My wife and I have found what seems like a really great deal for us in Ogden, Utah. It's a non-conforming duplex in a nicer area, somewhat close to the local university.
We were excited to find that we could purchase this deal on seller-financing, which is helpful for us so we won't have to get an owner-occupied loan.
Our biggest concern right now, though, is related to the rental market in a college town while universities are offering online classes due to Covid-19.
Are any of you concerned about a shortage of renters in college areas since students aren't actually in school?
Do any of you feel like this is even something to worry about? I realize that the student population is also a fairly small percentage of the city's population, but it's something that still seems like it could affect the market rents.
@Kellon Parkinson everything seems like it’s going to be a mess and a lot of unknowns for a period of time. A lot of colleges are switching online or part time for their first semester, some for all 2020-21. So in a college town, song with general unemployment, rentals may be tough for the next 6-12 months (or more depending on who you listen to).
But that said, most landlords are still collecting rent. What does it look like for your financials if you buy and sit in it for 6 months? Maybe still a good long-term move?
No one can predict the future, all you can do is plan for a less-than-perfect one. If it is a good deal, it is definitely worth proceeding. Good luck!!
You shouldn't have much to worry about in Ogden. Compare largest employers in Ogden to somewhere like College Station, TX.
Also, there are many other housing requirements created by a university other than student housing. What's your affiliation with the school? (If your answer is none, consider that the same might be true for others seeking housing in that neighborhood).
The great thing about universities is not the student tenant pool, but the long-term stability of the neighborhoods that they're in.