Investor · Ellington, CT · Member since 2012 · 60 posts · 16 votes
Trying to find a new market for single family houses for buy and hold. I've put Conway in the key words but haven't seen any hits. Conway seems like a good location, near Myrtle Beach and Coastal Carolina. Can anyone comment on the viability of this location?
Lender · Myrtle Beach, SC · Member since 2016 · 7 posts · 0 votes
10y
Hi Terry, I live in Myrtle Beach, SC and am close to the border of Conway. I think Conway is an up and coming area, there has been a ton of new construction in the last few years. Keep your eye on the International Drive project. Once that road is paved, it's going to open a path for Conway residents and employees another direct access to Myrtle Beach without having to get on the dreaded route 501. There is a conservationist group trying to put a stop to it but the county is pushing forward.
Investor · Ellington, CT · Member since 2012 · 60 posts · 16 votes
10y
Thanks Chris. Great info.
Do you deal with rentals yourself? I'd like to know what rental rates are for a 3/2/2 Sfh 1500 sq ft Sfh. From Zillow, it looks like $1000-1100/month. What I can't tell is how long it takes to find a renter.
Investor · Mount Bethel, PA · Member since 2013 · 45 posts · 29 votes
10y
Hi Terry,
We just built a 3/2/2 1450sf that closed about 10 days ago. Our PM put it up for $1,600. I know there's been interest so I'll have to update you when it gets rented and for how much. It's behind 707 so in a quieter area outside of flood and W&H zone 1 that is still pretty close to beach. You have to factor in higher investment/out of state property taxes and the wind and hail insurance. This is going to be our future retirement home so that wasn't the only factor for us.