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Updated almost 4 years ago on . Most recent reply

User Stats

6
Posts
3
Votes
Leon Huang
  • New to Real Estate
  • Los Angeles
3
Votes |
6
Posts

UNR Student Rental Market Questions

Leon Huang
  • New to Real Estate
  • Los Angeles
Posted

Hello BiggerPockets Forum,

My business partner and I are first-time investors and would appreciate a reality check on our strategy. We are targeting SFH in a 1 -3 mile radius of UNR campus. We want between 3-5 tenants under a single lease. We are NOT pursuing rent by the door. We are working with a 20% downpayment at 4% interest for 30 yrs. We are looking at larger 3BD/2BA for opportunities to convert extra rooms/finished basements/garages into extra beds/baths.

We noticed if the rent is about 0.5% of the total property value, we will be about breakeven for pure cashflow at the following assumptions using BP's Rental Calculator (e.g., $500k property requires ~$2500 rental income to breakeven):

    5% CAPEX, 5% vacancy, 5% repairs/maintenance, and 8% property management (we have something worked out with our property manager)

    Here are our questions:

      -Would ~$600/room be a competitive rate? (4 rooms @ $2.4k or 5 rooms @ $2.75k).

      -How competitive is our strategy in today's market? We are targeting a CF of $400-600.

      -What neighborhoods in the UNR area should we steer clear of? We've heard specific neighborhoods are rougher.

      -Is there a market for 3-5 person tenant arrangements under a single lease besides students? In the event, it is too late to capitalize on the upcoming school semester.

      We appreciate any advice or insight. Thank you.

    • Leon Huang
    • Loading replies...