South Jersey College Rental

[Christopher Lawrence]

Hey guys! I am just wondering what anyone's thoughts are on the South Jersey Rowan University off campus market and get some feedback on my situation so far. I am 22 and recently got a job in Philadelphia in Finance. I closed on my first house about 3 weeks ago. It is a 2Br 1Ba. It was a foreclosure about a block off Rowan's campus. I am planning on renting to students and have hopes of getting some in for the spring semester. We put a for rent sign up in the window and have already received a decent amount of calls. The house won't be ready though until at least November. Purchase price was $35,051. I purchased from the bank all cash and took a 10k loan that would carry roughly a $105 a month payment. Rehab started as soon as we closed and it looks like total rehab costs will be near 15k. Taxes are $2,400. Insurance is $63 a month. One of our conundrums at the moment is whether to add a third bedroom out of the large living room/dining room area or possibly the basement being that there is enough space. With 2 bedrooms, I think we can get anywhere between $1,100 and $1,200 in rent for 3 students. If we add a 3rd bedroom, rent would look more like $1,300 to $1,500 for 3 or 4 students. Is there any advice you guys would offer on renting to college students or renting in general? Anything else you think I am missing? And thoughts on the 3rd bedroom?