To preface - I am an agent who works with lots of investors in the Athens area and have worked with folks all the way down to Greensboro, Union Point, Buckhead, but most of the activitiy now is focused on helping investors find deals on and off the market for cash flow and flipping. The one important thing(maybe most important for certain risk tolerance) to know that there are restrictions the county has imposed on all properties not already zoned Multi-family. No more than 2 unrelated people can live in any house not zoned Multi-family. If you are buying a duplex, triplex, 99% of condos and townhomes in Athens, you will be ok to rent to whomever and however many you would like. The rule is in place to protect the neighborhoods that had too many rental homes, with property owners who did not care to keep them up well, and where tenants would park in the yard, have late night parties, and do all the things students do in college. There are still plenty of people "breaking" this ordinance, and they are taking the risk, but very likely getting much higher rent, because it's usually based on a per bedroom price, rather than a family that is looking just on a normal house for sometimes lower rent price.
The company where I hang my license manages more than 400 total doors, and a majority are college student housing, but still plenty of long term families or young professionals. There are plenty of properties that come for sale every once in awhle that are houses or townhomes, and condos in the areas that do well for student type housing, that are mixed in with family and young pros. On the flip side there is a need for regular family rental homes, that may not need quite as much work in between tenants, or if you are smart and update the property correctly you, there will never be much need to fix up in between tenants, after installing hardwood floors, tile, waterproof vinyl Allure, granite counters, tile surround showers, etc. And if you are a smarter person, rent to people that have friends who then invite them to replace after they move out. I am about to list a duplex that rents for $5000 per month, and the owner has never had to do anything ever, not once in between tenants. The same sorority group of girls has rented since 2009. That doesn't have to be an anomaly in a college town.
Another note about families renting in the Athens and Oconee area is that I get an email at least once a week maybe more about a someone needing a rental for a family usually $1400-$2000 per month. The average retail in many areas is only $125,000. Sounds like a no brainer, but I can find you even better deals because of my marketing.
For college students there are plenty of homes that come up for sale around $125-$185 that rent for more like $1500-$2000+. Also no brainer!!
