Harrisonburg & Charlottesville college rental property investors

[Pete Silan]

Good day all, 

We are looking at our first Rental purchase in either Harrisonburg or Charlottesville area. Our college student will be in one room and the other two for rent. Anyone here has any insight on both markets? Thank you in advance. 

[Justin Knighten]

I'm not an expert but we have a few rentals in Harrisonburg, one of which has students in it.  Zoning makes it fairly difficult to put students in a single family house unless it's grandfathered in (basically has to have had students since 2000 ish), otherwise, no more than 2 unrelated people in a house.  I'm not sure how closely they enforce it, I've never tried to push it.  

There are several townhouse type complexes that occasionally have stuff come up for sale, ours is in Pheasant Run and we've been more than happy with them, their office staff is incredible and if you do have them do any of the leasing/mgt they are very affordable.  They own about 100 units and the other 50 or so are privately owned, usually have a few a year sell right at the $160 mark, floorplans are identical.  It's from the late 90's so its a cheaper option, but they are still full of students and the ones in there really seem to like it.  If you have questions about this place message me and I'll tell you what I know.

There is another called Camden Townes/Hunter's Ridge (they're connected), and they almost always have a few listed, they can be had for under $100,000 for a 2 bed. I believe the HOA fees are pretty high in there and it's not completely student occupied at this point. They are located less than 1/4 mile from the main entrance to campus.

Campus View Condos has several units for sale currently right at $200.  I'm not very familiar with these, but they are on the East side of the city near most of the newer, pricier student housing.  

Check out this guys site, it has a ton of info and links  http://harrisonburginvestmentp...