Looking at my first property tomorrow

[Travis Hintzel]

I'm looking at a town home tomorrow. I am looking to rent to students, and it is in a great location, near the college market that I am targeting. My main concern at this point is getting it at a good price.

It has been on the market for 35 days and the seller is asking 116,900. The property value estimate (Zillow) is 111,000. Also, it appears that other similar properties in the area are a little lower than the seller's asking price. I think that I can increase the value of the property by doing some small tasks, such as landscaping the front and back yards, staining/replacing back fence and some upgrades in the house.

The market in the area is very hot right now. I want to move on something soon before students start signing their renewal contracts with their current apartments or before they have found other alternatives. Classes start in September. If I wait until August before I am ready to rent, I will likely not find tenants until at least December when the next semester starts.

I am new to this, so I am starting to feel a little anxiety and nervousness that I am making the right calls. Can anyone give me some guidance? If I can get this property for close to 'market', should I move on it?

Also, when renting to several individual occupants in what is traditionally a single family home, how are utilities taken care of? Is that generally something that would be included in rent? How about furnishing?

I know that I'm coming out here with a lot of questions. Thank you in advance for all of your replies. They are much appreciated.