Cedar Park in West Philly, Student Rental market - thoughts?
Hello BP,
I'm analyzing a deal that was presented to me for an off-market 4 bed/1 bath SFH in West Philly in the Cedar Park neighborhood. I have always been interested in the Student rental niche, and this property is very close to both UPenn and Drexel University. The initial estimate numbers look really good after planning a small renovation to add a bathroom and a half, and getting the home up to date. I have a tentative 65k renovation budget planned.
Questions:
What are your thoughts on what the rental market looks like for student rentals per bedroom? $/bedroom, how many bathrooms usually, what distance away from the schools, etc...
Do you mostly see the entire home be put up for rent where a group gets together and signs one joint lease(in my case, 4 parents/sponsors and their students)?
Extra Keywords: Philadelphia, Cedar Park, analysis, college, university, twin, RM1