Hey there, Voy.
Well, being a UT area specialist, I agree with what many have already stated. Initial question would be your price range? I understand that you said "new", as well. However, have you considered "completely remodeled"? Big difference between the two, but depends on your interest in leasing. When you say "UT", are you hoping to take advantage of the student leasing population? Or, are you just interested in the location and hoping to lease to anyone? The height of UT leasing is seasonal. September-April. Pick up a property during the off-season, and you may face some difficulties getting the property leased before the school year begins as the majority of the student pop. will have already leased. My suggestion would be to locate a property that currently has tenants in place through mid-'09 and list the property with a UT agency that has the capability to pre-lease. We lease properties up to a year in advance. This gives you a 0% turnover lag. One moves out, another moves in.
Drop me an email with a price range and # of bedrooms/bathrooms and I'll reciprocate with a suitable list of options. I think you'll find that the 2-bed/2-bath UT market has many options, which is fortunate. The majority of student leasing is centered around the 2/2 market. However, a 1-2 miles north of the university you can often times find a ton of bedrooms cramped into a smaller home for less than the average per bedroom pricing. Equals? Cash flow! Do chose a Realtor that has substantial knowledge in UT leasing. Knowing upfront what a property can lease for the following year will be imperative in determining cash flow. Most UT properties never hit the MLS, so it's often times a bit more difficult to project costs from #'s that do not exist on any given site. The UT area is a tight-knit community. Properties lease on a daily basis through a subnet of shared lists.
I'd be happy to share my advice with you regardless of your choice of agent. I am always excited to discuss my knowledge of the UT market with Listing/Buyer's Agents, or those that are just interested in learning more about UT opportunities.
Do check out our website for additional information. Talk with you soon, Voy.
- Austin Aaron