Analyzing your property...
Running the numbers.
While it runs
Quick answers for Myrtle Beach investors
What is a good DSCR for a Myrtle Beach rental?
A DSCR of 1.0 means the rent exactly covers the payment. Most DSCR lenders want to see 1.1 to 1.25, and pricing improves meaningfully above 1.25. Below 1.0, expect a larger down payment or a lower offer price to make the deal work.
How much down payment do investment loans require?
Plan on 20 to 25 percent down for conventional and DSCR investment loans. Non-warrantable condos and condotels often require more, and every additional 5 percent down generally buys a better rate.
What is a condotel, and can it be financed?
A condotel is a condo building run with hotel-style operations: a front desk, nightly stays, and an onsite rental program. They fall outside standard lending guidelines, so financing comes from specialty and portfolio lenders at higher down payments, which is why many condotel units trade in cash.
Are HOA fees a deal-breaker for condo investing?
Judge the net, not the fee. Many oceanfront HOA fees bundle building insurance, water, cable, pest control, and exterior maintenance, costs a single-family landlord pays separately. A unit with a $650 fee that covers insurance can out-earn a cheaper-fee building that covers nothing.
What taxes catch new Horry County investors off guard?
Three usually surprise people: rental property is assessed at the 6 percent rate rather than the 4 percent owner-occupied rate, the county levies personal property tax on the furnishings inside a rental, and short stays trigger state and local accommodations taxes on top of income tax.
What insurance does a coastal rental need?
Wind and hail coverage with a percentage deductible, flood coverage priced by zone, and for condos an HO-6 policy sized to fill the gaps in the building's master policy. Quotes vary widely street to street, so price insurance during due diligence, not after.
Which areas lease fastest for long-term tenants?
Carolina Forest, Conway, Socastee, and Market Common consistently show deep tenant pools because demand comes from the year-round workforce, schools, the hospital systems, and Coastal Carolina University rather than tourism.
Do I need a business license to rent out property?
Generally yes. The City of Myrtle Beach and Horry County both require rental business licenses, and short-term rentals can need additional permits depending on the municipality. HOAs often require registration on top of that.
What does property management cost here?
Long-term management typically runs 8 to 10 percent of collected rent plus a leasing fee. Full-service short-term management runs 20 to 30 percent of revenue, with cleaning billed to guests or owners depending on the operator.
What vacancy should I underwrite?
Use 5 to 8 percent for a long-term rental as a planning number, and budget separately for turn costs like paint and carpet between tenants. Furnished monthly rentals run different math because winter tenants book in blocks.
Do nearby construction permits matter?
Yes, in both directions. Clusters of renovation permits usually mark improving streets, while heavy new-unit construction nearby can cap rent growth. This analyzer pulls recent Horry County permit activity around the address automatically so the signal is in front of you.
Should I pay cash or finance?
Leverage cuts both ways: financing lifts cash-on-cash return when the spread between rent yield and rate is positive, and punishes it when the spread is negative. A common Grand Strand path is closing with a DSCR loan, then refinancing after rents season or renovations raise value. Cash still wins for speed and for condotels.