Deal in process in Flint, MI near college, weighing options

[Quinton Foster]

I am currently working on a deal with an investor friend of mine. He owns the property out right in Flint, MI near Kettering University. I have not seen the property yet but he has told me that it does need some work. The deal in works would involve me being the project manager ,in turn, I would take half ownership of the property. We would split the cap ex and all the current owner wants is $300/month. Anything over that amount, I get to keep. It has been sitting vacant for a while and with the notorious Flint water issue, there has been problems with vacancy. The water pipe system is being taken care of as we speak. But I am tossing around the idea of converting the property to student housing. Rent per room as opposed to renting the property as a whole. It is within a few blocks of a university and the current rents seem to be hovering around $800 a month for properties up to par. It is a 3 bedroom, but my thought is if I could get at least $300 room I would have a little wiggle room if there is a problem getting tenants. Would love some feedback!