Quote from @Tatum Littleton:
Hey Kent, great question, but very open ended which is okay but I'll answer in my best opinion. But figuring out your strategy whether its LTR, MTR, or STR I would focus on proximity to the university and other attractions of Waco, as they say... location, location, location, it's still very true.
If you are asking what to look for as in bed/bath ratio, at least a 3/2 would be ideal in my opinion. If you want to do STR, what will make it stand out? There are so many short term places today that competition is tough, so adding something no other property has, being creative in design, something like that to stand out, people want a unique stay, and with a fixer-upper, you can do whatever you want!
For a Mid-term rental, I would say furnishing it with the cheapest but most durable furniture possible because of the frequent turnover. Also, again making your property stand out to be more appealing to those who have to stay for an extended period, how will you make them most comfortable with the possibilities of a fixer-upper?
Long term rentals, I believe are the easiest, especially in a college town. Not just throwing some lipstick on it and calling it good, but instead, what will offer more value to the property to get maximum rent. Again, location is key for this, parents want their kids leaving for college to be safe, what are the best areas of Waco that also have easy access to campus, those are questions to answer to judge profit potential.
That's just my thoughts, I hope this helped and gets you thinking!
Thanks so much for the thoughtful and thorough response! You brought up some really key points, especially regarding location and the importance of making properties stand out in a competitive market—whether it’s for short-term, mid-term, or long-term rentals.
I completely agree that proximity to Waco's major attractions like the university is essential. For STRs, the idea of adding unique touches to make the property memorable is something I’ve been thinking about too. What creative features or designs have you seen that made a property pop in this competitive market?
Your advice about using durable yet affordable furniture makes a lot of sense for mid-term rentals. How do you typically balance cost versus quality when outfitting a property? I’d love to hear more about your go-to strategies there.
And I couldn’t agree more about LTRs being reliable, especially in a college town like Waco. When finding the "right" location for long-term rentals, are there any neighborhoods or areas in Waco that you've found particularly ideal for maximizing rent and safety?
Your insights have got me thinking! Looking forward to hearing more of your thoughts.