I am a new member to bigger pockets. I've been listening to podcasts for a while and am starting to analyze deals in my area. I'm hoping someone can provide feedback on the below deal. I especially need help understanding the expenses side of things (what if any repairs are needed). My goal is to generate strong monthly cash flow.
Fresno CA area
Sales Price $155K
5 Bed, 2 bath 1,500sqft.
Has newer carpets, paints, appliances. (I'm estimating ~$20k for additional repairs and new appliances)
I think typical rents/room in the area are $600/mo. and hope to rent out all 5 rooms with 10% vacancy rate. (estimate found on craigslist...any other advice on how to estimate rents?)
Are you renting to students? How does it work to rent out individual rooms?
Yes I'm planning to rent to students or young professionals. Fresno state college is about 10 minutes from the property. However, you bring up a good point - If I cannot find students do you think it would be difficult to rent out rooms otherwise?
This will definitely be a niche market. If you can't find students, my guess is that it will only attract young professional. You can count the family population or people uncomfortable living with other people.
You can check out this podcast for student housing niche market info:
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