Investor · Columbia, SC · Member since 2023 · 39 posts · 11 votes
I'm looking at buying a duplex in Northeast Columbia and converting it from a long-term rental into a mid-term rental. Has anyone else had experience renting to students, traveling nurses or professionals in this area? What are your thoughts on vacancies, average maintenance costs, and tenant demographics in this area?
I looked at a duplex in this area 5 years ago for long term rental....and the rents were pretty low generally. But ultimately, I wasn't too fond of the area itself. My caution would be, what quality tenants will you get? Even STR folks can destroy a property. Look at the surrounding area and the quality of the STRs on the market. Plus Columbia practically banned STRs from what I hear on STR Facebook groups. You also might need to join some Midland, SC area Facebook groups to hear more about what they are saying.
Hey @Qais Attarwala you should talk to Galo. The only way it works on that side of town is with military. So you have to have a location that caters to that.
I always say that you shouldn't buy for MTR or STR if long term would be negative cash flow. So check that first.
Even with long term rents at $1200/month per side at a purchase price of $200K it didn't cash flow after property management expenses, capex, maintenance, and other operating expenses so I decided against it.
Hey @Qais Attarwala you should talk to Galo. The only way it works on that side of town is with military. So you have to have a location that caters to that.
I always say that you shouldn't buy for MTR or STR if long term would be negative cash flow. So check that first.