An appraiser doesn’t adjust a value because enrollment hit a record or a hospital added staff. Appraisers use closed sales. Investors who bought near a growing university often expect a cash-out refinance to release equity the market hasn’t actually produced. The gap between a demand story and an appraised number is the main friction in a DSCR cash-out refinance in Conway, South Carolina. It is also where the planning starts.
Conway, South Carolina is one of the 41 markets — 40 states plus Washington, D.C. — where Lendmire (NMLS# 2371349) places DSCR loans for investment-property borrowers. This report covers the pull-equity-out side of that work: which Conway assets give a cash-out refinance room to work, where the numbers run thin, and how proceeds can fund the next acquisition.
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The Quick Read:
A DSCR cash-out refinance on a Conway, South Carolina rental is underwritten primarily on the property’s rental income measured against its full monthly obligation, with proceeds capped by appraised value, seasoning, and reserve requirements rather than by the borrower’s personal income documents. Terms vary by lender guidelines, property type, leverage, credit profile, and full file review.
- Conway’s average home value is about $288,359 per Zillow, roughly flat year over year.
- Cash-out LTV tops out at 75%, with about 6 months of seasoning from title recording.
- A three-bedroom house renting near $1,950 models in the low 1.0s at maximum leverage.
- Duplexes near campus stack two rent streams under one loan.
- Purpose-built student supply and concessions cap older per-bed conversions.
The Campus Corridor: Where Demand Is Real and the Equity Is Earned
The Highway 544 student corridor is the strongest demand story in Conway. It is also the one that most needs disciplined underwriting.
Coastal Carolina University reported finalized total enrollment of 12,006 at its most recent fall count. That is up 5.8% over the prior fall and 18.7% over five years, and the third consecutive record. Its first-time, full-time cohort alone reached a record 2,929 students. The Post and Courier reports that underclassmen must live on campus, yet the university has only about 5,500 beds. A regional college puts the off-campus share of students at 53%. A growing 12,000-student base with roughly half living off campus is a durable renter pool.
Now the catch. Institutional supply has moved in aggressively. Bellamy Coastal has 480 beds, per Student Housing Business. The Cove has 396, and JLL reports University Suites at 272. That is about 1,150 beds across just three communities, and a newer project was leasing ahead of the coming fall. Current listings on Homes.com show concessions of one month free on a one-year lease and two months free on a two-year lease. A 199-unit, 600-bedroom proposal off the corridor was deferred by the planning commission, so the pipeline risk hasn’t gone away.
This is a qualitative vacancy signal, not a measured vacancy rate. No reliable Conway vacancy source turned up in the research. The practical read: older per-bed conversions compete against newer purpose-built product, and a cash-out lender’s appraisal rent schedule will likely anchor to comparable leases, not to the best-case bedroom count.
Flat Prices, Longer Days: What the Appraiser Will See
Conway’s prices are stable, not surging. Sources disagree on the level, so the comparison matters more than any single number.
Zillow’s index puts the average Conway value at $288,359, up 0.1% over the past year, with homes going pending in around 43 days. Its ZIP-level page shows $261,804 in 29527, up 0.5%. Sale prices run higher than the index. Redfin reported a median of $314K, up 5.0% year over year, though on a thin monthly sample, with homes selling after 149 days on market versus 143 a year earlier. Zillow places the figure lower because an index of all homes and a median of closed sales measure different things. Volume is healthy: the Horry Independent, citing the SC Association of Realtors, counted 515 sales in ZIPs 29526 and 29527 in the first quarter versus 472 a year earlier, a 9.1% increase, even as the median price slipped slightly.
The pattern: stable pricing, adequate supply, longer marketing times. Enrollment growth is not translating into price growth. For a cash-out refinance, that shifts where the equity comes from. Proceeds depend on appraised value, so a flat trajectory means usable equity will come mostly from the original purchase basis, renovation, or rent lift. Market lift won’t supply it. Plan the refinance around forced appreciation. Investors who bought below market or rehabbed older stock hold the strongest position. Those who bought at the top of a flat market at high leverage may find the 75% ceiling leaves little to extract.
Run the Numbers: A Three-Bedroom at the 75% Ceiling
Coverage is calculated as monthly rent used for lender review divided by the full monthly obligation: principal, interest, taxes, insurance, and any HOA dues. The standard benchmark is 1.00x, meaning rent covers the payment. Some lenders may review lower scenarios, typically with compensating factors such as lower leverage, stronger reserves, or different pricing. Eligibility depends on lender guidelines, credit profile, reserves, and property review.
Run the numbers on a modeled case. Assume a three-bedroom Conway house appraising at $314,000 (Redfin’s median, used here as an illustrative value, not a property-specific figure) and leasing at $1,950, the three-bedroom figure from Homes.com’ single-family listings. Take the 75% LTV ceiling. Using modeled financing assumptions and including taxes and insurance, coverage lands in the low 1.0s. That’s a real pass, but without much cushion. The gross rent-to-price ratio behind it runs roughly 0.62%–0.68%, per a Lendmire Research calculation from the listed rent against the $288K–$314K value range. That is well below the old 1% rule of thumb. Exact terms depend on the lender’s guidelines, property type, leverage, and a full review of the borrower’s file.
Change one input. Use the average rent of $1,800 per Zumper, and the same file drops to just under 1.00x. Real files live in that zone. A sub-1.00 result isn’t necessarily the end of the road. A lender may review a sub-1.00 program, a lower LTV, or an interest-only structure. Each is subject to lender guidelines, credit approval, and property review.
The better lever is often the basis. A house in ZIP 29527, where Zillow’s average sits near $262K, gives the same rent a much smaller obligation to cover. Thinking out loud: the cheaper ZIP may produce the stronger coverage ratio, but it also gives a cash-out the smaller appraised value to draw from. For an investor chasing proceeds, the higher-value core often wins. For an investor chasing coverage, the lower-basis stock does. It’s a genuine trade-off.
DSCR files in markets like this one typically look like a moderate-priced workforce rental with coverage just over the benchmark, a flat appraisal trend, and a borrower weighing how much cash to take versus how much cushion to keep. The stronger files pair a realistic market-rent schedule with reserves in place before the appraisal comes back. Files that assume top-of-range rents tend to get re-cut at the appraisal stage.
Duplexes: Where Coverage Can Clear Without Heroics
Small multifamily is the cleanest route to better coverage in Conway. Single-family rent against price is thin, so stacking income under one loan changes the ratio.
CCU’s off-campus housing portal lists College Park duplexes where two or three friends share a house. Current for-sale listings from JP Real Estate Experts include a duplex near campus with four bedrooms and two baths per side and a renovated duplex with three-bedroom, two-bath units. Walk2Campus manages 1,367 bedrooms in Conway in total, per the Horry Independent, an older report. No sourced duplex rent figures turned up, so investors should confirm per-unit rents with actual leases. Two three- or four-bedroom units under one loan can carry coverage a single-family rental can’t. The best duplex plays work for both student and non-student tenants.
Say you own a duplex near campus that you bought at a discount and renovated. The refinance case rests on a rent schedule supported by comparable leases and on an appraisal that reflects the renovation. That’s forced appreciation in practice. Per-bed lease structures deserve extra care, since a lender may review them differently from a standard whole-unit lease.
Downtown Conway is the second multi-unit candidate. The Conway Downtown Historic District is on the National Register and covers the commercial and governmental core, near the Waccamaw riverfront. Older stock there can suit small multifamily or conversions. No price data was found, so treat it as a candidate to underwrite, not a proven submarket.
Townhomes and condos are weaker on coverage. Homes.com shows townhouse rents near $1,850 and condos at $1,400, well under the single-family median of $1,975.
Workforce Tenants Who Don’t Follow the Academic Calendar
Student demand has a calendar. Hospital and government demand doesn’t, and that is worth weighting in a refinance file.
Conway Medical Center reports more than 2,500 team members, and MBREDC cites more than 200 physicians across 30 specialties. Hospital Compare lists 210 beds. The hospital sits alongside Horry County Schools, whose district office is in Conway, and Horry County Government, headquartered here. The Myrtle Beach Sun News, citing MBREDC, ranks Horry County Schools, Coastal Carolina University, Horry County Government, and Conway Medical Center as the county’s top four employers. Those rankings are county-wide, not Conway-only.
Nurses, technicians, administrators, and county staff rent three-bedroom single-family homes at the $1,950 level. Per Census Reporter, Conway’s population is 27,263. The city grew from 17,103 at the 2010 census to 24,849 at the 2020 census. Data USA lists the top resident employment sectors as accommodation and food services (1,739), educational services (1,568), and retail trade (1,513). Median age is 32, with 30% of residents aged 15–24. This is a long-term-rental market, with no beach-season swing despite the Myrtle Beach metro. That favors stable lease renewals, and stable leases support the rent schedule a cash-out file needs.
Mixed Rent Signals (and How to Underwrite Through Them)
Conway rent data conflicts. Zumper shows +6% year over year. Rentable says growth has been declining. Homes.com lists a $1,912 overall median. Rentometer averages around $1,200 for two-bedroom homes and approaches $1,800 for three-bedrooms. ApartmentList reports an average of $1,880 near campus. Apartment bands from HUD Housing Network, which is directional only, run $1,089–$1,633 for two-bedrooms and $1,379–$2,069 for three-bedrooms.
The spread between the apartment band’s low end and the $1,950 single-family rent is large. Underwrite at market-rent low-to-mid points, not the top of the range. The lender’s appraisal rent schedule will rest on comparable leases, and a rent assumption that survives that review is the only one that counts. Skip the stale sources: a $967 average from an older Apartments.com snapshot and a $1,950 Zillow Rental Manager figure both predate the current market.
What Are the Seasoning and Reserve Mechanics?
The mechanics are straightforward. Most programs measure about 6 months of ownership from title recording before a cash-out, cap the loan at 75% LTV, and look for about 6 months of reserves (about 9 months above $1.5 million). Credit minimums typically start at a 620 floor, with tiers at 660, 680, and 700 shaping pricing and leverage. Loan amounts run up to $3 million on standard programs, and smaller balances route through select lenders in the network. Manufactured homes, log homes, and barndominiums fall outside these programs. Equity available depends on rent used for lender review, the full obligation, reserves, and the LTV ceiling, so no cash figure is promised. These are guideline ranges subject to lender review and program terms.
LLC-titled properties are common with investors. Subject to lender program eligibility, an LLC can hold the asset, and the file still rests on the property’s rent. For the basics, a general overview of DSCR loans is a good place to start. A side-by-side look at DSCR versus conventional financing covers the documentation trade-offs. The cash-out refinance walkthrough covers the full mechanics, and a review of investor refinance options lays out the non-cash-out alternatives. Investors who want a file looked at can review my scenario or call 828-256-2183.
Using the Proceeds: The Next Door, Not the Next Dream
Cash-out proceeds are capital. The disciplined use in a market with modest rent-to-price ratios is a lower-basis target or a duplex, not another property at the same thin ratio. Consider the sequence: refinance a seasoned house, then deploy the proceeds into a duplex near campus or a 29527 workforce home where coverage has more room. The refinance then does double duty, funding the next acquisition while the added rent strengthens the portfolio.
Keep reserves in view. Proceeds spent entirely on the down payment leave nothing for the reserve requirement on the next file. DSCR loan options for South Carolina investors are organized at the state level. Verify current local rental rules, taxes, and insurance with qualified local professionals before committing capital. Every figure here varies by lender and program — guidelines, property type, leverage, and credit profile all apply.
Frequently Asked Questions
How do you qualify for a DSCR cash-out refinance in Conway, South Carolina?
Qualification centers on the property’s rent against its full monthly obligation, with a typical 1.00x benchmark. Most programs also look for about 6 months of seasoning, a credit score of at least 620, and roughly 6 months of reserves. Final eligibility rests on lender guidelines, credit approval, and property review.
DSCR vs. conventional financing
Two common ways to finance an investment property in Conway, SC. They qualify you differently — here’s how investors weigh them.
Why investors choose it
- Qualifies on the property’s rental income — no personal tax returns, W-2s, or pay stubs needed to document income.
- No personal debt-to-income ceiling to clear, so existing mortgages and obligations don’t cap your borrowing the same way.
- Can be closed in an LLC, keeping the property inside a business entity.
- Built for scaling — not held to the limit on number of financed properties that conventional financing applies.
- Underwriting centers on the deal: generally qualifies when the rent covers the payment, a 1.00x coverage ratio being a common baseline (confirmed in underwriting).
- Designed specifically for investment property, including long-term and, where the program allows, short-term rentals.
Where it’s strong
- Often the lowest ongoing financing cost for a buyer who fully qualifies on personal income — a fit for a first property or a cost-first purchase.
Trade-offs for investors
- Requires full personal income documentation and must fit within a debt-to-income limit — salary, existing debts, and other mortgages all count.
- Typically held in your personal name rather than a business entity.
- Caps how many financed properties you can carry, which can become a ceiling as a portfolio grows.
- Evaluates you as a borrower as much as the property, which usually means more paperwork.
How investors usually choose: a first or single property often optimizes for the lowest financing cost; portfolio builders often optimize for leverage, vesting in an LLC, and scaling past conventional caps. The right answer depends on your goals, the property, and current guidelines — both paths run through select lenders in Lendmire’s wholesale network, with eligibility and terms confirmed in underwriting.
What are the requirements for an investment property loan in Conway, SC?
Expect a typical floor of 620 credit, reserves of about 6 months, and a property that appraises with a supportable rent schedule. Cash-out refinances cap at 75% LTV. Manufactured homes, log homes, and barndominiums are outside these programs, and requirements vary by lender and borrower.
Will Conway’s flat prices limit how much equity I can pull?
Often, yes. Zillow shows roughly +0.1% year over year, so equity generally comes from the original purchase basis, renovation, or rent growth. Market appreciation contributes little. An investor who bought near the recent median at high leverage may find little room under the 75% ceiling, while one who bought at a discount or rehabbed older stock has more.
Is a student-oriented rental a safe basis for a cash-out refinance near CCU?
It depends on the structure. Enrollment of 12,006 and about 5,500 campus beds support off-campus demand. Purpose-built communities with about 1,150 beds across three properties and visible concessions cap older per-bed conversions. Whole-unit rentals that also work for hospital or county workers are a safer basis for a lender’s rent schedule.
What loan-amount ranges may DSCR lenders review for Conway rental properties?
Lendmire places DSCR investor loans. Standard programs generally run up to $3,000,000, and smaller balances route through select lenders in the network, subject to lender guidelines and program terms.
Watchlist: What to Track Over the Next Quarter
Four signals will show whether Conway’s equity case is firming or fading:
- Student-housing pipeline. Watch whether the deferred 199-unit, 600-bedroom proposal returns to the planning commission and what purpose-built concessions look like at the next lease-up.
- Sold prices against the index. If sold prices stay well above Zillow’s index, cash-out appraisals should stay supportable.
- Days on market. A drop from the current elevated stretch would signal tightening; a rise would call for lower leverage.
- Rent direction. The rent sources currently disagree, with one showing growth and another showing a decline, and they can’t both be right. Fresh leases on three-bedroom houses would settle it.
If the next enrollment count extends the record run while sold prices hold, Conway’s duplex and workforce stock stay the quiet equity plays on the inland Grand Strand.
About Lendmire
Lendmire, NMLS# 2371349, is a non-QM mortgage broker serving real estate investors in 41 markets, including Washington, D.C., through DSCR investor loan programs. Qualification is generally reviewed around the subject property’s rental income rather than the borrower’s W-2 history, which suits LLC-titled portfolios and self-employed investors. All scenarios remain subject to program review and program guidelines. The firm has been recognized as a 2026 Scotsman Guide Top Mortgage Workplace and a 2025 Scotsman Guide Top Workplace.
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References
2. Coastal Carolina University enrollment news
3. Post and Courier: CCU student housing
5. The Cove
6. JLL
7. Homes.com
8. Wmbfnews.com — Conway Planning Commission Defers Decision Unit Student
9. Redfin: Conway housing market
10. Horry Independent: first-quarter housing market
11. Homes.com’ single-family listings
12. Zumper
15. Conway Downtown Historic District
17. MBREDC: Conway Medical Center
18. Data USA: Conway
19. ApartmentList
20. a 2026 Scotsman Guide Top Mortgage Workplace
21. a 2025 Scotsman Guide Top Workplace
This article is part of Lendmire’s investment property cash-out refinance program — full qualification details, guidelines, and scenarios live on the program page.
Related reading: Cash Out Refinance Investment Property in Conway SC · DSCR Investment Property Loans in North Conway, NH: How Investors Qualify When the Median Runs $430K · DSCR Investment Property Loans in Myrtle Beach, SC: The 2026 DSCR Financing Guide
Guides: Investment Property Cash-Out Refinance in Conway, SC · Investment Property Cash-Out Refinance in South Carolina
Brandon Miller
Founder & CEO, Mortgage Loan Originator, Lendmire LLC
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Disclosures. The information presented in this article is general market commentary, not financial, legal, or tax advice. Lendmire is a mortgage brokerage (NMLS# 2371349) — not a direct lender or depository institution — and loan placement is subject to lender underwriting. Nothing in this content represents a commitment to lend. Loan terms, pricing, and program availability vary based on borrower qualifications, property characteristics, and state of subject property, and are subject to change at any time. Lendmire complies with Equal Housing Opportunity requirements. Consumer access: nmlsconsumeraccess.org.