Thank you for all of the great replies and advice.
To answer some questions:
- I suspect the price could come down 10-20k, it's been on the market for a few months and is owned by an investor that is liquidating his portfolio of 5 properties.
- one of the colleges is well funded and very expensive, but is in the next town over (5 miles). Properties and rent in that town are much higher, and the students that attend can afford it. I do not suspect I would be attracting students. The other school is mostly local kids that drive from the surrounding towns, more of a commuter school.
- air BnB is allowed, but there is a ton of competition. Looking at what was available over the weekend, rents were 60-120 a night, but many of the places were much nicer than these apartments. The higher end homes in the 120 a night range were booked for the weekend, while the lower cost options were available. I do not suspect the town will rule against airbnb. The town is "open for business" and wouldn't do anything that would negatively impact economic activity.
-as for maintenance, this would be a hands off property as I am not in the area often enough to be effective. I could get involved in renovating the empty unit, or in other units as they turned over, but on a daily basis it's not possible. I would be paying for that service. I would be screening tenants, signing leases, completing evictions, and managing collections.
- as for cash invested, I would try to cash out refinance asap, then assume I will own it and never sell. Not a realistic flip, more interested in the cash flow. If it dropped 50k in value and for some reason I had to sell, it would suck but it's not going to kill me (my wife might?). That's life, can't be afraid to make money right? I can make that money back in my 9-5 in 2 years.
Thanks again, I appreciate the feedback!