PCB/Destin vs Myrtle Beach, SC- AIRBNB income and appreciation
Greetings again everyone! After a year of waiting for the right time, it seems time is ripe to buy my first airbnb. Actually I might be already quite late in the party-looking at market explosion in Florida! Last year in March i was so close to buying my first property for airbnb purpose and then covid happened. I instead bought a condo as a primary home.
My budget - up to 550k (preferably under 450 k)- 20% downpayment
Property preference- on the beach/very close to the beach- ideally a townhouse/SFH (If condo, 2bd 2 ba atleast and beach facing with not high HOA)
Ideal Revenue ROI- 13-15% - meaning if i buy for 400k, annual TOTAL rental revenue should be 50-60k (pretty achievable in these markets i think)
Solid year around traffic, no history of airbnb restrictions, good inventory, hybrid property management coompanies available. If the property has an existing airbnb rental history, that will be icing on the cake.
I researched all three markets (PCB, Destin area and Myrtle beach) and it seems most of my above criteria is satisfied while looking at available properties and airbnb rates for different seasons.
In one metric where Destin or PCB are scoring much more is property appreciation. Just compared from last year, certain property values have increased by almost 50-80% in many of the Destin, Miramar beach etc properties! That's insane and it still doesnt look like growth will slow down for foreseeable future. On the other hand, property prices in Myrtle beach are more affordable with comparable airbnb nightly rates.
So I would love to get your thoughts on these three markets based on my criteria above and which one will you choose. If there is any other market which fits the criteria, feel free to recommend!