Has anyone had luck with campus apt or condo purchases, as in purchasing just one unit? Apt for sale across the street from University of Texas San Antonio campus, which is downtown and very close to Marketplace and the riverwalk. Asking is $105k, dropped $10k April 11 from original $115k asking price. 2bd, 2 bath, 1,044 sq ft. Built 1982 but looks to be updated. Ceramic tile throughout, fireplace, ground level end unit. Double vanity in master and walk-in closet. Rent comps are conservative at $750, up to $850-900. Literally, only upgrades "needed" could be quartz countertops in kitchen, paint (if I go from eggshell to designer?? - question in itself!), and maybe redress kitchen cabinets. Everything else appears to be dead-on. FYI listing 92 days old. Any thoughts? Price consideration?
Thanks in advance!
@Timothy Edwards what are the HOA fees? What do they cover? I typically stear clear of condos - mostly because you never know when a special assessment will pop up....
I am working to find out HOA fees now. What would be an example of special assessments that could hit my bottom line? UTSA is a fast growing university, developing in reputation and size, so vacancy rates are extremely light. During school break, San Antonio Riverwalk (most visited "attraction" in the whole state) could bring in weekend renters as well, for high-return as well...
@Timothy Edwards the usual special assessments are roofs, exterior maintenance, unexpected damage, etc. Personally, I would shy away from short term rentals. Management fees, cleaning, and maintenance costs are far higher.
I notice you are from Kyle but not sure how familiar you are with SA. Just FYI, the downtown campus and main campus are very different. The downtown campus is somewhat landlocked and much smaller than the main campus. That doesn't mean it is a bad deal but the area around campus changes quite a bit. The homeless shelter is a few blocks away and day laborers a line up nearby. However, in the right area it could be great. I just don't know of any students who live near the downtown campus because most students can only take some if their course work there. More likely to live by main campus and commute to downtown. Now as a VRBO type property it may be appealing just be very careful what is around it and know what you are getting.
I am no RE expert but I went to school there and have lived here my whole life. I am definitely not discouraging you - but in comparison I just picked up a home (with no condo fees) for 109,000 and have it listed conservatively at 1250/month. I have put about 4,000 into repairs etc. not a homerun but I wanted to get started and thought it would work.
Feel free to message me if you I can help you out. Just my long-winded two cents.
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