Newbie's First Investment Property
Hi everyone,
I would really appreciate some feed back if you don't mind. I owned a home on Long Island, NY for 27yrs. I had an accessory apartment in that home for 26 yrs. generating rental income of approx $1,200 per month. I sold house and moved to NC. I am ready to purchase my first investment property here and finding it difficult to generate good cash flow in the Raleigh area for the prices are crazy to buy right now.. I came across a deal that I would like some seasoned investors to chime in with their opinions please. It's a 4 bed 4 bath condo near a college and would be primarily for housing college kids...(yes I am aware of the damage they can do I have 4 boys) and it's located in downtown Raleigh, great location. Purchase price $185,000, each room rents on average for $465 month so it would be $1,860 month when all rented. 3 of the 4 rooms are already rented & secured in a lease until 7/2021. Electric and water would come out of the monthly rent which is approximately $165 month. I'm not sure on the HOA if there is any and what it is at this point and I need to find out what the taxes are. My main concern is renting to college kids. Has anyone done it and know if I should stay far away?
Few concerns are: 1. Limiting the audience as to who would likely rent it. 2. When I want to sell it, it would only likely be desirable to an investor.
Thank you in advance!