$43,900 rental investment
I am new to blogging! don't destroy me! Please be honest.
I have found some apartments that are selling for $43,900. These are located near a university with 13,000 students and will continue to grow according to planning an facilities.
2 bed, 2 bath
Rent: $750
Expenses: $280
Net: $470
I have three solid rentals that cashflow-flow and are paid for. This is something different for me, but i am interested. I would like to buy into this deal while snowballing to pay this one off. It is in a good area, located right next to the school, less than .2 of a mile. There isn't much room for appreciation or improvement to these buildings as they were built in 1984. possibly minor interior upgrades.
Main reasons I am interested:
1. Located Next to a university with plenty of rental demand.
2. I will be able to pay this property off quickly and use the cash-flow to continue investing.
Cons:
1. This is 80% student occupied.
2. Again theres only one main market, students.
I have ran the numbers in depth inside and out. This would be a long term hold and rental. Is it a bad idea to invest in something so cheap, with one market group? Opinions? Advice?
Thanks