When he leaves I need to gut the apartment, nothing can stay.

@Patrick Goswitz  Assuming you're comfortable with the buyer, and you own the property free and clear, a lot comes down to what are you going to do with the 100k?

I actually partner with investors on deals just like this so if you are interested feel free to reach out!

Look at buying a multifamily home, staying within your budget, or saving more for a bigger down payment.

We can all agree that it is certainly not a risk-free strategy. 

I designed a 2 bed 1 bath stacked triplex that fits on a 30' wide lot with 3' side yards and we can build it for $174 a sq ft hard cost. we do them where the land is 10% of after repaired asset value which in our market is 50k approx. we study multifamily trends and stay with it.

The longer the tenant stays, the more insurance can be collected to add to the reserves .

It may be easier to utilitize a kitchen cabinet or buy a free-standing cabinet you can keep in the main living space.

You can rent by the room, which can maximize rental income.Parent Guarantees: Many student leases involve co-signers, usually parents, which can provide additional financial security.Low Vacancy Rates: Due to the high demand, vacancy rates tend to be low, especially if the property is close to campus or in a desirable student neighborhood.Flexible Lease Terms: You can structure leases to fit the academic calendar, which means you can adjust rents annually based on market conditions.Cons:High Turnover: Students typically stay for shorter periods, leading to higher turnover rates.

I have not used Cozy since other two are free and secure.