommates (both 55+), potentially allowing cost-sharing. This can raise the effective rent – e.g. two seniors might each pay ~$1,700, totaling ~$3,400. In general, 2BR units tend to rent in the low $3k’s. Reports indicate that independent-living apartments in Myrtle Beach often charge around $3.3k monthly for two-bed accommodations, which aligns with Covenant Towers’ market.

Real-World Data: While individual rental agreements are private, we can infer ranges from the community’s cost structure and comparable senior housing. Senior living resource sites estimate Covenant Towers’ average cost at ~$3,103/month in 2024. This implies that some residents pay less (likely 1BR occupants) and some pay more (2BR or couples). Additionally, units for sale give clues to investor expectations: sales listings explicitly market Covenant Towers as an “income-producing property” where some owners “rent their units as opposed to buying”. However, they do not publish lease rates, reinforcing that rents are negotiated case-by-case around the HOA-inclusive baseline. In summary, long-term rental income in 2023–24 has ranged roughly from the mid-$20k’s per year for a 1BR up to the mid-$30k’s per year for a 2BR, depending on unit type and occupancy arrangement.

Gross-to-Net Yield Analysis

Investors must carefully distinguish gross rental yield (rent as a percentage of purchase price) from net yield after expenses. Covenant Towers condos have extremely attractive purchase prices – many 1BR units are listed around $45–$60k and 2BR units around $60–$80k in 2024. This yields eye-popping gross income ratios, but the monthly HOA fee (≈$2,200–$2,300) consumes the bulk of rental revenue. Below is a breakdown illustrating the economics:

Example – 1BR Unit: Purchase Price ~$50,000; Rent ~$2,500/month (≈$30,000/year). Annual HOA dues at $2,250/mo = $27,000. Property tax and insurance might total ~$1,200. Thus:

• Gross Yield: $30k / $50k = 60% (appears very high).

• Net Income: $30k rent – $27k HOA – $1.2k taxes/ins = ~$1.8k/year net.

• Net Yield: $1.8k / $50k = 3.6%.

Despite a 60% gross yield, the net yield here is under 4%. In this scenario, 90% of rental income goes straight to covering the HOA obligations. The owner’s profit is a thin slice.

Example – 2BR Unit: Purchase Price ~$75,000; Rent ~$3,200/month (≈$38,400/year). Annual HOA dues at $2,300/mo = $27,600. Taxes/ins maybe ~$1,500.

• Gross Yield: $38.4k / $75k = 51%.

• Net Income: $38.4k – $27.6k – $1.5k ≈ $9,300/year.

• Net Yield: $9.3k / $75k = 12.4%.

The 2BR in this example nets around 12%, much healthier. Why the difference? Here, rent was set high enough (perhaps two tenants splitting costs) to generate ~$10k beyond HOA costs. Many investors aim for such scenarios (e.g. renting a 2BR to a couple or two roommates) to improve net returns.

Summary: Gross rental yields can be misleadingly high due to the low purchase prices, but net yields after HOA settle in the mid-single digits for 1BRs and potentially low double-digits for 2BRs with multiple occupants. By comparison, conventional rentals in Myrtle Beach might target a ~5–8% cap rate, and vacation rentals often net ~8–10% after management. Covenant Towers can approach those figures only if rent is optimized. Notably, one local expert warns “condo fees can be very high even for very low-priced properties” – Covenant Towers exemplifies this, as the HOA fee (effectively covering meals, utilities, services) dominates the expense structure.

Figure 2: Expense breakdown for a typical Covenant Towers rental. In this 1BR example, ~90% of gross rent goes to HOA fees (which include utilities, amenities, and a daily meal), ~3% to property taxes, leaving only ~7% as net cash flow profit. High HOA costs greatly reduce net yield despite low purchase prices.

Table 1 below summarizes illustrative financials for 1BR and 2BR units:

Table 1: Approximate gross vs net yields for Covenant Towers units in 2024. HOA fee assumptions are ~$2,250/mo (1BR) and $2,300/mo (2BR), based on actual HOA rates. Net yield improves significantly if the rent substantially exceeds the HOA expense (more feasible in 2BR units).

Key Insight: Covenant Towers is an “HOA yield play” – investors essentially buy at a low price, then funnel most rent to the HOA to provide services to the tenant, skimming a small return. This is fundamentally different from a standard condo investment. Profit margins are tight, but the trade-off is minimal landlord duties (no utility bills or cable to manage, no need to coordinate cleaning or maintenance beyond structural issues). In essence, the HOA functions like a property manager and service provider; the owner’s role is mainly to collect rent and pay the HOA. For some investors, a ~5–10% net yield with hands-off operation and a consistent long-term tenant can be appealing, especially when backed by an asset with inherent demand from a growing retiree population.

Occupancy Demand & Tenant Demographics

Stable Senior Demand: Myrtle Beach has seen a surge of retirees moving in – the 65+ population grew 23% from 2020 to 2023. Covenant Towers directly taps into this trend, offering an affordable entry to coastal retirement living. Demand for these units comes from seniors who want an “all-inclusive” lifestyle (meals, housekeeping, social activities) without paying the premium of newer independent living facilities. Covenant Towers’ average cost (~$3.1k/mo) is slightly less than other local independent senior communities, making it an attractive option for budget-conscious retirees. As long as Myrtle Beach remains a popular retirement destination (ranked the #2 city in the U.S. for inbound moves in 2024), Covenant Towers should enjoy a steady pool of prospective tenants. Many are relocating from higher-cost states looking to enjoy the mild climate and social community.

Occupancy and Turnover: Occupancy at Covenant Towers is typically high and long-term. Most residents treat it as a permanent home rather than a transient rental. It’s not uncommon for tenants to stay for many years if their health allows. This reduces turnover costs and vacancy risk for owners. Seasonal fluctuation is minimal – unlike vacation rentals, these units do not go vacant in winter; in fact, some demand may increase in cooler months as “snowbird” retirees seek warmer locales (though they must commit to a long lease). There is no summer vs. off-season swing in rent, since leases are year-round. In essence, occupancy is non-seasonal, driven by life events (retirement, desire to downsize or be nearer family) rather than tourism cycles.

Tenant Profile: The typical renter is an elderly single or couple, often in their 70s or 80s. Many are widowed or have adult children who helped arrange the rental. While the minimum age is 55, the average resident is much older, as younger seniors often still prefer fully independent living (without daily meals). These tenants value quiet, security, and convenience. They often have fixed incomes (Social Security, pensions) and appreciate the predictable monthly expense covering all necessities. This can make them reliable payers if properly screened for income/assets. However, health can be a wildcard – a tenant might unexpectedly move out to assisted living or back with family if their health deteriorates. Overall, tenant turnover tends to be low, but when it occurs, it’s usually due to health or life changes rather than dissatisfaction.

Seasonality: As noted, seasonality in occupancy is minimal. If anything, demand inquiries might have mild seasonal patterns – for instance, some retirees relocate after the holidays or at the start of spring. But these are subtle; Covenant Towers is effectively insulated from the tourism seasonality that affects most Myrtle Beach real estate. From an investor’s perspective, this means consistent monthly income with virtually no concern about high-season vs. low-season pricing. The downside is, unlike an STR, you cannot spike the rent in peak months – it’s a steady contract.

Community & Social Factors: The built-in community is a selling point to tenants – many seniors rent here for the social environment (activities, group dinners, etc.). A resident review described Covenant Towers as “just a wonderful environment… Food choices are varied, well prepared… wonderful staff”. Such positive word-of-mouth helps maintain demand. Investors should note that tenant satisfaction is critical for long stays; fortunately, Covenant Towers’ amenity/services package generally receives favorable feedback for keeping residents happy and engaged.

In summary, occupancy risk is low given the niche Covenant Towers serves. The Grand Strand’s growing retiree population bodes well for continued demand. An owner’s unit will likely not sit empty for long if priced appropriately, though finding the right tenant (55+ and capable of independent living) can take a bit longer than a typical rental – a reflection of the narrower demographic.

Market Comparison: Long-Term vs. Short-Term Rentals

Covenant Towers chooses long-term senior rentals over Myrtle Beach’s prevalent short-term vacation rentals. To put this in context, let’s compare Covenant Towers with other nearby properties:

• Nearby 55+ Long-Term Communities: In the Myrtle Beach area, age-restricted communities are relatively few. Most retirement communities are either single-family home neighborhoods (e.g. Del Webb at Grande Dunes) or upscale independent living rentals (e.g. Brightwater, Portside at Grande Dunes) that do not offer individual investor ownership. Covenant Towers is unique in that it’s a condo one can purchase and rent out in the 55+ niche. Thus, the competitive set for long-term tenants is more often professional managed facilities. Those newer facilities charge higher rates (often $3,000–$4,000+/mo) but include more comprehensive services or newer amenities. Covenant Towers, being older and individually owned, undercuts those prices slightly, which can attract tenants willing to live in a dated building to save a few hundred a month. Compared to standard (non-senior) long-term rentals in Myrtle Beach, Covenant Towers is much more expensive monthly – but it’s not an apples-to-apples comparison given the inclusion of meals and services. A regular 2BR apartment in Myrtle Beach might rent for $1,500–$1,800, but it wouldn’t include any utilities or food. Covenant Towers effectively targets a different segment (retirees needing some supportive services).

• Short-Term Rental Resorts (STR): Just a few blocks away on Ocean Blvd are high-rise resorts like Dunes Village Resort (a popular oceanfront condo-hotel). These properties allow nightly/weekly rentals via Airbnb, VRBO, etc. Income Potential: Short-term rentals can have high gross income. For example, a 1-bedroom oceanfront condo at a nearby resort (Caribbean Resort) grossed $42,345 in rental income in 2023. A 2BR at Dunes Village reportedly grossed $53,437 in 2023. These numbers dwarf Covenant Towers’ annual rents. However, the STR owner faces 20–30% management fees, cleaning costs, and seasonal vacancy. And the buy-in cost is far higher: oceanfront units often cost $200–$400k. After expenses, many STR condos net a ~5–10% return on a much larger investment (for instance, a $300k condo grossing $50k might net ~$25k after costs – an ~8% yield). Volatility: STR income is highly seasonal – summer weeks command premium rates, while winter months may see low occupancy. This volatility contrasts with Covenant Towers’ steady, contractually fixed rent. Owner Effort: STRs require active marketing, dynamic pricing, frequent tenant turnover, and handling of guest complaints/issues. In Covenant Towers, the HOA staff handles day-to-day resident needs, and tenants stay year-round.

• Lifestyle/Reviews: Short-term rental buildings cater to tourists. They tend to be lively, even noisy environments with families on vacation. For instance, one TripAdvisor review of Dunes Village warned it is “far too noisy…not at all for a peace and quiet vacation”. Another guest mentioned “an exorbitant amount of noise” from the public parking and late-open pools. Such reviews highlight the high-traffic nature of STR resorts – constant coming-and-going, kids in pools until late, occasional rowdy guests. Covenant Towers, in contrast, maintains a quiet, residential atmosphere. There are no tourists, no waterparks or screaming children. This is by design – the 55+ rule and lack of transient rentals ensure a tranquil setting. For an investor, this means less wear-and-tear on the property and a more predictable, low-drama management experience. It also means you cannot capitalize on lucrative summer weekly rates – but you also avoid the pitfalls of negative guest reviews, cleaning crews, and vacancy in the off-season. One Reddit user discussing Myrtle Beach resorts noted that Dunes Village, while still somewhat peaceful for a resort, is “much more peaceful” than staying downtown – yet by Covenant Towers standards, even Dunes Village’s “peaceful” is too busy (it has 500+ units and two waterparks).

• Financial Comparison: If we compare pure numbers: a $80k Covenant Towers 2BR vs. a $320k oceanfront 2BR. The oceanfront STR might gross $50k and net ~$25k after all costs (including HOA, which at resorts might be ~$600/mo or $7,200/yr). That’s ~8% net on $320k. The Covenant Towers 2BR might gross $36k and net $8–10k after HOA, which is ~10–12% on $80k. So per dollar invested, the net yields can be in the same ballpark. Covenant Towers trades high gross and high cost for low gross and low cost. Importantly, Covenant’s HOA fee covers operational expenses (meal service, etc.) that effectively substitute for management costs you’d pay in an STR. This means an investor can achieve a reasonable return without active management. It’s a different strategy: Covenant Towers is about income stability and minimal hassle, whereas STRs are about maximizing gross income with active involvement.

• Regulatory: STRs in Myrtle Beach are subject to city regulations, business licenses, tourism taxes, etc. Long-term rentals like Covenant are simpler (standard lease law, no lodging taxes). The HOA at Covenant explicitly forbids short-term subleasing, ensuring no owner can break the model. Nearby condo buildings without age rules often allow 6 or 12-month leases too, but they lack the included services – an investor in a normal condo must account for vacancies, separate utility bills, and competition with STR use. Covenant’s niche insulates it from competition by STR because the resident base is entirely different.

In summary, Covenant Towers versus a nearby STR resort is a classic trade-off: stability vs. potential, quiet longevity vs. churn and burn. An investor must decide if they want to be in the hospitality business or in the senior housing business. Covenant Towers clearly positions itself in the latter – offering modest but steady returns and a hands-off experience. As one realty report put it, Dunes Village (and similar resorts) are “very popular vacation rental properties… perfect for those looking to invest for rental income”, but with that comes nightly guest turnover and operational intensity. Covenant Towers is arguably perfect for those looking to invest for retirement income – slow and steady, with a built-in community and services doing the heavy lifting.

Unit Upgrades & Furnishings ROI

Investors at Covenant Towers often consider strategic upgrades to maximize rent or resale value. Because all units were built in the mid-1980s, the baseline finish is dated. However, modernizing a unit can have outsized ROI in this setting for several reasons:

• Higher Rent & Faster Leasing: Senior tenants appreciate upgrades that improve comfort and safety. For example, replacing old carpets with luxury vinyl plank flooring (easier mobility and maintenance) or installing a walk-in shower with grab bars can make a unit far more attractive. One listing highlighted an “exceptional walk-in shower… with adjustable shower head heights for sitting or standing” as a selling point – a clear nod to senior-friendly design. Upgraded kitchens (new cabinets, lower counter heights, modern appliances) and fresh paint in neutral, bright tones can also appeal. While a tenant might not pay a huge premium for granite countertops, they will favor a unit that feels clean, updated, and move-in ready. This can reduce vacancy time. An investor who spends, say, $10k on renovations might be able to rent the unit weeks or months faster, and possibly at a couple hundred dollars more per month, recouping that cost over a few years.

• Resale Premium: The resale market for Covenant Towers shows a wide price variance based on condition. In 2024, some 2BR units sold as low as ~$57k, while another 2BR that was “totally updated” sold for $85,000 (closed May 2024). The updated unit W-219 had new flooring, fresh paint, new appliances, etc., and achieved the top end of pricing. Meanwhile, units with original interiors or needing work trade in the $50–60k range. This suggests a strong ROI on upgrades – a $10–$15k renovation can translate to ~$20k+ higher sale price. In percentage terms, that’s huge. Even mid-range updates (e.g. adding a washer/dryer in-unit, which some units lack) can set a listing apart. Because buyers know the HOA is high, they prefer turn-key units with no additional out-of-pocket fixes needed. Thus, renovated units not only rent faster, but also sell faster and for more.

• Furnishings: Unlike vacation rentals, Covenant Towers units are typically rented unfurnished or partially furnished. Long-term senior tenants bring their own furniture or may even downsize from a home. However, strategic furnishing can come into play if targeting certain tenants – for instance, an investor might furnish a unit to appeal to a seasonal “snowbird” who wants to rent 6–12 months without moving furniture. Generally though, heavy rental furniture packages (like you’d do for an STR) are not necessary here. Instead, focus on practical additions: bright lighting, lever-style door handles (arthritis-friendly), adjustable closet shelving, etc. Those little touches can win over an elderly renter. They also show in listings: a unit boasting “handicap accessible features” or “new ceiling fans and lighting” stands out.

• Appliances & Utilities: The HOA covers in-unit electricity and internet, but tenants still care about appliances (especially HVAC reliability and laundry). Many Covenant units don’t have washer/dryer in-unit (there are common laundry facilities). Installing a compact washer/dryer (if allowed) is a valuable upgrade; one remodeled unit touted having its own washer/dryer as a perk. Given the older demographic, not having to use a communal laundry is a huge plus, likely allowing higher rent and quicker occupancy. Similarly, making sure the HVAC and water heater are modern and efficient can be a selling point (less risk of failure – seniors prioritize reliability).

• Cosmetic Appeal vs. Over-Improving: There is a cap to useful upgrades. Investors should tailor renovations to senior tastes: clean, traditional design is better than ultra-high-end or trendy. For instance, converting a tub to a walk-in shower is smart; installing a wine cooler or high-tech smart home system might be unnecessary. Keep in mind the rental is effectively competing with senior living facilities – the apartment should feel “homey and safe” rather than luxurious. Durable flooring, easy-to-open fixtures, and a neutral color palette yield the best ROI. It’s often possible to update a unit for relatively low cost (given its small size: ~700–1000 sq ft) and significantly enhance its marketability.

ROI Calculation: Suppose an owner spends $15k renovating a 2BR. They raise the rent from $2,800 to $3,200 (+$400/mo, +$4,800/yr) and also increase the eventual resale value by $15k–$20k. This renovation pays for itself in ~3 years from rent alone, plus adds capital value. Even smaller updates like $5k on a 1BR (paint, fixtures, new appliances) could bump rent by $150/mo and reduce vacancy by a month each turnover – easily paying off. In a high-HOA scenario, commanding even $100 extra in rent is meaningful to the net margin. Thus, targeted upgrades are highly worthwhile at Covenant Towers.

Finally, depersonalization is key. Many units are owner-occupied by seniors who have dated décor. An investor should clear out clutter, repaint, and present a fresh canvas. Professional staging isn’t typical here, but ensuring the unit is bright, with all systems working, will attract quality tenants. In this age-restricted setting, a well-maintained unit also signals to adult children (who often help parents find housing) that the owner is responsible – which can make them more comfortable signing a lease. Overall, upgrades focused on senior comfort and safety yield strong ROI in both rent and resale value for Covenant Towers condos.

HOA Policies and Rental Operations

The Homeowners Association (HOA) rules at Covenant Towers have a direct impact on how an investor can operate a rental. Key policy considerations include:

• Age Restriction (55+): As noted, the HOA (in accordance with the Master Deed) requires that all occupants be 55 or older. This is a legal enforcement of the community’s HOPA (Housing for Older Persons Act) exemption. For an investor, this means no flexibility on tenant selection – you cannot, for example, rent to a 50-year-old or a family with a minor, even if they are willing to pay. The owner must verify age of all tenants. This constraint narrows the tenant pool significantly and must be factored into marketing – essentially, your advertising should target 55+ renters exclusively. The HOA can demand age verification and could evict unauthorized younger occupants, so compliance is critical.

• Lease Approval/Terms: Covenant Towers does not require board approval of leases per se, but the owner is expected to ensure any lease conforms to rules. Short-term leases are implicitly disallowed by zoning (the property’s zoning and bylaws allow only residential use, so likely a minimum of 90 days or more). In practice, owners use annual leases in most cases. The Resident Handbook “encourages” owners to provide a copy of the HOA rules to the tenant and handle all lease responsibilities directly. Importantly, Covenant Towers’ management will not act as a landlord or rental agent – they explicitly “will not function as the owner’s agent” and hold the owner accountable for tenant behavior. This means the investor must manage the lease, deal with any tenant issues, and then communicate with HOA if needed. There is no rental office to place tenants for you (unlike some condo-hotels).

• HOA Fee Responsibility: The owner is responsible for paying the monthly HOA dues, regardless of whether the unit is owner-occupied or rented. The HOA will bill tenants only for ancillary services (e.g. guest meal charges, or minor convenience maintenance). All primary fees (including the regular meal plan, utilities, etc.) are billed to the owner. As a result, a common rental arrangement is to charge the tenant a gross rent that includes those services (as we’ve discussed). There’s no option for a tenant to “opt out” of the meal or housekeeping to reduce costs – it’s all bundled. Owners need to budget accordingly. Non-payment of HOA fees by the owner can lead to serious consequences (HOA can place liens or restrict use of common areas), so investors must be confident in covering HOA dues even during any vacancy.

• Tenant Conduct & Enforcement: The HOA rules (and staff) handle the day-to-day community operations – this benefits the owner because, for example, if a tenant violates a rule (say, smoking in a non-smoking area or being disruptive), the HOA can address it directly with the tenant, but ultimately the owner is held responsible for tenant actions. If fines or damages occur due to a tenant, the owner must pay them. Thus, careful tenant screening is important. Fortunately, given the demographic, major behavioral issues are rare (the environment is quite civilized – bingo games in the rec room are more common than rowdy parties).

• Guest Policies: The HOA likely has rules on guest stays (many senior communities allow younger visitors for limited times). This might affect rentals – for example, can a tenant have their grandchild visit for a week? Typically yes, but there may be restrictions (possibly requiring registration or prohibiting long stays of under-55 guests). The investor should clarify these with the tenant to avoid infractions.

• Maintenance Responsibilities: The HOA covers maintenance of common areas and offers some maintenance services to units. For instance, they have staff to change light bulbs or HVAC filters for residents. Tenants can request such minor maintenance (and may be billed a small fee). Repairs beyond that (plumbing issues, appliance repair) remain the owner’s responsibility. However, since the building has 24/7 security and some staff, an absentee owner can coordinate repairs more easily – the staff can grant access to contractors, etc. The lease should stipulate how tenants report issues (usually to the owner or their representative, not directly to HOA, except emergencies). The 24-hour emergency pull cord system in units is for medical emergencies – not directly relevant to the lease, but it means if a tenant has a medical issue, it’s handled by on-site response (peace of mind for all).

• Rental Procedure: The HOA doesn’t actively assist in finding renters. Some owners network within the community or through local senior centers to find prospects. An owner considering renting should inform the HOA management when a unit becomes tenant-occupied, so they can update directories, include the tenant in meal counts, etc. The tenant will be treated nearly like an owner-resident in terms of using facilities. There may be an orientation for new residents. The lease likely has to be filed or at least a tenant info form given to the HOA for records.

• HOA Policy Changes: Investors should be aware that HOA boards can change policies (with proper owner votes). For example, they could conceivably decide to cap the number of units that can be rented if they felt too many investors were coming in, though currently Covenant Towers has a mix of owners and some investor-landlords. Keeping a good rapport with the board and adhering to rules will avoid any conflict. The HOA fee can also change annually – indeed, it appears to have risen from ~$1,755/month in 2021 to ~$2,256/month in 2024. Such increases impact yield, so investors should attend HOA meetings or read financial reports to anticipate dues changes or special assessments.

In short, Covenant Towers’ HOA policies enforce its identity as a senior community. An investor must operate within those boundaries, focusing on finding qualified 55+ tenants and being a responsible absentee landlord. The age restriction and high HOA cost are the two biggest operational considerations – they limit who can rent and require consistent cash outlay. However, the HOA also provides a support structure that makes managing the property easier than a typical condo: security, cleaning, and even social programming are handled for you. As long as you abide by the rules and pay the fees, the HOA effectively partners with you to keep your tenant happy (since many services the tenant enjoys are provided by HOA staff). Understanding and leveraging these policies – rather than fighting them – is key to a smooth rental operation at Covenant Towers.

1031 Exchange Considerations

For real estate investors, 1031 exchanges can be a powerful tool to defer capital gains taxes when swapping investment properties. Covenant Towers condos can play a role in 1031 strategies, both as replacement properties (exchanging into Covenant) and as relinquished properties (exchanging out of Covenant). Here’s what to consider:

• Exchanging Into Covenant Towers: An investor who owns, say, a more expensive rental property (or a portfolio of properties) can sell those and use a 1031 exchange to acquire one or multiple Covenant units. The low price point of Covenant units is advantageous – for example, someone selling a $300k property could potentially buy several Covenant condos with those proceeds, diversifying their income sources. This might appeal to an investor looking to “downshift” from active STR management into a more passive income stream. By exchanging into Covenant Towers, they defer taxes and gain a hands-off investment suited for retirement. However, one must be mindful of exchange rules: the replacement property value must be equal or greater to avoid boot. If the sale proceeds are much larger than Covenant prices, the investor might need to buy multiple units or combine with other property to satisfy the 1031. The identification timeline (45 days) and closing timeline (180 days) would require finding available Covenant units quickly; given there are usually a few on the market, this is feasible but may require pre-arrangements with multiple sellers.

• Exchanging Out of Covenant Towers: Suppose an investor held a Covenant unit for several years and it appreciated (or they simply want to reallocate). They can sell it and use a 1031 to move into another investment. Because Covenant units are relatively inexpensive, the investor might exchange into another single property of higher value (for example, trade two Covenant condos for one $150k single-family rental elsewhere). One benefit here is that Covenant has likely depreciated allotment left and potential capital gain (especially if bought very low). By doing a 1031, they can defer taxes on any gain. A consideration: liquidity at Covenant might be slower, and finding a buyer who can close in the required timeframe is key to executing the exchange. Also, selling multiple small properties to consolidate into one larger via 1031 can be complex (each sale has to coordinate into one exchange pool of funds).

• Suitability for 1031: Not all investments qualify for 1031 – but Covenant units do, as they are investment real estate (assuming the owner has been renting it for income, not using it personally). Personal use is not allowed in a 1031. An investor should ensure they’ve treated the unit as a rental for sufficient time (typically at least a year or more) to clearly qualify as “held for investment.” (Buying a unit and trying to 1031 flip it quickly could raise IRS flags.)

• Fractional Strategies: Because the price is low, one creative approach is a partial 1031. For instance, an investor might sell a property for $500k and only want to reinvest $400k in real estate (maybe taking $100k boot for other needs). They could use Covenant purchases to precisely hit the $400k mark by buying, say, 5–6 units. The remaining $100k could be taken as boot (taxable). Covenant Towers’ inventory provides flexibility in dollar amounts for replacement property.

• Rental Market Alignment: It’s worth noting that exchanging from a short-term rental property into Covenant Towers fundamentally changes the nature of one’s investment. While the 1031 defers tax, the investor should be prepared for the different yield and risk profile we’ve discussed (lower hassle, lower gross returns, etc.). Many investors do 1031 exchanges not just for tax deferral but to reposition portfolios – Covenant Towers could be ideal for someone looking to transition from growth-focused to income-focused investing. For example, an investor nearing retirement might exchange a highly appreciated property into several Covenant condos, then live off the rental income in retirement (still deferring taxes until a later sale).

• Exit Strategy: Eventually, if an investor sells Covenant units without further exchange, taxes will come due on the deferred gains plus any new appreciation. But some might plan to hold long-term for depreciation benefits and possibly even do a 1031 again or employ a step-up in basis at death (if part of estate planning). Covenant Towers could thus be a semi-final stop for one’s 1031 “ladder” – a stable place to park real estate wealth tax-deferred until an ultimate exit.

In summary, Covenant Towers condos are 1031-eligible and can serve as convenient 1031 exchange targets given their low cost. They allow slicing a larger investment into smaller pieces, which can be useful for diversification or partial cash-out. Conversely, selling a Covenant unit can feed into a 1031 for scaling up to bigger assets. All standard 1031 rules apply – including the requirement that the property be held for investment (not personal use; owners cannot live in their Covenant unit if they want to count it for 1031, unless they’ve satisfied the safe harbor by renting it out most of the time). Investors should consult their tax advisors, but the tax deferral benefits can enhance the overall return of a Covenant Towers investment by redeploying capital gains into new opportunities without the drag of taxes, effectively letting an investor “compound” their real estate portfolio growth.

(Note: If using a Self-Directed IRA or 401(k) as discussed next, 1031 doesn’t apply – tax deferral is inherent in the retirement account, so exchanges are not needed. 1031 is relevant to taxable investors.)

Investing via 401(k) or Self-Directed IRA

Some investors may consider purchasing a Covenant Towers condo through a Self-Directed IRA (SDIRA) or a Solo 401(k) plan. These retirement accounts allow investment in real estate, but come with specific rules. Covenant Towers’ low prices and steady income make it a candidate for such structures. Here’s an overview:

• Eligibility of Real Estate in IRAs: It is perfectly legal to “hold real estate in your individual retirement account under certain conditions”. You must use a self-directed IRA custodian that permits real estate. Many investors roll over funds from a traditional IRA or 401k into a self-directed IRA specifically to invest in rental properties. Covenant Towers units, being tangible real estate that produces income, qualify as an investment an SDIRA can hold. The title would be in the name of your IRA custodian FBO (for benefit of) you.

• Cash Purchase Requirement: Retirement accounts must purchase real estate with cash (or non-recourse financing) – you generally cannot get a standard mortgage in an IRA. Covenant’s advantage is that units are cheap enough (e.g. $50k) to be purchased outright with modest IRA balances. This low entry point makes it feasible for an IRA investor who might not afford a typical rental property in their account. And since the HOA covers so many expenses, the ongoing cash needs are predictable. The IRA must pay all expenses (HOA fees, taxes) directly from the IRA funds, and all rent must be deposited back into the IRA. Running the numbers: if an IRA buys a 1BR for $50k, it should have additional reserve funds (perhaps $10–$15k) to cover HOA fees during any vacancy and unforeseen costs. But the rental income (~$30k/year) can mostly be cycled to pay the $27k HOA, with the net accumulating in the IRA tax-free.

• No Personal Use or Self-Dealing: The owner (or their family) cannot live in or use the condo if it’s owned by their IRA. That would be a prohibited transaction. In Covenant Towers’ context, this means you cannot buy a unit in your SDIRA and then have, say, your parent live there unless they pay market rent and are not disqualified persons to you (and even that scenario is rife with IRS pitfalls). Essentially, it must remain a straight investment rental to an unrelated tenant. Additionally, you as the IRA holder can’t perform maintenance work yourself or pay expenses personally – everything must flow through the IRA’s funds and any work done must be by third parties (you can’t pay yourself to manage it).

• Custodian and Fees: The SDIRA custodian will handle the purchase paperwork and ongoing oversight. They charge fees for holding a real estate asset. Since HOA dues are monthly, you’d have regular payments – typically you instruct the custodian to pay HOA from the IRA account (some custodian may allow you to set up auto-pay). Ensure the IRA always has enough cash. The convenience is that the HOA’s bundled service means fewer surprise expenses – you won’t suddenly have a big repair bill (the building’s structural items are covered by HOA and reserves). That aligns well with IRA investing, where you want as few unplanned cash calls as possible.

• Tax Advantages: All rental income goes back into the IRA tax-deferred (or tax-free if a Roth SDIRA). You don’t pay income tax on it currently. Similarly, if you later sell the condo within the IRA, no capital gains tax is due – the proceeds stay in the IRA. This can be a great way to grow retirement savings. For example, netting say $5k/year on a Covenant rental might yield a 10% return within the IRA, compounding without taxes. Over time, that can be powerful.

• UBIT Consideration: If no financing is used, rental income isn’t subject to Unrelated Business Income Tax (UBIT) – that tax typically hits if you have debt-financed property in an IRA or run an active business. A straight rental in an IRA with no loan is generally not generating UBIT (since it’s passive rental income). So likely the income is completely tax-sheltered. (Do verify with a CPA because certain situations like short-term rental could trigger UBIT, but here it’s long-term lease income which is passive).

• Solo 401(k): If one is self-employed, a Solo 401k can also invest in real estate with similar rules but often with fewer custodian headaches (the owner can be trustee of their solo 401k). A Solo 401k could buy a condo and receive rent into the plan. The same prohibition on personal use and benefit applies.

• Using 401k Loan: Another angle: an individual could take a loan from their 401(k) (if their plan allows) and use those funds to buy the condo personally (outside the 401k). But that would not be within the retirement account; rather, it’s leveraging retirement funds. The safer, more direct approach to keep it in a retirement wrapper is the SDIRA route.

Overall, Covenant Towers fits well for retirement account investing because it offers low-cost entry, steady income, and low-touch management. Many SDIRA investors seek exactly that – an asset they can essentially “set and forget” while it yields more than bonds or CDs, all tax-deferred. One must do their homework and ensure compliance with IRS rules (no personal benefit!). But if done right, an SDIRA purchase of a Covenant Towers unit could turn one’s retirement savings into a stream of rental income that grows untaxed until withdrawal. This strategy might particularly appeal to income-seeking retirees who want to shelter rental income within an IRA until they need it.

Risk Factors and Challenges

Like any investment, Covenant Towers condos come with certain risks and constraints that investors should weigh:

• Liquidity Risk: These units are a niche asset. The buyer pool is limited – primarily retirees who want to live there or investors comfortable with the 55+ model. If you need to sell quickly, it may take time to find a buyer at a reasonable price. Recent sales show days-on-market ranging from ~65 to 100+ days for units, indicating not a hot market. Moreover, because many buyers pay cash (traditional financing can be tricky due to the unconventional HOA structure and low prices), you can’t count on a flood of financed buyers. This illiquidity is a trade-off for the high yields. An investor should have a long-term mindset or ensure they have other sources of cash such that they’re not forced to sell in a pinch. Price volatility is also a factor – these condos haven’t appreciated dramatically; in fact, their values can fluctuate with demand for senior housing. One mitigating factor: the low price floor somewhat limits downside (e.g. it’s hard for a unit priced at $60k to drop to $30k unless the community declines severely).

• Limited Exit Strategies: As mentioned, your best exit might be another investor or a retiree buyer. If the HOA fees keep rising, future buyers might be scared off by the monthly cost, pressing prices down. On the flip side, if the model remains attractive, you might eventually sell to the HOA itself or a company that wants to convert the building fully to a rental senior living facility (this is speculative, but possible if the HOA were to decide to deconvert condos). Such scenarios are uncertain. Plan as though you may hold indefinitely or exchange out via 1031 to maintain flexibility.

• Dependence on HOA Management: The investment’s success is highly tied to the HOA’s performance. Since so much of the value proposition is the services (meals, housekeeping, etc.), if the HOA mismanages finances or service quality drops, it could lead to unhappy residents or increased fees. For instance, food service costs could spike with inflation, causing big HOA fee jumps. Or if a major repair is needed (roof, elevators), special assessments could be levied. The HOA’s financial health and governance are crucial. It’s important to review HOA financial statements – what are their reserves? Are they running a deficit or surplus? A well-run HOA can keep fees stable; a poor one might have surprises. Additionally, any disruption in services (say the kitchen contractor quits suddenly) could affect tenants’ satisfaction and thus your rentability. Essentially, you are outsourcing a lot of operational control to the HOA.

• HOA Fee Increases: The HOA fee is already high, but it likely rises annually with cost-of-living. In our earlier analysis, a jump from $1,755 to $2,256/month was observed over a few years. That’s ~29% increase in perhaps 3 years. If fees continue to climb, your net income can erode unless you raise rent correspondingly – but there’s a ceiling to what fixed-income seniors can pay. If HOA outpaces rent growth, net yields shrink. This risk is somewhat offset by the fact that Social Security and pensions often have cost-of-living increases too, but not always at the same rate. In extreme cases, rising fees could even make renting unfeasible (if, for instance, HOA became $3k and market rent remains $3k, leaving zero for owner). Monitoring and participating in HOA decisions (vote against overly ambitious spending) is a way to manage this risk.

• No Short-Term Rental “Plan B”: In a normal condo, if you can’t find a long-term tenant, you might try Airbnb for a while to cover costs. At Covenant Towers, that’s not allowed – you cannot pivot to STR to bridge vacancies. So you are reliant on finding another 55+ tenant if one leaves. Vacancy periods could be longer than a typical rental because of the specialized demographic. During any vacancy, you are still on the hook for ~$2k+ per month HOA + utilities (though utilities are in HOA), which will burn through cash quickly. This means carrying cost during vacancy is very high relative to property value. Risk of vacancy can be mitigated by proactive tenant search (perhaps have a waiting list or inquiries lined up, given the limited alternatives seniors have). But if, say, your tenant passes away unexpectedly, you might have 1–3+ months of no income while paying HOA – a rapid hit to annual returns.

• Tenant Longevity & Health: The irony of a stable long-term tenant base is that life events can intervene. If your tenant has a health crisis and must move to a nursing home, they may break the lease or leave early (family will likely cooperate, but you might end up letting them out for compassionate reasons). Then you scramble for a new tenant. Also, while seniors are generally responsible tenants, there is a possibility of needing to assist more than usual – for example, if a tenant gets mild dementia and forgets to pay rent on time, you might have collection challenges or need to work with their family. Evicting an elderly tenant for non-payment is not only a financial risk but a sensitive issue. Screening for ability to pay is important (maybe verify they have long-term income or savings).

• Market Competition: What if a new senior apartment complex opens nearby offering similar services at competitive prices? While Covenant has the advantage of ownership structure, from a tenant’s view it’s just one housing option. For instance, if a brand-new independent living rental opens with move-in specials or more modern facilities, Covenant might see some vacancies or pressure to keep rents flat to retain residents. As of now, newer places like Portside Grande Dunes charge more, so Covenant sits in a niche below them. But investors should keep an eye on the senior housing landscape. The 55+ population boom cuts both ways – it means more demand, but also encourages new development which could siphon off some higher-income seniors.

• Financing and Leverage: One risk is the inability to finance a purchase (which is often the case here – banks may not lend on a $50k condo with such high HOA relative to dues). That means most investors are 100% equity. The returns we discussed are on unlevered cash. There’s no easy way to juice returns with leverage (unless one uses a personal credit line or something, which has its own risk). So your ROI is what it is – you can’t borrow at 4% and earn 8% to get a 20% cash-on-cash; you’re likely putting all cash and getting that 8% directly. This is a low-risk approach (no debt to worry about), but for some investors, lack of financing is a missed opportunity and also a liquidity risk (tying up a chunk of cash in a relatively illiquid asset).

• Catastrophe or Regulatory Changes: As with any condo, there’s always the tail risk of a hurricane or major damage. The HOA carries insurance (likely included in fees), but a major event could temporarily displace residents or require special assessments. Also, if any regulations changed around HOPA or if the HOA ever lost its 55+ status (unlikely, but if they fell below 80% occupancy by 55+ in a crunch scenario), that could complicate things. Another regulatory point: South Carolina landlord-tenant law tends to be moderate, but evictions can take time if needed (though an advantage is you likely have tenants with assets/pensions, not judgment-proof individuals).

In summary, the risks of Covenant Towers investments center on the twin issues of liquidity and constraints. You have a narrow lane in which this investment works: you must keep a paying senior tenant in place to cover that big monthly HOA nut. If that falls apart, you’re in a negative cash flow position quickly. And if you wanted to exit, you can’t count on a quick sale at a great price. These are not reasons to avoid the investment, but reasons to approach it with eyes open and proper contingencies (e.g., keep a cash reserve to cover a few months of HOA and any re-leasing costs, and view it as an income play more than an appreciation play).

On the upside, many of these risks are mitigated by the strong structural demand (aging population), the alignment of interests (the HOA wants units filled and residents happy), and the ability to diversify (an investor could buy multiple small units to spread vacancy risk across them). Compared to a volatile STR that might swing from profit to loss seasonally, Covenant Towers offers a smoother but thinner margin. For the right investor profile, the stability can outweigh the liquidity concern. But prudent planning (long-term outlook and sufficient capital reserves) is essential to navigate the limitations like the no-STR rule and tenant age qualification.

Conclusion: Investor Suitability and Outlook

Covenant Towers is a specialized investment well-suited for certain investor profiles, particularly those looking for stable income with minimal active management and those leveraging retirement-focused strategies. Below we summarize its fit for different investors and the overall outlook:

• Self-Directed IRA/Solo 401k Investors: For individuals with SDIRAs, Covenant Towers condos can be an ideal asset. The low price point allows purchase within an IRA, and the HOA-provided services simplify management (no active involvement that could run afoul of IRA rules). As discussed, all income can grow tax-deferred. An SDIRA holder who wants steady rental income without day-to-day headaches would find this attractive. The key is they must not intend personal use – but since this is a pure rental play, that aligns. Suitability: Very high for SDIRA investors seeking passive income. They effectively turn retirement funds into an annuity-like stream (rent), potentially outpacing bond yields, and can always sell or 1031 later within the IRA.

• 1031 Exchangers: Investors doing a 1031 exchange to reduce management burden (e.g. swapping out of multiple single-family rentals or a vacation rental) can find a great landing spot in Covenant Towers. It’s particularly attractive for those nearing retirement themselves. For example, a landlord tired of managing tenants could 1031 into a Covenant unit and let the HOA handle the heavy lifting. Suitability: High for those looking to deleverage and simplify. Also, someone who sold a property and only has, say, $70k left to identify in a 1031 could use a Covenant condo to exactly use that remainder. The main caution for exchangers is to be comfortable with the long-term nature of this hold – it’s not likely to double in value quickly, but it will churn out income.

• Income-Seeking Retirees: Interestingly, an income-seeking retiree might be on either side of this investment – they might be a tenant, but here we consider them as an investor. Retirees who want to invest capital for income (and perhaps even use the property in the future) could buy a Covenant unit. For instance, a retiree with a self-directed 401k or after-tax savings could buy a unit to rent out now, earn income, and keep the option open to eventually move in at age 65 or 70. (They’d have to carefully navigate the switch from investment to personal use, possibly after a couple years of rental to satisfy 1031 or tax requirements if any). Covenant Towers essentially can act as a pre-purchased retirement living: earn income today, use it later. Suitability: Moderate to high for savvy retirees. They need to be aware that once they personally occupy, it’s no longer an investment generating cash – it becomes an expense. But until then, it’s a yielding asset that keeps pace with their needs.

• Conservative/Cash-Flow Investors: Those who prioritize capital preservation and steady cash flow over high growth may favor Covenant Towers. The condo prices (mostly under $100k) limit downside exposure; one isn’t tying up a half-million in one property. The income is relatively predictable (the tenant either pays or not, and if not, you replace them – no seasonal swings). For an investor looking for bond-like income in real estate with double-digit gross yields and mid-single-digit net yields, this fits. They should accept the lower liquidity and treat it as an income vehicle.

• Investor-Minded Children of Seniors: In some cases, the adult children of an elderly person might purchase a unit as an investment with the side benefit that their parent can live there (as a tenant or even just using it). While direct personal use is tricky if treating it as a rental investment, one could imagine a scenario: a family buys the condo in an LLC, rents it to mom at a modest rate (arms-length to satisfy rules), covering HOA. They preserve capital (since selling and paying for mom’s independent living at a commercial place might be more expensive). This is more of a personal planning strategy than pure investment, but it’s a niche where Covenant could make sense – essentially investing in your parent’s living arrangement, with an asset to sell later. Suitability: Case-by-case, but it has been cited that “some residents prefer to rent their units” while others buy – meaning there is a mix of these scenarios happening.

• Those Who Should Avoid/Think Twice: Flippers or those looking for quick appreciation should likely avoid Covenant Towers. The value proposition is long-term income, not price growth (units have hovered in the same price band for years, adjusted for inflation). Also, anyone not prepared for the unique HOA structure or who dislikes the idea of a high monthly fee will be frustrated here. And obviously, anyone who wanted the option of personal vacation use or hybrid STR use – this is not for them.

Outlook: The macro trends favor Covenant Towers’ business model. Myrtle Beach’s status as a top retirement migration spot means a growing base of potential tenants. The community itself underwent refurbishments (paint, etc.) in 2020, and appears committed to maintaining an attractive environment for seniors (as evidenced by positive resident feedback). There’s a reasonable expectation that HOA fees and rents will both rise gently with inflation, keeping the net spreads similar. One potential upside: if local assisted living facilities continue to charge high rates, Covenant could see increased demand from seniors who are a bit more independent and want to save money – essentially undercutting assisted living by offering “lite” services. On the downside, if labor or food costs surge, HOA fees could squeeze profits as mentioned.

Final Assessment: Covenant Towers is a suitable investment for patient, income-oriented investors such as SDIRA account holders, 1031 exchangers looking to simplify, and those who understand the senior housing market. It offers an unusual blend: real estate-backed security with elements of an annuity (the HOA services) and a tenant base supported by steady retirement incomes (Social Security, etc.). In a portfolio context, a Covenant Towers unit could be a good diversifier – its returns are not correlated with stock markets, and even within real estate, it’s not very correlated with the tourism-driven properties.

By embracing the “long-term hold, long-term lease” philosophy, investors can earn reliable monthly income from Covenant Towers. This investment likely won’t make one rich overnight, but as a component of an income-generating retirement plan, it can be quite powerful. It effectively monetizes the trend of an aging population needing housing. For those investors who fit the profile we’ve discussed (and who do their due diligence on HOA financials and unit condition), Covenant Towers can be a rewarding case of turning a small condo into a consistent paycheck – truly a bond-like investment wrapped in the benefits of real estate ownership.

Sources:

1. Covenant Towers property listing and description (Compass MLS).

2. Covenant Towers Resident Handbook (2024–25) – rental and age restriction policies.

3. Trulia listing for Covenant Towers unit E-419 – HOA fee information.

4. North Myrtle Beach RE sale listing W-219 (May 2024) – HOA fee and description.

5. SeniorAdvice report on Covenant Towers – average monthly cost vs. local averages.

6. MyrtleBeachSC News (Dec 2024) – Myrtle Beach retiree population growth +23% (2020–23).

7. C21 Harrelson on Dunes Village – investor popularity of STR resort.

8. TripAdvisor review (Dunes Village Resort) – noise levels at STR resort.

9. Reddit discussion – relative quiet of Dunes Village vs other resorts.

10. Strand Realty data – example oceanfront condo STR income 2023.

11. Barefoot Realty listing (Unit E-108) – marketing to investors to rent out.

12. North Myrtle Beach RE listing W-214 – Covenant Towers “one fee covers everything” features.

13. Investopedia – Using an IRA to buy real estate (self-directed IRA rules).

14. GrandStrandsFinest (financing guide) – caution on high condo fees for low-priced units.

15. Caring.com review – resident feedback on Covenant Towers (environment, food, staff).

16. Zillow/MLS data – Covenant Towers recent listings and sales prices (W402, E410, W214, E502, etc.).

17. North Myrtle Beach RE listing W-219 – details on upgrades and interior features appealing to seniors.

18. Century21 Boling – Dunes Village rental income potential & listing examples.

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.