I live in Atlanta but my son attends college in Tuscaloosa. Anyone with experience with rental properties around the university with advice on whether this is a worthwhile and/or attractive market? Any areas better than others?
Hi David -
You might try attending the Athens REIA and meeting a few of the people there. Athens quite a bit different from Tuscaloosa, but you can get some perspective. @Jack Tucker would be an excellent contact for you.
I am an investor in Tuscaloosa. I just bought a house near Bryant Denny Stadium on campus. It is a 2,000 sq/ft 3 bed 2 bath house that is currently rented for $1,600 per month. I just let the tenants out of the lease because I am going to update the house. I plan to list it for sale for +/- $350,000 in about 2 weeks.
That should give you an example of the property values. A nice new house on campus will rent for $700 per bedroom. The houses will sell for +/- $200 per sq/ft though. it is also hard to find single family homes on campus because of how hot the student market is right now. We were only able to buy our current project because we bought it in the foreclosure auction.
Please feel free to contact me if you have any questions or need any help.
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