3 bedroom 1 bathroom properties
Hello all,
I am looking to purchase a home in a college town and rent individual bedrooms to college students. I think that I can be profitable in doing this because I will be able to beat out all of the apartment rates in the area. The property that I am looking at on Friday is a 3 bedroom 1 bathroom. I have been looking into 3 - 4 bedroom 2 bathrooms but cannot seem to find one at a good price.
The market is booming right now in the area that I am looking to purchase, and people are offering more than asking prices on properties. My concern is that there is only 1 bathroom and I would have 3 tenants. I'm not sure that this would scare me away if I was a college male, but I'm not sure if I am being bias because I like the property. Can you all give me some input on this?
A little background on the property. Asking 80k, comps are selling for between 87k and 98k in the last 3 months. Large living room and large 'study'. Kitchen appliances may need to be updated. Large back yard w/ storage shed. Stone drive from main road (150yds) and stone driveway. 4.5 miles from the school market that I will be targeting. New roof 05/14. I think I can get 425 per tenant maybe 450 for the master b/r.