Experience with College Campus Efficiency's?

[Brock W.]

I am considering purchasing 1 or possibly 2 of what I'll refer to as College Campus Efficiency Apartments. These units are mirror image bed/bath with a shared living room/kitchen area. The units are half a mile from my local University. They commonly rent for about $850 total (both units) vs a $50-55K sales price. There's a $185/month HOA fee so, if I paid in cash I'm seeing $685/month. This is a decent return and consistent with my cash flow, buy and hold, slow build goals. My biggest reservation is, of course, COLLEGE STUDENTS. If anyone else has experience with a similar property, I'd love to hear your inights.