So you’re wondering about how to have a successful, profitable oceanfront Carolina Beach condos investment property. You’re searching for an oceanfront vacation rental in Carolina Beach with good cash flow. And you see lots of oceanfront condos for sale at Carolina Beach and you’re wondering, “How do I know which one is a good investment? How do I know which is a bad investment?”
And I worked a ton with investors the last few years here in Carolina beach. Our office is based down at Carolina Beach. And through a lot of networking, asking hard questions, researching, building reserves of different communities, I’ve got a succinct formula for you of how to have a successful beach rental in Carolina Beach.
Number one, you want it to be on the right location. Duh, location, location, location. So in Carolina Beach, we have incredible new boardwalk, wide and long. It’s one of the top boardwalks in the country now. It has built-in showers and sitting everywhere, very close to Britt’s Donuts and all the retail eating businesses, et cetera. It’s incredible, okay? And we just redid it about two years ago, no, a year and a half ago. We also have a new $16 million hotel. This new area, the money is flowing here big time.
So, if you want to have – people will pay top dollar to be on the boardwalk oceanfront or a very short walk to the boardwalk. That way, with their little kids, they can do a stroll every evening. I know because in Myrtle Beach, we are at a timeshare every summer and it’s right there, the Yachtsman at the edge of the boardwalk. And every night we’d go out on the boardwalk as a family stroll, get ice cream cones, et cetera.
So real quick, I’ll point to you here. You want to go down to about Carolina Sands Drive all the way up a few blocks north. Here, let’s see if I can even zoom in a little bit. To around – what street is this again? I keep forgetting the name of these little streets, Pelican, maybe Dolphin Lane. And that’s where you have your highest dollar paid for these vacation rental properties that are between 200 and 250,000.
Now, how much do these suckers make? Well, I found a lot of oceanfront condos and they were bragging about 13, $14,000 gross rental income and I’m thinking, “You’ve got to be kidding me. That’s nothing. That’s a horrible return.” And then after looking into it further and talking to property managers, I’ve found out, well, in this area, these two bedroom, two bath units between 200 and 250, if they have the right – fit the formula, they get anywhere 25 grand or 32 grand in gross rental income each year.