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!

[Brian Pfaehler]

I went to Kettering for a couple years...it's all engineering and management students (definitely in the upper end of college students) however they go to school in 12 week increments. One session on and one session off (called A section and B section). Just keep that in mind....