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Lack of properties for sale near college campuses?
Posted on 7/17/23 at 2:22 pm
Posted on 7/17/23 at 2:22 pm
Is it nearly impossible to find a house or condo for sale instead of rent within walking distance of most large college campuses? We were lucky to have bought a condo two blocks from campus in Auburn from a friend back in 2018. There are only a handful of complexes near campus that offer units for sale and the prices have gotten outrageous. As far as I can tell, like our complex, the complexes that have units owned by individuals were complexes being built when the housing crash happened around 2008, so I’m sure some of the developers had to liquidate some of the properties they intended to rent. My kids will all be done at Auburn in 2 years, so I am super happy for myself about the appreciation of this condo, but I sure wish I had pinched lots of pennies and found a way to buy a couple of more condos there since 2018 .
Anywho, is this a common theme near most campuses? Now that I am older and about to have my kids off my payroll, I think my goal is to try to buy up a couple of such places when/if the real estate market nosedives. Owning places within walking distance of campus seems to be as close to bulletproof as you can find.
Anywho, is this a common theme near most campuses? Now that I am older and about to have my kids off my payroll, I think my goal is to try to buy up a couple of such places when/if the real estate market nosedives. Owning places within walking distance of campus seems to be as close to bulletproof as you can find.
8
Posted on 7/17/23 at 2:27 pm to auwaterfowler
quote:
Owning places within walking distance of campus seems to be as close to bulletproof as you can find.
--
True as long as you don't mind the upkeep of college turnover/fixups.
Posted on 7/17/23 at 2:29 pm to auwaterfowler
quote:
Owning places within walking distance of campus seems to be as close to bulletproof as you can find.
In terms of filling them, sure. But you also have college kids living in your properties, which isn't always ideal. I have properties with a mix of college students/grad students and those just starting their careers just due to location and cost. If you are filling it with younger college students, expect much more likelihood of assholes.
Posted on 7/17/23 at 2:34 pm to auwaterfowler
If possible buy near a med school. Quality of student/renter is much better.
Posted on 7/17/23 at 2:37 pm to auwaterfowler
Quite a few around LSU
Posted on 7/17/23 at 2:38 pm to auwaterfowler
I don't recommend renting to college kids you don't know.
If you play the laws of large numbers, you are 4 to 5 times more likely to be having tenant issues (unable to pay rent because of roommate issues, property damage because they don't know how to take care of their own place, and possible destruction because of their friends visiting).
The issues exist away from college campuses. But out of every 100 units with college kids, 4 times more of them will be issues versus young professionals and young working adults.
If you play the laws of large numbers, you are 4 to 5 times more likely to be having tenant issues (unable to pay rent because of roommate issues, property damage because they don't know how to take care of their own place, and possible destruction because of their friends visiting).
The issues exist away from college campuses. But out of every 100 units with college kids, 4 times more of them will be issues versus young professionals and young working adults.
Posted on 7/17/23 at 3:04 pm to MrJimBeam
I see that 3 or 4 of the 15 units in our complex are currently owned by investment groups that are AirBnB’ing and/or VRBO’ing them. I can’t imagine they are making huge sums of money off these, but I am betting they are just trying to generate a little money without the headache of renting to college kids. I also suspect that our complex will eventually get bought out and swallowed up by some giant apartment development. It’s perfectly positioned for that on our street. Wish so bad I had bought the unit next door back in 2019, but they were asking $60,000 more than we had paid the year before. I laughed at them, but they sold in 5 days at asking price. Since then, the price has appreciated about $130k above that “laughable” selling price. Shows what I know.
This post was edited on 7/17/23 at 3:07 pm
Posted on 7/17/23 at 4:32 pm to auwaterfowler
They are cash cows
Posted on 7/17/23 at 5:43 pm to TigerMan327
quote:
Quite a few around LSU
Yep. This one is only $20k and only a half mile from campus. Realtor.com
Posted on 7/17/23 at 6:20 pm to BigBinBR
LSU area seems odd to me. Most other major non commuter schools I have been around see the area around them get better lately. I guess there are just to many rental options around LSU.
Posted on 7/17/23 at 7:04 pm to auwaterfowler
quote:
I also suspect that our complex will eventually get bought out and swallowed up by some giant apartment development. It’s perfectly positioned for that on our street.
Not going to happen in Auburn for a long time. The city has “frozen” new multi unit housing around campus/downtown for the foreseeable future.
If the project has not already started - it won’t get a green light.
The city was getting overbuilt too fast and they are tapping the brakes.
We have a couple of units (in downtown Auburn) that we bought 15 years ago and I wish I had bought more. The appreciation has been fantastic.
Posted on 7/18/23 at 6:58 am to auwaterfowler
quote:
Owning places within walking distance of campus seems to be as close to bulletproof as you can find.
TIGERLAND says “hold my beer”
Posted on 7/18/23 at 8:47 am to auwaterfowler
When we started thinking where to buy a home in another market we had certain criteria in place. Had to to be a small city with at least one college and a nearby airport. We were also looking for mild summers, access to outdoor activities, walkable downtown, and hospitals/medical care options.
We looked at Burlington, VT; Ithaca, NY; Madison, Wisconsin; Boulder, CO, and Boise, ID. We found that homes in college towns exceeded prices in other places and the demand in those areas were very high.
We started this about 7 years ago, and it’s worked out very well. I feel as though the criteria we laid out is something many other people want in choosing a place to live.
We looked at Burlington, VT; Ithaca, NY; Madison, Wisconsin; Boulder, CO, and Boise, ID. We found that homes in college towns exceeded prices in other places and the demand in those areas were very high.
We started this about 7 years ago, and it’s worked out very well. I feel as though the criteria we laid out is something many other people want in choosing a place to live.
Posted on 7/18/23 at 8:51 am to meansonny
quote:
don't recommend renting to college kids you don't know. If you play the laws of large numbers, you are 4 to 5 times more likely to be having tenant issues (unable to pay rent because of roommate issues, property damage because they don't know how to take care of their own place, and possible destruction because of their friends visiting
I have a blend of college students just out of college people (4 girls no pics) living in a property in Boulder and they have been great tenants. One locked herself in a room and locks/doors had to be changed but nothing major.
Posted on 7/18/23 at 9:19 am to BigBinBR
quote:
Yep. This one is only $20k and only a half mile from campus.
How is that thing even allowed to be listed as a house? You would think when something gets to that point where it doesn't even sit on a slab then you should only be able to market it as raw land. That might be the worst "structure" I've even seen in my life.
Posted on 7/18/23 at 12:19 pm to Tomatocantender
Quote:
“If possible buy near a med school.Quality of student/renter is much better”
When I was in nursing school I was going out with this girl lived in a apartment complex.I was there one day and she said,come with me to meet my neighbor,you won’t believe what you see.
She knocks on the door and we go in,it was the senior resident at Huey P Long hospital.He and his wife had a couple little ankle biter dogs.
Every square foot of their apartment had a pile of dog shite,everything from fresh to old,gray petified looking turds.
It was disgusting.I can’t understand why they didn’t get evicted.
“If possible buy near a med school.Quality of student/renter is much better”
When I was in nursing school I was going out with this girl lived in a apartment complex.I was there one day and she said,come with me to meet my neighbor,you won’t believe what you see.
She knocks on the door and we go in,it was the senior resident at Huey P Long hospital.He and his wife had a couple little ankle biter dogs.
Every square foot of their apartment had a pile of dog shite,everything from fresh to old,gray petified looking turds.
It was disgusting.I can’t understand why they didn’t get evicted.
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