This is something to budget for when considering this type of rental.Management Intensity: Managing student rentals can be more hands-on, requiring stricter lease agreements, regular inspections, and sometimes dealing with noise complaints or other issues.Seasonal Vacancy Risk: There’s a risk of vacancies during summer months unless you find tenants who stay year-round or offer summer sublets.Zoning and Regulations: Some college towns have specific zoning laws or regulations regarding student housing, so it’s crucial to be aware of these and ensure your property complies.Tips for Success:Proximity to Campus: Properties close to the university are more desirable and can charge higher rents.Furnishing: Consider offering furnished rentals as students often do not have their own furniture.Strong Lease Agreement: Have a robust lease agreement that includes clauses for damages, noise, and other common issues.Hire a Property Manager: If managing the property becomes too time-consuming, a local property manager with experience in student rentals can be a great asset.Overall, student rentals can be a profitable investment with the right management and location.

@Brian Williams I know your working on a budget.

With the budget that you have, I think Cleveland or some of the mid west states might be a good option to buy another property.

A lot of new/updated electrical was required, but we chose to have all new electrical because so much was necessary and there would never be easier access.So I have new plumbing and new electrical, but have never been further over budget on any of our rehabs (not even close to this over budget on anything previous) and we have done quite a few rehabs (enough that I never expected to be this over budget).  

Mary Shea it is a shame, I really didn't want to budget for all new cabinets but I may need to

The painter does exceptional work, but the price is a little higher than I expected.My appraisal was only for the interior, but the painter said that we could discuss painting the exterior based on my budget.

They took a year worth of payments out of the renovation budget.

Budget $300/ft for conversion, plus land acquisition.

How much should I budget.

You could probably afford $20,000 without much impact on your budget.