Help in Myrtle Beach

[Ali Chami]

Greetings fellow members, I am looking for someone who knows the Myrtle Beach area well, specifically vacation rentals.

All of my RE investments are in Michigan, however, I jumped on an opportunity to acquire a 1 BR/1 BA condo unit in a building that is of mixed use (year round tenants, vacation rentals).

The intention was to flip it for profit, but I read some encouraging things about the MB market and I see that particular area (I believe it is called the Golden Mile - 7509 N Ocean Blvd) and now I am thinking of another possibility- will this unit generate enough revenue to cover about $6,000-$6,500 annually? This includes association fees, taxes, insurance, etc...

Anyone with any experience in this? I would greatly appreciate any information.