Greetings Peter. Thank you for your interest in our campus area.
There are several residential multifmaily units for sale at this time. Campus rentals should be looked at as a long term investment. The agent you hire should have Multi Family housing experience, they should be able to provide you with the current cap rate of the building as well as a history of profit and loss, as well as disclosure of actual expenses, and net operating income figures. This way you are best informed about the performance of each investment.
Remember... the MLS is a marketing tool, and often times is providing only half of the picture. Sometimes it is the picture that we most want to see. Be sure that you are working with an agent who is also familiar with Tenant/ Lanlord law. I can easily provide you with the Michigan Landlords Tenant handbook that I have in JPG format. I would also be interested in providing you with a complimentary 2/3/unit home tour. Once you get into 5 unit bldgs, financing, insurance, and the tax advantages may change. Also, I would not discount Eastern Michigan Universities Campus area where prices have dropped enough that in several of those bldgs you have the potential of generating a positive cash flow. Feel free to contact me anytime, I am easy to reach and available to answer questions. Take a moment to register on the Prudential Search Platform, and I will have the access to see your saved buildings, and provide further information. This site has all of the tools you will need to search effectively, and have a professional in the background when you are ready to begin your search. Otherwise, I hope that the journey to buying a building your investment portfolio an enjoyable experience. Caitlin A. Phillips Caitlin@CaitlinAmanda.com