Long-term rent prices in Surfside Beach? (5 rows back)
I'm evaluating the numbers on a 5-plex in Surfside Beach, and hoping someone from SC can provide some insight to the area.
I'm already aware of some oddities with costs (forced flood insurance, 3 hot water heaters provide hw for all 5 units, water is included in current rents etc).... the building is a combination of a 3/2, three 2/1, and 1/1, two story, 1960's build with a mostly flat roof. Parking in front, and it takes up the end-lot (corner lot, roads on three sides).
Current owner is pulling in rents that I think are a bit low - 1200 for the 3/2, and about 600 for the 1/1, and around 750 for the 2/1 units.
Looking on Zillow for rentals, I see only 1 unit for rent ($1200 for a 2/2), of any size or shape. Moving out in a larger circle, only a handful (less than a dozen) in a several-mile radius.
In my market (OKC, and Pensacola FL), If I saw that I cold quickly assume there was a SEVERE lack of available units on the market, and that I could significantly raise rents.
Am I looking at this correctly, or is there something wrong with Surfside and surrounding sub-market that keeps people from listing long-term rentals on zillow, or is there a severe job shortage? . If so, it would seem like there would be a LOT of inventory on market, and low prices.