Converting LTR to MTR: Exceeding 5 miles from Hospitals

[Torry McFall]

I have several SFH rentals in the nicer area of Albuquerque. I have been considering converting them to MTR. Generally, I'm reading that MTR should be within five miles of a hospital or two, as traveling nurses represent the largest swath of MTR renters. What do those of you with experience think? I'm 9 miles from the hospitals, albeit as straight shot on the interstate. I also have three and four bedroom LTRs. I also have three and four-bedroom SFHs and I'm reading one and two-bedroom condos/townhomes/SFHs are better. So I suppose I could convert one of my three-bedrooms to a combo STR/MTR, list it everywhere and see what happens or I could buy something near the hospitals and run the experiment there. Last question: Does it make sense to over-improve the MTR's? I have flipped many higher-end homes. It looks like it might be worth it to renovate small MTRs with all the bells and whistles. Thanks for advice!

[Allen Duan]

There was a good post recently about the most important factors travel nurses look for. Check that out and it should be very insightful. There's a key distinction between travel nurses who want the most affordable housing vs those who want a nice experience in a new city.

The drive time matters more than distance.  Here in LA, it seems travel nurses want to be less than 20 minutes from work. Two bedrooms and smaller definitely have more demand, but larger MTRs cater to families who need furnished housing better.