I own campus area rentals - grad students tend to live somewhere cheap, but safe. How close to the university is it? Would the 3rd unit rent to students?
How are the student rentals managed? As in, are they semester to semester, full year, no summers, etc. When would the rental “season” start for the upcoming school year? My leases are 1 year starting August 1. But people start looking for their next place as early as October! So these rent 10 months in advance. If you miss that window, you miss the prime student candidates. So get to know the area.
The numbers look good on the surface, but I would look to see what other deferred maintenance there could be on the house. Campus rentals tend to be lipstick and paint type repairs and rarely get things completed correctly. Have a discerning eye toward any recent upgrade.
If that was in the campus area I own in, I’d have an offer in on it.
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