The duplex is rented well under market rate ($600 on each side. 2-bed apartments), and the fourplex has two rented units on the lower half well under market rate ($475 on one side, $600 on the other also 2-bed apartments). 

But THANK you for you information and hope to continue the conversation.  

I ended up signing with them as well - 3 months in to the lease so far and it's going well.

The information contained in this post is not to be relied upon.

I am in contact with a realtor in NC and was informed that builders there will not build without a budget of at least 1million.

I was able to get more information on the property then if I didn’t know the seller and I’m still able to contact the seller if I have questions.

That applies to any turnkey operators as well. 

Campus housing has been under tremendous headwinds for the last 4 years.These properties were sold with extremely aggressively optimistic projections, as well as a price that represented a significant premium to fair market value.So sorry to hear about your investment.

I'm happy to share any information you are specifically looking for.

1) 50% rule is a well accepted generic approximation 2) hundreds of underwriting has shown it to be fairly close for my underwriting for a SFR purchase in San Diego.