You’re 3+ hours away, so relying on a management company is smart, but they’ll need to be on top of things to handle noise complaints, damage, or flaky rent payments (some students lean on parents who might not always pay on time).

But keep in mind room rental is a lot more management intensive so that is something you should budget for if you plan to hire a PM.

Whichever company you choose, you'll be fine as long as you cut out all the noise and focus on income-producing activity.All the best!

I love this strategy but it is more management-intensive for sure!

The intensity and same desire to avoid paying a licensed professional for his opinion.

Listen for any noise issues and research the rental demand in the neighborhood.

Entitling land is capital intensive and presents a number of risks. 

@Derrick Roland II Let's see, traffic noise, challenges backing out of your driveway, have to keep kids in backyard and off front sidewalks, big trucks passing by will shake the whole place, can't think of anything positive.All the negatives will reduce your max rent and make it harder/longer to find tenants.What's more important is understanding if the Neighborhood is Class C or D.

HVAC move to attic to replace package unit and other side replace fan and heater for about 20k8. redo plumbing work 20k9. spent 10k to fix sagging floor issues by putting concrete blocks in crawlspace.There is big neglected strip mall in back as attached with loud noises and some weird smell of tobacco etc. also has big dogs barking at people even if I go to the corner of my backyard lot.There is one bad neighbor who has big dogs always barking who elevated his backyard and rain water runs naturally towards my sideBig trees other side in neglected waste land which I think belong to strip mall owner behind and city also pushing some rain water in to that waste land.I am in dilemma now1.

Rent by the room is more PM intensive.