Anyone Renting to Uconn Students in Mansfield?
Hey all,
So was just curious if there is anyone on here that has experience doing student rentals in the Storrs CT area, specifically owning and renting in Mansfield.
I honestly wasn't looking to do this, but randomly stumbled into an off market deal from a craigslist transaction and could use some opinions on it since I'm really behind in studying this market since it was such a surprise.
Anyway I don't want to post the specific property in respect to the owner (not that I'm worried it would get stolen from me on here or anything) but it is a 3 bedroom 1.5 bath ranch with an in-law suit that also has at least 2 bedrooms and 1 bath. It's located about 1/2 a mile from a bus stop to campus and it's currently rented out at 2375/month with all the rentals upstairs (by the room) and downstairs (as a single apartment). The owner is asking 260k as is. It could definitely use some updating inside, especially the in-law suite, but I'm not really sure as a student rental if it's worth updating. I think the price as a rental investment intrigues me but I think it is kind of on the high side for a ranch if discounting its rental status. My biggest concern so far would be it is currently all on one electric meter with a fuse panel. I imagine upgrading to breakers and separating the upstairs and downstairs could be a costly venture.
Now the zoning map says the property is zoned for two family. Currently it's owner occupied so it is not registered with the town and therefore has not had a rental inspection. Will I have a problem if/when I move out registering each dwelling as a rental with up to 3 people in it provided it meets code? I know I must provide a parking plan and get it inspected but will the town make it a pain otherwise? Is there anything I should really be watching out for?
I'm still doing as much research as I can but figured I would throw it on here for opinions. If anyone has experience in the UConn market I am pretty local and would definitely love to hear other people's experiences or even get together and talk about it sometime if anyone is up for it.