Posted by Jay on May 15, 2006 at 11:50:13:
If you are going to rent to college students, protect yourself. They generally tend to be very rough on your house.
They can cause a lot of damage to your property, not to mention upset a few neighbors with all the noise.
Now, going in knowing this CAN happen, you can protect yourself. I would check them out throughly.
I have one college rental. I make their parents co-sign the lease and a special add on for damages. They are responsible for all damages.
It is more work, but college towns are profitable. I also up my rent for this house - because their are 4 in my house.
Just document (take video, pictures, etc. of the condition of the house before they move in). I also go around and talk to the neighbors and give them my card. I ask them to give me a call if there are things going on that I need to know about.
It is up to you. Weigh all the pros and cons.
Oh, you need to check with the city to see how many people they will allow to reside in the house. That one is big. This may answer your question for you.
Good luck with your situation.