We have been investing in that area for the last 7 years and I have talked to a lot of UNT student that live even in the Corinth, Lake Dallas, Cross Roads, Little Elm area.UNT housing authority (can't reca the dept name at the moment) is actually on record as renting out local private housing to supplement its dorms...the net effect of that could be considered close to rent control...a situation that we originally considered but backed off after looking at the economic growth around the campus and true demographic we wanted to target.

So if the average is 95% I’d underwrite to 93%-94% (physical...economic is another story entirely).As to your second question—resident profile changes are a painful process.

People pick up from that positive energy. 

I get smaller ones, energy star, so they don't suck as much electricity. 

I don't have any experience or references for you but I can tell you that vacation rentals require a lot more time and energy from a property manager and from what I have heard 25-30% is not out of line.

Otherwise you could be stuck with significant economic vacancy (i.e.

You now have to decide to dedicate the time, effort and energy.

Thinking of hiring cold callers from the Philippines because it’s more economical.

The reason it's attractive to do now is that there are some reasonable unsecured home improvement loan products from the MN CEE (Center for Energy and Environment) that I can use to finance the adds since we currently owner-occupy the property.

I mean as long as you use your noggen and things make economic sense you should be ok with thie strategy.