You'll want a PMC that will check on the property monthly or even weekly, to keep the college students obeying the rules.This management may cost a bit more, but is well worth it!

I believe this is what they call a pier and beam foundation which I have no experience with so I have no idea what it would cost to fix. 

All that being said, it might not be worth the cost of putting in parking, just be aware on the front end that you’re reducing your end buyer/rental pool by not having it. 

Funny enough, I was going to suggest you move out of SF due to the high cost ;-) I'd suggest going down the SF condo route to start as financing for commercial units is a lot more difficult than residential properties.

I prefer markets that experience mild winters to eliminate the added costs brutal winters can bring. 

The marketing functions is where the very host cost comes in.

I meant 120k just to purchase the property plus renovation cost, I can even go a little higher than the 120k if the numbers make sense.

It saved my quite a bit on interest costs.

in 3 years you can pay off any mortgage 500,000 or less for $1,500 bucks.. or in 5 years a $477,000 mortgage for $100..I am implementing something new for the real estate industry, primarily to mortgage holders & the rent to own industry, as a shorter-term approach to be mortgage free, without cost being an obstacle ..

You’ll put 5% down but get 2% back on sale (which might pay for your closing costs) and then do a rent by the room to cover your expenses and downpayment for next year) Not sure which university you are at but both Henrietta and South Wedge are solid places to start (serving RIT and UR respectively) Good luck, I personally think Rochester is a great area to start due to constrained supply with a growing population