Student Housing: Studios & Universities
I am looking at an opportunity in Minneapolis (north of como) a few blocks from the University of Minnesota. Decent building and a lot of the big capital expenditures (roof, boiler, windows...) have been recently upgraded. The building has 10 studios, 5 one bedrooms and 1 two bedroom. The deal appears to have solid upside.
All of my experience is with 3br and 2brs. I have always seen the 1br and studio units as the same work for less money. With the exception of major city cores (Seattle & SF where my wife and I have most of my properties), they seem to also attract a lower income & higher turnover demographic.
How does this play out within walking distance of a university? If mom and dad are paying the bills and a hefty deposit / odds are very high of 1+yr tenants due to student lifecycle, do I need to factor higher repair / turnover than usual? Are studios actually attractive to the student demographic? I always remember wanting to share with people for social reasons.
Anyone deep into the student housing side of the business and can share their experience?