I thought that I would revisit this question with the large price correction that has taken place on Edisto. Although rental will still not cover all expenses it is coming closer than ever, at least in the 11 years I have been here. If a buyer is ready when a "steal" comes along especially on Palmetto Blvd. they could minimize their out of pocket costs. For an example a ocean view home on Palmetto that would have been in the 799k range can now be purchased closer to 500k. The rental prices have not corrected as of yet and may not seeing the demand and reservations already on the books for 2009. Futhermore with the high down payments that banks are requiring and low interest rates this question warrants more consideration.

The straight answer is NO. The average 4-bedroom home on Edisto Beach will have an operating cost (taxes/insurance/maintenance) of near $10,000 per year. These are homes that are not beach front, but rather within walking distance to the beach. This is not figuring in the mortgage payment. We normally tell buyers that if you can rent your home for 10-12 weeks each year, then you are doing fairly well. The price you will be able to charge per week depends on a number of factors, but location and condition are the most important. 4-bedroom beach walk homes rent anywhere from $800-$2,000 per week. The home that rents for $2,000 per week is going to be a be expensive home to purchase than the lower end homes.
Hope this helps a bit. Please let me know if you have any additional questions.