Need a REALTOR® for your
Charleston investment property?
OutofTownLandLord connects you with Charleston's very best property investment specialists. A licensed, experienced, dedicated REALTOR® who will deliver stunning results and stellar service. Learn about the REALTOR® and the Charleston market below.
Troy Gandee, REALTOR®
Charleston Investment Specialist
State: South Carolina
Counties: Charleston, Dorchester, Berkeley, Colleton (Edisto Island, etc.)
Cities and Towns: Charleston, North Charleston, Mount Pleasant, Isle of Palms, Sullivans Island, Summerville, etc.
Licensed Since: 2014
Company: Sand Dollar Real Estate Group
About Troy Gandee
I am a Realtor/broker and real estate investor. I have been in the real estate industry since shortly after college. I grew up in West Virginia and moved to the Charleston area my senior year of high school. I attended the College of Charleston. After college, I was introduced to the owner of my current company who encouraged me to get my RE license and come to work for him. I did that and began investing that same year. My company is an independent, boutique company that allows me the flexibility I need to serve investor clients as those types of transactions do not always fit traditional molds. Roughly half of my clients are investors and the other half are retail clients. I also broker commercial properties, with a focus of multifamily. I own a small portfolio of rentals myself and am always trying to grow that business. I also flip homes. I have more recently been rehabbing older properties that require excessive amounts of renovation as it is a less competitive market. I am proficient at negotiating, analyzing financials and market speculation and I have significant construction knowledge. If you are interested in investing in the Charleston area, I'll be more than happy to help you!
About the Charleston Market
The Charleston market has experienced a surge of industry in the last few years. We are known to be a very labor-friendly state and that has attracted major manufacturers like Boeing, Volvo, Mercedes and others to enter our market. This has caused a surge of laborers and wages to flood our market. Many buy, but many seek out rental properties as some of them are longer term contractors. In addition to this, Charleston has been a Top 5 City in the World amongst various publications in the last couple of years. The quality of life here is quite high and that encourages droves of transplants to move to the area. We also have nearly a dozen colleges and other higher education organizations in the area, which bolsters student housing. Because of all of these factors, our inventory has been quite thin, but the rental market and sale market has been explosive. Finding great deals has proven to be more challenging than it once was, but because we're in the South, our median home prices are still reasonable and SC is a very landlord-friendly state.
INVESTMENT PRICE POINTS IN CHARLESTON
Single Family: $75,000
There are many single families that can be purchased between 50-100k and will generally realized 9-10% cap rates. These properties often require more management and experience high turnover, but the cash flow is usually the highest.
Investors can also find multifamilies in the entry level price points. Again, these also require more management and experience higher turnover, but the returns are quite strong.
Single Family: $200,000
For an out of state landlord, this median price point tends to be a better investment. Most of the properties will still achieve an 8-9% cap rate, but they require far less management.
There is a larger number of 2-4 unit properties in this price point. They will often experience a 10% cap rate depending on expenses. The location and condition of multifamilies in this price point can vary greatly. Multifamilies in this price range are typically still B-/C+ properties.
Single Family: $350,000
Because our market is being flooded with transplants, available rentals are at a premium. In markets like Mount Pleasant and Downtown Charleston, SC, tenants are often paying around $2,500 for rentals in this upper level range. The cash flow is a bit lower, but management tends to be much easier in these properties.
The Charleston area has a surplus of higher learning institutions, which make for great student rental markets. Most of these institutions are in more desirable neighborhoods and part of the City. Because of this, market values are quite high, but these units can rent for very aggressive numbers. There are many available multifamily properties available in the downtown area near campuses and the city center. While these are expensive and the taxes are quite high, they rent for impressive amounts. Student rentals often require more turnover, but the higher learning institutions usually bring better tenants.
Free Report: Demographic and Housing Data on the Charleston Market
Would you like free demographic and housing data on the Charleston market? The report includes information on schools, income, employment, crime, average sale prices, fair market rents and more. You can get reports on the whole market or zero in on a specific zip code.
This report has all the info you need to help you decide if the Charleston market is right for you! Click here to get your free report.