Cedar Park in West Philly, Student Rental market - thoughts?

[Mauricio Botero]

Hello BP,

I'm analyzing a deal that was presented to me for an off-market 4 bed/1 bath SFH in West Philly in the Cedar Park neighborhood. I have always been interested in the Student rental niche, and this property is very close to both UPenn and Drexel University. The initial estimate numbers look really good after planning a small renovation to add a bathroom and a half, and getting the home up to date. I have a tentative 65k renovation budget planned.

Questions: 

What are your thoughts on what the rental market looks like for student rentals per bedroom?  $/bedroom, how many bathrooms usually, what distance away from the schools, etc...

Do you mostly see the entire home be put up for rent where a group gets together and signs one joint lease(in my case, 4 parents/sponsors and their students)? 

Extra Keywords: Philadelphia, Cedar Park, analysis, college, university, twin, RM1

[David Weintraub]

It’s a Gold area. I work with someone who is exclusively north of market, west of the river and east of 52nd, serving those markets for students.

Check Craigslist to see what is offered as the winter break may provide some listings.