Ben, it depends. What's the location and condition of the condo and complex, HOA fees, etc., etc.
Are you planning on managing the property yourself, or paying a property manager?
Do you plan on holding on to it for long term or short term?
Will you be paying cash or financing the purchase?
I'm wondering >>> If you have to ask the question on a national forum like this, inviting responses/opinions from total strangers, are you ready for such an investment?
The opportunity for investors right now is awesome! It doesn't have to be a rental near the college to be a great opportunity. We handle purchases for investors all the time. If you want to discuss some great possibilities give us a call!
Brenda and Ron Cunningham
West USA Realty
Love the idea! I have had a large pool of my buyers in 2010 doing just that. A good # of them were purchasing for their son or daughter attending ASU. You may want to consider NOT furnishing it & renting it out at a slighly lower amount. Parents (& kids) are looking for rentals that will be less than their dorm payments & they know they can buy affordable 2nd hand furniture or things from IKEA. You do also need to look at the HOA fees in the area -- some can be as high as $200/mo. You may want to expand your search a little to just outside of 85281 & you will be able to purchase a slighly larger condo, possible lower HOA fees, close enough to the light rail for the students.
Good Luck with your venture
West USA Realty Revelation
Want a good investment and to get your money for rent? What about a good 4 bdr SFR?
Why not look at a stable community and rent to a family that have lost their home through foreclosure?
Talk to them about a lease purchase idea? Why would that not be a better way to go?
I am the HOME LOAN DIVA
Licensed Loan Originator
Amerifirts Financial, Inc.
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