Legally renting to 4 or 5 unrelated students?

[Megan Greathouse]

I'm about to put an offer on a single-family property less than a half mile from Washington University in St. Louis. It's a nice, 5 bed/2 bath house that would be ideal to rent to students. However, St. Louis City, like many cities, states that "No more that three unrelated persons may live in the same dwelling." Based on my research on the university room rates and other area rents, I can't be competitive in rent/student and still cash flow unless I have four students in the property.

I've read that some cities allow you to request an exception to be considered a roominghouse, so I'm looking into that. I've also reached out to the real estate attorney I've been working with to get his thoughts.

In the meantime, has anyone else faced a similar situation and have some ideas or more insight for me? Thanks!