STR for visitors in a SEC college town
Hi everyone. This is my first post and possible dive into real estate investing. We currently have a son attending Univ. of Alabama and are considering the option of purchasing a 2 bed/2 bath condo on campus. Student housing is only offered to first year students. However, our thought is after that after graduation we would keep the condo and use it as a STR. Home football games drive up prices and have 2 night minimum stays. A non-conference game starts at $400/ngt, a conference game gets $700-1000/ngt, and a rivalry game starts at $1000/ngt. With a purchase price of $230,000, 20% down, $1500 tax, $255 HOA. The estimates for this property we've recieved from Airdna show the annual estimate at $33,803/yr. and 36% occupancy. LTR currently rents at $1600/mo. My question is if anyone has any experience with this type of location as a STR? We wouldn't limit rental to home games alone, as all the big parent visitation days it is very hard to find a hotel available, we usually end up staying 55 min away in Birmingham.