Charleston, SC Market

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I am looking at obtaining my very first investment property. I live in Charleston, SC and figured it'd be best to start locally. What is the average price point targeted in this area for rental properties? I am trying to get a general idea in order to limit risk and figure out where most success has been experienced.

Hey Ricky. Welcome. I use and browse the MLS, Craigslist, and sometimes an app called Zumper to get an idea of rental price points for various suburbs of Charleston and then their specific neighborhoods. Then I'm using the 1% rule as a very basic guideline as I compare listing price to potential rent. I like to focus on West Ashley, and James Island because this is where I live and work and and deals come up RARELY, but they do happen. I've found in this market, you need to be creative, figure out how to add your value to a property, house hack your first investment etc. unless you're entering REI with a bunch of cash.

There are generally better returns in Ladson, Goose Creek, Moncks Corner, Hannahan, North Charleston etc. then the neighborhoods close to downtown at entry level price points. I do have a duplex in Ladson and on the books it is an excellent performing property, it exceeds the 1% rule, and I paid 129K for it (I've only had it a year and a half so time will tell) but I had to be patient and then move fast. The big answer to your question however is that there is so much variability given all of the neighborhoods in the Tri-County area that you just need to look at listings, run your numbers, and eventually you will get the pulse of the market in order to find cash flow. In general in order to limit risk I personally like to buy significantly below the median sales price for a zip code. For example the median sales price in James Island is about $300K so I'm looking at properties below $250K. I have my Real Estate License as well and I would be happy to help you or any others getting started. Feel free to reach out to me in a DM.