|
Are you planning to rent to college students? Is it 10-15 minutes away driving time, or walking time? In the towns I lived in with colleges, it was the neighborhoods directly surrounding the colleges that benefited the most from what you are planning to do. If the house you want to purchase is 10-15 minutes away, you might find it difficult to find renters if there is more availability close by.
Also, college-age tennants are destructive. You might have a good set one year, and only have to clean up the house after they move out, you might have another set the next year where ALL the carpets have to be ripped out, and replaced, the woodwork is all destroyed, and toilets and sinks have to be replaced.
Unless you're willing to pay a management company to manage the home for you, and then pay for repairs, expect this to be a time swamp for you. I concur with the going to college for one year, saving some more, and deciding if you want to continue with the idea. I personally think it's a great idea, but needs to be thought out carefully.
__________________
In the Absence of Information People Make Things Up.
|