New Haven Buy & Hold for Yale Renters
I am interested in purchasing buy and hold multi-family property to rent to Yale students. I am seeing that in prospect heights for example, it looks like one can buy a multi fam (3 units for example) for around 250 k or so and make over 1000 per month per unit (2 beds for example). It seems too good to be true to make around $4,000 per month of a 250,000 or even 300,000 property. Is the cash flow really that good in New Haven, or am i missing something? I see a lot of pre-foreclosures in that area.
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@Marielle Walter If a 3-family is listed at $250k and rents for a 2-bedroom are only $1000 then it is not an area that Yale students would live. It may look close on a map but it is outside the area they look to rent.
Check out the properties in the East Rock area of New Haven if you are looking for Yale student rentals. Much higher purchase prices but also much higher rents.