Like the others mentioned, this property would definitely be a potential investment property because it is within walking distance to campus and the fraternities/sororities.
Just so you know, this property's status on the MLS is currently "Looking For Backup", which means they have an accepted offer, but are taking backup offers in case it falls out of escrow.
Please let me know if you would like me to email you a list of potential investment properties in that area that are available or if you are interested in finding out more information about this property and would like to make a backup offer.
There is still an additional upside to buying in this area. It is becoming increasingly attractive to the growing labor force from the gentrification of downtown L.A. to the north. Many of these full time workers have families, a house to rent would be attractive. Depending on the site setbacks, you could add another unit, the zoning and lot size are ideal. Another option is to split the large rooms up with drywall and rent it out as a boarding house. Many homes in this area are being utilized this way. Beware - this is illegal unless you have proper zoning and city permission, yet very commonplace in this area. This is how Dr. Jerry Buss made his first money in real estate!
This property is in the heart of University Park and which is a tremendous draw to USC students. It's also one block from Fraternity and Sorority Row (28th St.) which will be an additional draw to many students.
I would however take a closer look at the new housing currently under development in the USC marketplace including GH Palmer's 919 unit Lorenzo project (http://bit.ly/12V4bgT ) and the University Village project (http://village.usc.edu/ ) which is about to start construction and is expected to add 3,000 additional beds for students. These projects will definately have an impact on your future rental stream.
Best of luck, and fight on!
Allan S. Glass
ASG Real Estate Inc. Â®
149 S. Barrington Ave, Suite #660
Los Angeles . CA 90049
Direct: 213.973.8637 (213.97.FUNDS)
CA License: 01154002
Visit Allanâ€™s Blog: http://allanglass.featuredblog.com