404 Palm Boulevard
Isle of Palms has a unique real estate market. Unlike other markets, an accurate comparable market analysis requires a more detail evaluation of Market conditions. IOP has a very limited supply of vacant lots. The majority of the homes sold under $600,000 were purchased for land value. If the homes were not torn down for a rebuild; they have had major renovation/alterations.
The City of Isle of Palms issued the following permits between January 2017 - September 2017 (October - December are currently unavailable online).
- 17 Demolition permits
- 25 New construction permits
- 45 Building alteration permits
A total of 108 Pre-Owned single-family detached homes sold in the last year. The sales prices range from $6,400,000 - $382,000.
- 51 sold for over $1,000,000
- 17 sold from $600,000 - $500,000
As is, Cash on Cash Return over 5 years is 17.32%.
Possible Cash on Cash Return over 5 years with adjustments to expenses and property updates is 36.79%
Raising the current structure, creating a garage below and updating the Interior will significantly increase the value, marketability and rental rates. An added financial benefit is the decrease in Flood Insurance. Which over 5 years will cover most of the cost. Approx cost $100,000.
Please click the link below for more information, ROI breakdowns, Comparable properties and more.
Michelle Mustain
#petiteyetpowerful
The Ebb and Flow Real Estate Team843-338-4898
"My mission is to build lifelong relationships with my clients and
this means being there by your side to help you
in understanding each step of the buying or selling process.
This commitment level has helped me build a notable track record
of delivering powerful results."
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