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How's the rental resale market in college station?

2,817 Views | 13 Replies | Last: 2 yr ago by JenniferJennings
Hanrahan
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AG
I have five duplexes off holleman/welsh that I'm thinking of finally selling. They are old and crusty but they have always been rented for the 10 years I've had them. How's the market doing these days student rentals? Is it as crazy as the single family market?
CS78
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2/1? I have one there. Been easily renting $795 a side for the last 3-4 years. I would probably list around $199k and see what happens.

2347 Cornell just hit the market at $210k. Might keep an eye on it. Its 1.5 bath but similar property. The leases look weak. And location not quite as good.
SteveBott
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AG
Here is a potential buyer

https://texags.com/forums/59/topics/3203427/replies/59555669#59555669
mryan19
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AG
I'd be interested. Drop me a note with some of the stats. Ryang09 at Gmail
Aggie369
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AG
Interested

Email some info

E.msmith 0 0 9 at Gmail
Hanrahan
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AG
Thanks! yes, 2/1 (georgia st) and have been renting for $800 a side. So have things been moving in the student rental/duplex/fourplex space? I will for sure watch that listing, thanks for telling me.

I'm not convinced I want to sell them, but its getting to a point that I could probably do more with the equity in them than continue to operate on the cashflow. My original plan when I bought them was to demolish them sometime down the line and build something new (two sets of two of them are contiguous opening up a double lot scenario), but I just don't know, with the world currently on its head, that it would happen anytime soon, so may be time to finally let them go.

CS78
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I looked at comps a couple weeks back and that's what I came up with on value. Recent sold comps were kinda thin. It also looked like it wasn't long ago that things bumped from the 160-170 area up to 190-200. I only have two 2/1 duplexes so not extremely in touch with the market as a whole. Seems there is a ton of people wanting to buy rentals right now. My opinion, the upswing is young and could easily see another 10-15% rise in the next 12-18 months. I wouldn't sell unless you're just tired of messing with them.
cjsag94
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AG
Wow.. 5% rate of return before taxes, insurance, and expenses. Is that really all people get off these things?

And ate those values inflated with recent market, or is that a more stable value due to limited income potential?

Edit.. sorry bad math.. about 9%. Still, seems it should be better than that
Hanrahan
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AG
CS78 said:

I looked at comps a couple weeks back and that's what I came up with on value. Recent sold comps were kinda thin. It also looked like it wasn't long ago that things bumped from the 160-170 area up to 190-200. I only have two 2/1 duplexes so not extremely in touch with the market as a whole. Seems there is a ton of people wanting to buy rentals right now. My opinion, the upswing is young and could easily see another 10-15% rise in the next 12-18 months. I wouldn't sell unless you're just tired of messing with them.
some of it is getting tired of messing with them for sure.... but part of me wants to keep them forever and eventually redo/reconstruct them. I was hoping with ty warren's outfit tearing two of them down a couple years ago they would build something nicer and maybe spur the rest of the street to start following suit and start removing the state street stigma once and for all, but we just can't quite seem to get there... he has just left them to sit as empty lots so I basically waived off doing anything and here we are two+ years later.

but doing some napkin math on redoing/reconstructing them doesn't really seem to make sense either, which is why I just keep bandaging them together and keep moving forward all while taxes go up and up and rent aren't climbing to match (though i'll freely admit I haven't tried at all to push rent and I think others are getting more for lesser updated units on the street, as I have done some work on mine to make them nicer, but its still lipstick on a pig).

anyway, thanks for the thoughts, I don't know what I'm going to do, but at 200k a building, it does make me at least consider cutting bait and moving on.
itsyourboypookie
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Hanrahan said:

CS78 said:

I looked at comps a couple weeks back and that's what I came up with on value. Recent sold comps were kinda thin. It also looked like it wasn't long ago that things bumped from the 160-170 area up to 190-200. I only have two 2/1 duplexes so not extremely in touch with the market as a whole. Seems there is a ton of people wanting to buy rentals right now. My opinion, the upswing is young and could easily see another 10-15% rise in the next 12-18 months. I wouldn't sell unless you're just tired of messing with them.
some of it is getting tired of messing with them for sure.... but part of me wants to keep them forever and eventually redo/reconstruct them. I was hoping with ty warren's outfit tearing two of them down a couple years ago they would build something nicer and maybe spur the rest of the street to start following suit and start removing the state street stigma once and for all, but we just can't quite seem to get there... he has just left them to sit as empty lots so I basically waived off doing anything and here we are two+ years later.

but doing some napkin math on redoing/reconstructing them doesn't really seem to make sense either, which is why I just keep bandaging them together and keep moving forward all while taxes go up and up and rent aren't climbing to match (though i'll freely admit I haven't tried at all to push rent and I think others are getting more for lesser updated units on the street, as I have done some work on mine to make them nicer, but its still lipstick on a pig).

anyway, thanks for the thoughts, I don't know what I'm going to do, but at 200k a building, it does make me at least consider cutting bait and moving on.


Let me manage them. I'll get $1000 a month per side.

Corey @ gbtpm . Com
jmazz
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AG
The state streets are in an RNC overlay now. Development is severely restricted (no more 'Ag Shacks'). No 2 story properties. Footprint/slab can only take up 40% of the lot (I'd need to double check that). It happened a few years back. The residents really hurt their lot value b/c it was getting to where a lot was worth 6 figures b/c an Ag Shack could be built and the #s made sense but not anymore.
CS78
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Anybody know what's going on on Arizona? Recent tear downs and rebuilds. They don't look like Ag shacks or habitat houses.
jmazz
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AG
Not sure but you can still build there as long as it meets the criteria. I do know a handful of already submitted plans/permits got 'grandfathered' as well so that might one of those projects too.
Diggity
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AG
And they're likely ok with that trade-off.

JenniferJennings
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OP-I have a small property management company in town and we are at 100% occupancy with the phone ringing off the hook. Listed a house by Blinn for $1495 last week and had 4 applicants. Our 2/1's are renting anywhere from $700-800 and we had any applicants on those too...Overall the rental market seems pretty healthy right now...
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