Updated almost 8 years ago on . Most recent reply
Syracuse student rental
I’m diggin this student rental by SU. Obviously over-improved compared to others but could use that to advantage and get higher quality tenants.
Is there quality property management in the area for 10%
What are your thoughts - locals chime in
https://www.redfin.com/NY/Syracuse/928-Ackerman-Ave-13210/unit-30/home/72865031?
Most Popular Reply
Michael, it does look nice and I would agree on the over improvement. Student rental is a dynamic situation right now with a lot of inventory being built or recently completed. Research Aspen and the 505 on Franklin. Granted not all students want to live in the "ant farm" but inventory does impact vacancy and rental prices. Just something to consider. It seems there are current owners trying to liquidate their portfolio with these concerns in mind. This is my assumption only. Know also that Syracuse has added some "luxury" apartments to incentivize population and economic growth.
My newbie advice (1 property) would be to gather more info on how the rental will fit into your plan and develop those goals with at least 2 exit strategies.
Good luck!