Student housing in Oakland, Pittsburgh
Investment Info:
Small multi-family (2-4 units) buy & hold investment.
Purchase price: $365,000
Cash invested: $12,000
Duplex with 5br-2ba and 2br-1ba units. Currently rented to students in the nearby universities. Purchased with $15k seller's assist. Currently occupied with the tenants from the previous owner, who cumulatively pay $2825 a month. Market rent reports tell me that I can get about $3800 between both units. With a monthly PITI of $2029, and a conservative expenses estimate of $1000 a month, I expect to be netting at least $800 in cash flow a month. I expect to have to make various improvements to the property such as grounding some outlets, replacing the old plumbing stack, etc.
Furthermore, there are two unused rooms in the back that down the road I'd like to consider the possibility of getting fixed up to also rent out to students, or turn into an Airbnb
