Vacation & Student Rental in RI

[Brandon Ingegneri]

In the next month, I am closing on a SFH in Narragansett, RI. I have previously sold properties in this town, but have not found an ideal summer/beach rental and student rental until this deal presented itself. My acquisition will allow adequate cash flow during the URI student rental season, and then in the summer months I will be renting this property out as a beach house. While I own a number of "traditional" rentals in other parts of the state, this will be my first experience in the college rentals as well as vacation rentals.

Any insight that anyone would be able to provide would be greatly appreciated, but I do have a few specific questions that I am eager to hear opinions on regarding both vacationers and students.  

1.  Security deposits (students).  We have all heard about the damage college students cause.  Based on some insight that I have been fortunate enough to come across, a security deposit most often does not cover all of the damage to the property.  What are some specific structures regarding this built into a lease that may not otherwise be utilized regarding a traditional rental?  

2.  Noise ordinances (students).  In this particular town, if there is some insane party, the police will sticker your house, and more issues follow after that.  Has anyone specifically dealt with this issue in this particular town, and what safeguards if any should be implemented?

3.  Air conditioning (vacationers).  I want to provide central air for this house.  To the responsible vacationer, it will be a huge amenity.  To the A**hole vacationer, it could become a nightmare for me.  Air conditioner on while the windows and slider are open in the middle of August.  Does anyone have any suggestions on how to mitigate this?  One option that I was considering was having a humidity sensor and kill switch, LED lights, etc.  Efficiency will be paramount with this property, especially considering that natural gas is not an option.  I am limited to propane, oil, or electricity.  

4.  Furnishings (both).  Should I provide linens, silverware, basic kitchen condiments, spices, etc?  Do I make the tenants bring them themselves?

5.  Laundry.  There is a laundromat in close proximity to the property.  Should I provide a washer and dryer, or have tenants utilize the laundromat?

Any further tips and insight regarding either of these areas of rentals would be greatly appreciated.  This is a new territory for me and want to have the same efficiency that I have with all of our other traditional units. 

[Chris Svendsen]

Not much help to most of these questions but the AC question can give you some great input.  With combining some simple door/window sensor, a smart thermostat, and a good web interface provider to combine this data you can have great peace of mind.  I will explain in greater detail.

I put alarm systems in all my houses in addition to smart lock and a smart thermostat that are all linked to my alarm system and a amazing web interface from Alarm.com.  With this system I am able to setup rules that will shut off AC if doors or windows are left open for an extended period of time.   Also, I am able to remotely control the temperature so not unnecessarily heating or cooling the house when nobody will be staying in it.  The smart lock allows me to assign codes for different tenants, remove codes when they leave, lock and unlock doors for repair people all without having to be there.  The alarm provides piece of mind that someone keeping eye on property when nobody is there.  I also install fire detectors, flood sensors, and carbon monoxide sensors all linked to the alarm system to provide additional protection for my property, tenants, and myself.  This also results in a discount on my yearly home insurance.  While initial cost may be a little higher, the money and time can save in the long run is well worth it to me plus the piece of mind I have knowing my tenants are safe and I have someone watching over my property electronically when I am not there.