Fix and Flip Lending: Top Cities to Invest in South Carolina
South Carolina has an abundance of robust local real estate markets primed for growth. Located along the picturesque Atlantic Ocean, the state offers a broad array of potential investment opportunities ranging from luxurious estates on the beach to more budget-friendly single family properties and multifamily complexes in smaller communities. South Carolina is also diverse in terms of historical background and culture—making it a sought after destination for retirees and first-time homebuyers alike. The state has a population of approximately five million people with an average household income of $50,000 annually. A number of colleges and universities are also located in the state, offering an economic stimulus to the surrounding communities. Real estate investors have long been drawn to the state as well due to its rapid appreciation rates and blossoming economy.
If you are considering South Carolina for your next fix and flip real estate investment project, here are the top markets to explore.
Charleston: From sprawling beach houses to a vibrant downtown area brimming with condos and apartments, Charleston and its surrounding neighborhoods present a wide range of opportunities for aspiring real estate investors. The area’s average home value of $320,800 is a bit more pricier compared to the state average of $165,800, but investors stand to rake in more profits at the higher price point—making the potential return on investment particularly attractive in this historic city.
Myrtle Beach: At the heart of the beloved “Grand Strand” Is Myrtle Beach, that has long been a favorite of tourists and spring breakers, but also offers an often-overlooked cultural scene and an abundance of amenities for year-round residents. With endless sandy beaches, tons of shopping options, delicious restaurants, and a hot nightlife, Myrtle Beach is drawing a considerable number of millennials and their families for its superb weather and social attractions. Given the market conditions, it’s not surprising that both its population and employment statistics are off the charts with an affordable average rent of $1032 and a median sales price of $208,000. Fix and flip investors should take note of the vibrant Myrtle Beach community as rehabbed properties are sure to sell quickly in this busy market. The average number of days on the market is only 21—well below the national average.
Columbia: This unique and growing city, situated in the Midlands, is the state capital of South Carolina, home to the University of South Carolina, and the Columbia Museum of Art. The city is notable for its outstanding weather, events and attractions, and, of course, for fix and flip opportunities! Whether buyers are looking for whitewater rafting on the nearby Saluda River rapids or cheering on the Gamecocks in the packed home stands, Columbia truly has something for everyone. With an employment growth of 1.5% and an average sales price of $165,000, Columbia is the perfect mix of affordability and demand from a real estate investment perspective.
Spartanburg: This community and the immediately surrounding neighborhoods are full of history, solid employment options, a wealth of outdoor activities and superb public school systems. It has been named South Carolina’s second Downtown Cultural District with extremely promising economic development projects in full swing. Spartanburg is also home to BMW’s sole American Factor and is the headquarters of Denny’s restaurants. The city has both laid-back and upbeat vibes, which is why the population and employment growth has consistently been on the rise year after year. Potential fix and flip investors should note that the median sales price for a home is only $162,000 and an increase of value of 9.1%.
Fix and Flip Lending: Top Cities to Invest in South Carolina | Gauntlet Funding – Melville, NY