Steady to declining University admissions and student housing

[Megan Frank]

My husband and I are considering in investing in a duplex or single family home in Plymouth, NH. There is a university there and a high rental population. Bedrooms in houses and apartments tend to rent for 3200-3800 per semester so it is a very lucrative market. My husband and I live about an hour and a half away and work full time but would plan on placing tenants ourselves and having an emergency on call maintenance person close by. The numbers work really well, but I am worried about how long the university may stay open. According to what I read online, Keen State in NH has declining admissions, Plymouth has been stable, and UNH has actually increased. Plymouth did have a major lay off in 2016 and are "restructuring". With all the virtual/online learning I know there is a major shift happening.  I would love opinions on if it is wise to invest in this market or whether I should stay on the Seacoast and elsewhere. The  barrier to entry is so much lower in Plymouth because houses are much cheaper to get into. I am speaking to a loan officer tomorrow about the possibilities of getting a property at less than 20% down which would make it even more attractive. I live in Dover, NH and on the seacoast, by comparison, a duplex is between 220,000 - 300,000 where in Plymouth I can get a single family 4 bedroom house for $150,000 and rent per bedroom at $3200 per semester (or 4 months twice a year) or a duplex at about $180,000. The numbers definitely work better in Plymouth but the risk seems much higher. I do not see appreciation as a factor in Plymouth. Would love to hear opinions on Plymouth State University's future, the future of student rentals as a whole, or any other relatable topic. Also, wondering what others are doing, that are already invested in a student housing market to adapt if the college has closed?