Vacation & Student Rental in RI

[Brandon Ingegneri]

In the next month, I am closing on a SFH in Narragansett, RI. I have previously sold properties in this town, but have not found an ideal summer/beach rental and student rental until this deal presented itself. My acquisition will allow adequate cash flow during the URI student rental season, and then in the summer months I will be renting this property out as a beach house. While I own a number of "traditional" rentals in other parts of the state, this will be my first experience in the college rentals as well as vacation rentals.

Any insight that anyone would be able to provide would be greatly appreciated, but I do have a few specific questions that I am eager to hear opinions on regarding both vacationers and students.  

1.  Security deposits (students).  We have all heard about the damage college students cause.  Based on some insight that I have been fortunate enough to come across, a security deposit most often does not cover all of the damage to the property.  What are some specific structures regarding this built into a lease that may not otherwise be utilized regarding a traditional rental?  

2.  Noise ordinances (students).  In this particular town, if there is some insane party, the police will sticker your house, and more issues follow after that.  Has anyone specifically dealt with this issue in this particular town, and what safeguards if any should be implemented?

3.  Air conditioning (vacationers).  I want to provide central air for this house.  To the responsible vacationer, it will be a huge amenity.  To the A**hole vacationer, it could become a nightmare for me.  Air conditioner on while the windows and slider are open in the middle of August.  Does anyone have any suggestions on how to mitigate this?  One option that I was considering was having a humidity sensor and kill switch, LED lights, etc.  Efficiency will be paramount with this property, especially considering that natural gas is not an option.  I am limited to propane, oil, or electricity.  

4.  Furnishings (both).  Should I provide linens, silverware, basic kitchen condiments, spices, etc?  Do I make the tenants bring them themselves?

5.  Laundry.  There is a laundromat in close proximity to the property.  Should I provide a washer and dryer, or have tenants utilize the laundromat?

Any further tips and insight regarding either of these areas of rentals would be greatly appreciated.  This is a new territory for me and want to have the same efficiency that I have with all of our other traditional units.