Investor education gap — need a Charleston 10‑minute underwriting template
Key Questions
What rent ranges are seen in Charleston small multifamily properties?
Rents range from $783 to $4,000 across properties like WA Grandview ($783–$1,100), 17S ($1,500–$2,320), and 636 Cashew tri-plex ($420,000 sale). Others include NC Hottinger ($1,530–$1,800), 139 Alexander ($2,195), and 59 Broad ($2.65M duplex). Jasper starts at $1,850 and 197 Poplar at $3,200.
What factors should investors consider in Charleston underwriting templates?
Key factors include vacancy rates, flood insurance, 4-6% property taxes, Dominion Energy's 12% rate hike ($20/month), utilities, and 6% boat tax phase-in. Additional risks are Mt. Pleasant taxes, foreclosures, national insurance hikes +15%, and cooling Charleston County rents. SC economy grows +2.5% with wage tailwinds.
What is the proposed Dominion Energy rate increase?
Dominion Energy proposes a 12% increase to energy bills, adding about $20 monthly, amid public pushback. This ties into Santee Cooper's Canadys gas plant opposition in Colleton County. Investors should factor this into underwriting for multifamily properties.
How have boat taxes changed in South Carolina?
South Carolina reduced boat taxes, phasing in a 6% rate, making ownership more affordable but causing municipal budget gaps. This impacts local revenues relevant to Charleston-area underwriting. It adds to investor considerations alongside property taxes.
What challenges face the SC Ports Leatherman Terminal?
The $1.2 billion Leatherman Terminal in North Charleston struggles financially. Efforts include lowering labor costs and attracting distribution centers. This signals caution for North Charleston investments amid port-related economic risks.
What is the 636 Cashew Street property?
636 Cashew Street #A, B, C is a $420,000 tri-plex with 6 beds in Charleston, SC 29407. It exemplifies small multifamily opportunities with rents in the $783–$4,000 range. Underwriting must account for local factors like flood insurance and utilities.
Are Charleston rents cooling, and what are wage trends?
Charleston County rents are cooling with a -1.7% YoY median decline. SC economy grows +2.5%, with wages outpacing national averages as a tailwind. This supports investor education on quick underwriting templates.
What risks are associated with Canadys gas plant?
Lowcountry advocates push back on Dominion and Santee Cooper's Canadys gas plant in Colleton County. Public opposition warns of impacts, relevant to energy costs in underwriting. Combine with 12% Dominion hikes for multifamily analysis.
Template for rents $783-4k (WA Grandview $783-1.1k/17S $1.5-2.32k/636 Cashew $420k tri-plex/187 3rd; NC Hottinger $1.53-1.8k/6100 $1.3k/Harrison $1.4-1.6k/5120 $1.195/Holly $1.05k; Jasper $1.85k/139 Alex $2.195k/197 Poplar $3.2k/59 Broad $2.65M)/vacancy/flood ins/4-6% tax/Dominion 12% ($20/mo)+Canadys gas plant pushback risk/utils/boat tax 6% phase; MtP tax/foreclosures/nat'l ins+15%/ChasCo rents cooling; SC econ +2.5%/wages tailwind; Ports Leatherman $1.2B NC caution.