Redfin puts Myrtle Beach’s median sale price at $258K, down 5.4 percent year over year, with homes averaging 121 days on market versus 102 a year earlier. For an owner planning a cash-out refinance, that reframes the exercise. Proceeds here will be set by an appraisal in a flat-to-falling market, not by a growth story. The rent has to carry the full monthly obligation, and the file has to survive lender review on documentation and property details.
TL;DR: A DSCR cash-out refinance in Myrtle Beach, South Carolina is underwritten primarily on the property’s rental income measured against its full monthly obligation, with proceeds sized by appraised value, ownership seasoning and a leverage ceiling rather than personal income paperwork.
DSCR Cash-Out Calculator
Run the cash-out numbers in Myrtle Beach, SC
Rate source: Freddie Mac 30-yr average via FRED® — Federal Reserve Bank of St. Louis · effective Sep 24, 2026
Prefilled with starting assumptions — enter your property’s value, balance, taxes, and insurance for a more accurate picture.
Program parameters update from Lendmire’s centralized guideline source. Taxes and insurance are editable estimates.
As of Sep 24, 2026 · General Freddie Mac market benchmark, not a Lendmire loan offer. Property value, balance, taxes, and insurance are editable estimates. Maximum loan-to-value varies by lender, program, property type, and seasoning. Not a Loan Estimate, approval, or commitment to lend. Program availability and eligibility are subject to lender guidelines, credit approval, property review, and underwriting.
- Cash-out leverage tops out at 75 percent LTV, with roughly six months of ownership required.
- Redfin’s median sale price has softened year over year, so appraised value deserves a conservative read.
- RentCafe shows average rent slipping slightly, so don’t underwrite rent growth.
- Three-bedroom units, which rent well above one-bedrooms, tend to cover the monthly obligation more comfortably.
- Conway, Socastee and inland townhomes carry the long-term tenant demand.
Myrtle Beach Market Snapshot
A quick read on the Myrtle Beach investor landscape — figures come from the cited sources below. Confirm current property-level numbers before underwriting.
| Metric | Detail |
|---|---|
| Employment | 82,000+ jobs (Tourism Works for the Grand) |
| Vacancy | 9.2% (Tactica RES vacancy article) |
Why Appraised Value Is the Whole Ballgame
Equity extraction here depends on the appraisal. Prices in Myrtle Beach are flat to down across every source, and the sources disagree on the level. Redfin’s median sale price is $258K. Zillow shows an average home value of $323,460, down 0.5 percent. Houzeo reports a median sale price of $322,700 with 6.27 months of supply. DataUSA lists an owner-reported median property value of $388,800, which runs higher because it reflects what owners think their homes are worth, not what buyers paid.
| Source | Figure | What it measures |
|---|---|---|
| Redfin | $258K | Median sale price |
| Houzeo | $322,700 | Median sale price |
| Zillow | $323,460 | Average home value |
| DataUSA | $388,800 | Owner-reported value |
The gap comes mostly from condo and single-family mix. An owner who bought at the top of a recent run should expect the appraiser to reference the lower comps. The 75 percent ceiling applies to that appraised number, not to what the owner paid or hoped for.
Here’s the catch. A downward appraisal shrinks proceeds and can also push the loan size below what a rent-driven file can support. Owners who bought at a meaningful discount, or who have held long enough to have paid down principal, are the ones with real cash to pull.
The Plumbing: Seasoning, Appraisal, Reserves
Most friction on a cash-out file comes from paperwork and property details, not from the rent number. The parameters below reflect select wholesale-network guidelines. They are ranges, not commitments, and they vary by borrower, property and lender.
- Seasoning. Cash-out generally requires about six months of ownership, measured from title recording. Buying with cash and refinancing at month four means waiting.
- Leverage. The cash-out ceiling is 75 percent LTV. The higher purchase-money leverage does not carry over.
- Coverage. The standard benchmark is 1.00 DSCR, rent used for lender review against full PITIA. Some lenders review lower ratios with compensating factors such as lower leverage or more reserves.
- Credit. Tiers run from a 620 floor up through 660, 680 and 700, and pricing and leverage improve as you climb.
- Reserves. Expect around six months of PITIA, rising to about nine months above $1,500,000.
- Loan size. Standard programs go up to $3,000,000, with smaller balances routed through select lenders in the network.
Manufactured homes, log homes and barndominiums fall outside these programs. Skip them.
Working DSCR brokers see a recurring pattern in resort-adjacent coastal markets: the file stalls on the property, not the borrower. Rent schedules that lean on asking rents, condo units with mixed-use histories and thin comp sets all draw extra lender questions. The cleaner files arrive with a signed lease, proof of rent collection and a realistic rent schedule. Anyone weighing a refinance should also review Lendmire’s DSCR guide for how the ratio is built. Investors who own in multiple states can start from the hub for DSCR loans in South Carolina.
Run the Numbers (Modeled, Not Sourced)
Coverage is thin in Myrtle Beach. The inputs below are modeled assumptions, not quoted terms. Rent comes from the researched medians, and coverage is calculated against full PITIA including taxes and insurance, rounded down.
Zumper puts median rent at $1,700 across all bedroom counts. Against Redfin’s $258K median value, gross rent runs about 0.66 percent of value monthly. At 75 percent LTV that models near 1.1 coverage. Against Zillow’s $323,460, gross rent falls to about 0.53 percent, and the same structure models in the low-0.9s.
A three-bedroom is the stronger play. RentCafe lists three-bedroom rent at $1,933 and two-bedroom at $1,688. On a $323K value, a $1,933 three-bedroom models around 1.0.
Now the sub-1.00 case. A property that lands under 1.00 on long-term rent may still be reviewed through a sub-1.00 program, a lower-leverage structure with more reserves or an interest-only option. Each path depends on lender guidelines, credit review and property review, and none is assured. For the mechanics, see the cash-out refinance walkthrough.
One more wrinkle. Rents are softening. RentCafe shows average rent at $1,599, down 3.48 percent from $1,656. Underwrite flat rents, and treat any growth as upside.
Where the Cash-Out Math Holds Up
Socastee first. The Socastee corridor, along with Forestbrook, Arrowhead and South Myrtle Beach, shows up as the most affordable rental territory. Rent.com puts one-bedrooms at $1,315 in Arrowhead and $1,335 in South Myrtle Beach. No reliable price series exists for these pockets, so treat them as directional. Lower prices with steady workforce demand are what let a smaller loan clear 1.00.
Carolina Forest is conventional single-family stock a few miles inland. Redfin’s rental page listed a $2,000 median rent there, but the figure is dated and thinly sampled. Use it as a starting point, not a comp. The Market Common, a redeveloped former air base, is walkable and sits near the Grand Strand campus of Horry-Georgetown Technical College, which enrolled 9,148 students in fall.
Skip the Ocean Boulevard and Boardwalk corridor. Per Chapter3 Realty, inventory there is overwhelmingly resort condominiums built for vacation use, a poor fit for long-term coverage math. Grande Dunes and Pawleys Island are premium markets where price outruns rent.
Who Actually Pays the Rent?
Myrtle Beach has 38,371 residents, against 18.2 million annual visitors who spent $13.3 billion per Tourism Works for the Grand Strand. Hospitality is the top resident employment sector, with 2,884 workers. That split matters for a rent schedule. Tourism payroll is seasonal, and WBTW reports hotel occupancy fell 3.3 percent last year, with another 3 percent decline projected.
The steadier tenants sit elsewhere. Coastal Carolina University reached record fall enrollment of 12,006, up 5.8 percent in a year, in Conway about 15 miles from the beach. Health systems anchor year-round payrolls too. Per the Myrtle Beach Regional Economic Development Corp., Tidelands Health with MUSC Health operates four hospitals and more than 70 outpatient locations. Conway Medical Center is building a free-standing ER in Socastee, per MyHorryNews, and is recruiting 12 emergency physicians. That is a modest tailwind for professional-income renters, not a rent forecast.
The SC Department of Employment & Workforce lists Coastal Carolina University, Conway Hospital, Grand Strand Regional Medical Center and Publix among the area’s largest employers, in alphabetical order rather than ranked. Long leases tied to those payrolls are easier for a lender to underwrite than seasonal hospitality income.
Small Multifamily: Cheap but Scarce (and Supply Is Heavy)
Large apartment complexes make up 40.04 percent of housing units, so small multifamily is not the local norm. Duplex and triplex listings exist, including duplexes near Forestbrook Road, but they are thin, and asking prices vary widely. Underwrite each on unit-level rents and confirm units are separately metered.
The apartment side carries supply risk. Colliers describes Myrtle Beach as overbuilt, with new inventory concentrated in outlying submarkets. Coastal submarkets, including South Myrtle and Myrtle Beach, post stronger occupancy than inland areas. Concessions of one to two months of free rent are widespread at newer properties, so use effective rents, not asking rents, in the rent schedule. RealPage reported record absorption of 3,825 units in one year against 2,193 delivered, meaning tenants are showing up but pricing power is not.
Vacancy estimates conflict. Tactica RES, citing ApartmentList, ranks Myrtle Beach among the 15 highest-vacancy metros at 9.2 percent despite minimal new construction. Since sources disagree, build the file toward the cautious end.
Is it better to refinance a condo or a house here? It’s a toss-up. Condos cost less per unit and pencil at lower loan sizes, but the appraisal risk is higher. Inland townhomes and three-bedroom houses give the cleanest coverage per dollar of value.
Where Investors Get It Wrong
Most owners assume a cash-out finances the next purchase at full value. In a market with 6.27 months of supply, that assumption overstates proceeds. Some also chase the highest-rent unit in a resort condo. Rent alone does not clear the file if the unit’s use history triggers property-type review.
The stronger sequence: order a realistic value check first, set the rent schedule from effective rents, then decide whether to refinance now or hold for seasoning and paydown. The program-to-program comparison shows why this rent-based route differs from income-based cash-outs. Investors holding through an LLC should note that entity vesting is accepted subject to lender program eligibility. To compare structures, review the available refinance programs or call 828-256-2183.
Frequently Asked Questions
Does a Myrtle Beach property need to season before a cash-out?
Yes, generally about six months of ownership measured from title recording. An owner who bought recently with cash should confirm the recording date before ordering an appraisal. The clock affects eligibility and available leverage, so it is worth checking before any other step.
Will falling prices shrink my cash-out proceeds?
Yes, they can. The 75 percent ceiling applies to appraised value, and Redfin shows prices softening compared with a year ago. An owner who bought near the top may find little equity left. Owners who purchased below market or paid down principal keep more room.
DSCR vs. conventional financing
Two common ways to finance an investment property in Myrtle Beach, 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.
Does a resort condo work for a DSCR cash-out here?
Often not cleanly. Oceanfront and Boardwalk condos are built for vacation use, which draws extra property-type review. Inland condos and townhomes leased long term are simpler to underwrite, subject to lender guidelines.
Should I underwrite on asking rent or effective rent?
Effective rent. Colliers reports one to two months of free rent are widespread at new complexes, and RentCafe shows average rent down 3.48 percent. Asking rents can overstate what a comparable unit collects.
Which areas have the steadiest long-term tenant base?
Conway and Socastee, where Coastal Carolina University, Horry-Georgetown Technical College and hospital systems supply year-round payrolls. Hospitality jobs are the largest resident sector but more seasonal.
Watchlist for the Next Quarter
Three indicators will show whether to move now or wait.
1. Appraisal comps. Track whether Redfin’s $258K median stabilizes or the 121-day market time keeps stretching.
2. Concessions. Watch whether free-rent offers at new complexes fade as Colliers expects supply to taper.
3. Tourism softness. Monitor whether hotel occupancy follows WBTW’s projected 3 percent decline, since it moves hospitality-worker rental demand across the Grand Strand.
For current guidelines and terms, see Lendmire’s DSCR loan programs page.
About Lendmire
Lendmire (NMLS# 2371349) is a mortgage brokerage built around DSCR investor lending, with programs available in 41 markets, including Washington, D.C. DSCR lenders commonly evaluate rental-income coverage instead of personal income paperwork, a practical fit for LLC-owned and multi-property investors. Terms vary by lender, property, leverage and program. Lendmire is a 2026 Scotsman Guide Top Workplace and a top-ranked workplace in 2025.
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References
1. Redfin, Myrtle Beach Housing Market
2. Tourism Works for the Grand Strand
3. Tactica RES
5. Houzeo
6. DataUSA
7. Zumper
8. RentCafe, Myrtle Beach Rent Trends
9. Horry-Georgetown Technical College Fast Facts
10. WBTW
11. Coastal Carolina University Enrollment
12. Myrtle Beach Regional Economic Development Corp.
13. MyHorryNews
14. Colliers Myrtle Beach Multifamily Report
15. RealPage
16. a 2026 Scotsman Guide Top Workplace
17. Scotsman Guide — Top Workplaces 2025
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: DSCR Cash Out Refinance North Myrtle Beach South Carolina · Cash Out Refinance Investment Property in North Myrtle Beach · DSCR Cash Out Refinance Surfside Beach South Carolina
Guides: Investment Property Cash-Out Refinance in Myrtle Beach, 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.