Max number of residents per unit

[Ryan Daulton]

I'm building a new MF house, targeting travel medics.  It is very near to the main medical district.  I plan on building a duplex (so 2 kitchens and 2 living rooms).  Everybody will have private baths.  Do you think applicants would be willing to share the kitchen with 3 others?  I'm debating whether to build 8 total bedrooms or 6.  I've heard that traveling medics are generally not home much.  

[Colleen F.]

@Ryan Daulton  It depends on your location.  Rooms are more of an option in expensive locations. They also seem to be more the choice of ancillary heath personnel.  I think 3 bedrooms is probably optimal thinking about shifts ect.   Also consider parking is that 6 or 8 cars?  Will you have room for that? Are all rooms single occupancy?  If not you can have more than 1 person per room and more than 1 car per room.  Some people cook, some do alot of take out but in general they aren't around much. 

[Ryan Daulton]

This will be my first landlording experience, but after I meet with my architect I should have a better idea of how much space will be available for parking.  From your comment above, it sounds like you believe medics would prefer only 3 rooms / unit.  

[Corby Goade]

IMHO it's a mistake to plan on a very specific market and tenant profile. If you have a good product and provide good service, you'll appeal to the masses and then you'll have a much higher quality tenant base. Plus, regulations change and businesses move and staffing needs ebb and flow, I want to remain profitable in the worst case scenario. 

Sharing a kitchen probably isn't a big deal for a short term contractor. I don't think it's ideal, though. In my experience, when you rent by the room with shared common spaces, you end up with lower quality tenants and higher vacancy in the long run. It should still work as an LTR though- worst case scenario, would the numbers work for you if you had to go that route? 

[Ryan Daulton]

I would break even on LTR.

[Colleen F.]

@Ryan Daulton Also watch out for unrelated person ordinances. They are more common in college towns I don't think you are in one, also with a duplex you shouldn't run into that or boarding house regulations but better safe if you are building something.  I think 3 per side but you could do 4 if the cost isn't much different and switch that room to an exercise or visitor room if that doesn't work.  

[Ryan Daulton]

I never heard of unrelated person ordinances before

[Colleen F.]

@Ryan Daulton Big in college towns.  They have been fighting one in Narragansett for as long as I can remember. It limits unrelated persons to 3 or 4 people in a SF. They come up with a new one every couple years here. It is to limit student housing. What they don't understand is that  you should address behaviors.