Local University Expansion

[John Whitridge]

Hi Bigger Pockets!  

I am getting ready to close on a 3 unit multi-family home in Philadelphia less than 2 blocks from a local university.  I recently spoke to my soon-to-be property manager who informed me that there is talk of the school expanding and putting in a new football field a 'stones throw' away from the multi-family building.  He informed me that in his opinion it would only add value to the building but I would like to hear a second opinion on whether University expansion is always a good thing or if it has ever brought negative results for local home owners?

[Joseph Gozlan]

@John Whitridge congrats on getting a deal going!

The property is already 2 blocks away from the university, how much more can this be impacted than the university expansion?

The only think that might be relevant in my mind is if the field will be generating noise and headaches (dirty streets, rioting fans, etc.) then this can impact your property value and the type of tenants that will agree to live there.

On the other hand, if the school's football team is popular, this can be an opportunity to AirBnB the property and have a tailgating setup (there was a company on Shark Tank that did that).

So I'm afraid I gave you the typical "it depends" answer but I hope this gave you a perspective of the pros/cons for your situation.