KGC Properties LLC ~ Property Management & Real Estate In Tucson!

head_left_image

College Parents-Rent A Bedroom For $1600 Or Pay A $800 Mortgage?

This morning I read an article in a local Tucson paper – a new student housing project will be completed by the Fall of 2016 near the University of Arizona.  It will be beautiful with lots of amenities the article boosts!  Then the quick, few word sentence – the rent price per bedroom (yes per bedroom!) will range from $525 to $1600 a month.

Very quickly, I ran some comps in the area for 2 bedroom/2 baths – up to 3 bedroom/2 bath condos, townhomes and houses within a 2 mile radius of the UA.

To the left is just a small sample of over 52 listings on the market just in this small area. All but one of these are 3 bedroom, 2 baths, one is a 3/3 - nice units, very affordable, near bus, bike paths, stores, and, the University of Arizona.

Doing another quick online calculation - with the current interest rate and 10% down on a 150,000 loan - roughly the mortgage is $800 a month.

Without a doubt - a 3 bedroom home in the UA area would rent for $800 and more per month.  One or two students living in the home would easily cover the mortgage and at college graduation - you as a parent would have two wonderful options - keep the home as an investment and rent to other college students - or sell the home at potentially a higher value than what you paid for it.

So let's see, rent a bedroom for your student at $1600 a month - or buy a home and pay the $800 a month mortgage?

 

 

Buying or selling Tucson real estate, Mt Lemmon, Tucson bank-owned homes, Tucson rental homes, or Tucson lease option homes? Visit www.KGCPropertiesLLC.com .

                                                 

 

This blog is written with my opinions and my opinions are  presented with accuracy but not guarantees. Please talk to a professional before making any real estate, financial or agency decisions.    Gabrielle Kamahele Rhind - 2014. If you want to reprint parts of this - just email me for my permission: KGCProperties@gmail.com .

 

Comment balloon 1 commentGabrielle Kamahele Rhind • August 27 2015 04:35AM
College Parents-Rent A Bedroom For $1600 Or Pay A $800 Mortgage?
share
This morning I read an article in a local Tucson paper – a new student housing project will be completed by the Fall of 2016 near the University of Arizona. It will be beautiful with lots of amenities the article boosts! Then the quick, few word… more
Homes You Can Own Near The University Of Arizona.
share
This week, besides just basketball, there is something else going on at the University of Arizona in Tucson - college visits from incoming students/parents. Of course, after the decision is made to attend the university - the next big question is -.. more
Don't Know Where You Are Or The House You Are Calling About?
share
I can't even begin to tell you how many calls I get that follow this path: "I am calling about the house you have for rent/sale. " Which one? "Umm, I don't know the address, it's on this street - it's, well, it has a tree in… more
Southeast Tucson 3 Bedroom Home For Rent
share
3BR/2BA Single Family House - Tucson 5931 E 33rd Street, Tucson, AZ 85711 $900/mo KEY FEATURES Sq Footage: 1295 sqft. Bedrooms: 3 BedsBathrooms: 2 BathsParking: 3 UncoveredLease Duration: 1 Year (See Details Below… more
Do You Really Want To Live Next Door To Your Tenant?
share
It is not the most ideal situation for many people – but for some – especially those looking to “own” their own home, buying a duplex or multi-family dwelling, can be a good idea. I've done it - and know several people who are or have bought… more