Oberlin College Student Housing 5BR 5Bath Wholesale at 119,000

[Michelle Fenn]

This is a residential property situated one block from the Oberlin College Campus in Oberlin Ohio. The building is block construction with a frame exterior. The interior is a combination a drywall on block and block walls. The building is a single story built in 2006 dormitory style. The building is divided into two zones each served with their own electrical panels. The building is heated via a gas fuel boiler.

The front zone consists of a shared great room, kitchen, laundry room, storage room two full baths, one shared half bath and two single bedrooms.

The back zone consists of a shared great room, kitchen, laundry room, storage room, two full baths and three large shared bedrooms. A third full bath could be created in the storage area adjacent to the laundry room.

Highest and best use of this building is as a student rental consisting of 2 single rooms renting at $600 each and three shared rooms at $500 per student. Projected rental is 4,200 per month. I would suggest that a 12 month commitment be made for each rental agreement. There is currently a shortage of student rental units in Oberlin.

A conservative ARV (After Repair Value) for the property is $170,000. The property will require 20,000 to 40,000 in repairs, depending on the condition of the boiler and heating system. Visual inspection of the building suggests that full kitchen cabinets and appliances will be required in both zones of the building. The shared great rooms will require new flooring and paint. We would recommend commercial carpet tiles in the shared great room and a commercial grade vinyl in the kitchens and hallways.

The bathrooms will require some tile repair, new vanities and vinyl flooring. Half of the baths are already constructed to commercial grade dormitory standards.

The laundry center will require paint, vinyl flooring and commercial grade coin laundry appliances. This could generate an additional $200-400 in revenue per month.