30 One Bedroom Apartment Building
Hello,
We are considering putting in an offer on a 30 unit all one bedroom apartment building and I wanted to get your guys' view on all 1 beds.
Of course, I prefer 2 beds to 1s anytime of the day, however, the numbers are looking pretty good on this deal.
What concerns or tips anyone could provide while purchasing all single bedroom building? I am thinking if the economy tanks, 1 beds will be much harder to rent since people might join up with roomates in 2 beds.
Also, am I significantly cutting of my rental market by just going after tenants needing 1 beds?
This is south suburbs of Chicago, around Hickory Hills area.
Any feedback would be so great!
Thank you,
Mark
Most Popular Reply
What's your market? We have a 4 unit all 1BR but we're in a college town and these are the easiest to rent. There is a fair amount of turnover (average rental is about 18 months) but overall it's good.
What helps us is we're in a college town and we market mainly on the university. If you can identify a way to market to singles and young couples I think you'll do well. Good luck!