Triplex Near Large University

[Michelle Pileggi]

Hello! We are in the process of trying to buy our first investment property. We live in Orlando, Fl and a triplex has just come up on the market near the University of Central Florida. One of the first things the listing agent told me was "all of the surrounding triplexes have been picked up by the fraternities because they have been kicked off of UCF property." Immediately I think this is a HUGE red flag. Am I wrong to think this way? All I can think of is bodily fluids and holes in walls and doors. As far as the property details go, she told me that the owners just replace things (appliances, doors ect.) as needed and it needs some cosmetic improvements. I am not worried about getting it rented as much as I am maintenance and repairs constantly popping up. Opinions? 

[John Kent]

Hi Michelle,

I live about 3 blocks from the UCF main gate. It is very easy to keep your units rented in this area if you are ok with renting to college students. I would say that you should be prepared to cleanup and replace items upon move-out if you have college students. Collect a full months rent as a security deposit and have a well designed rental agreement. 

You will also find regular working people who want to rent in this area as well. However, working people tend to want a better maintained unit with slightly better appliances and cosmetics than college students.

Feel free to connect with me. I am an agent in the area and happy to answer any questions that you might have.