Updated almost 6 years ago on . Most recent reply
College Houses off campus Questions
I am still new. Still exploring and absorbing my options. Still analyzing all sorts of investments (house hacking, BRRRR, Turnkey, etc). For a goof, I looked at the "student housing" at a SUNY school I went to three centuries ago. Found one that is fully renovated and priced just where it should be. Searched for similar houses and got the approx rental income as well as reached out to old friends who ended up opening businesses in the area to get their feedback. Rents seem on point as well.
Running it through the rental calc with worst case scenarios (and a property manager) - it still is an insane deal. (Even with rehab, if needed, it would still be a solid buy).
For the folks who dabble in student housing - what am I missing? Assuming COVID does not shut down the campus in the fall and assuming there will be constant renovations (I lived in these same houses, there is always renovations when one group of kids move out semester after semester) how do you ensure students will move in?
I know this particular house. It is definitely a student house. It always has been. And the listing states it as well. But is the risk buying and not filling it? Leaving it vacant? I feel as though I have to be missing something.
What pieces of the puzzle am I missing here?