College Station Duplexes
Posted by Chris Tesch on Sat, Jan 15, 2011
In the market for a student property? Perhaps your looking for your first investment property, even with an eye towards living in one side and leveraging the other. College Station duplexes can be an excellent choice.
Duplexes in College Station were a hot commodity a few years back when USA Today publicized how undervalued our market was. Many investors came from outside the area to snap up these virtual bargains. Duplexes were particularly popular with these investors, though single family homes and condos or townhomes in College Station were affected as well. These new duplex owners, accustomed to the market in other areas, such as California, soon tired of their investments when they realized that the appreciation just wasn't the same as in their areas and wasn't going to be for any time soon. The market has settled down since then with many of these folks getting out for exactly what they put into the properties if that. Now we've got some good options.
Currently there are 35 duplexes in College Station for sale. The pricing ranges from $109,977 to $230,000. The average price is around 200K and please remember....if the price sounds to good to be true it really is! The higher end duplexes offer around 2500 square feet. A true bargain for this area. Essentially if you got two homes that were all brick, with nice yards, in good areas that were 1250 square feet you would be paying quite a bit more than the pricing with these. Typically with something in this spectrum you are looking at collecting rent of around $1000 to $1200 a month on each side.
Let's take an in depth look at one of my current listings a great College Station duplex. This duplex is located in a quiet area but is only a very short walk to the shuttle route. Located closer in to town than many this duplex is around 3 miles to campus and is within walking distance to the College Station Wal-Mart as well as several restuarants. Priced at $217,000 this duplex is 2648 square feet. Open for your student or family currently this property formerly drew $1945 in rent per month. Three bedrooms and two baths on each side with a nice backyard make this a great place for investment.
There are some things you need to know about duplexes in College Station before you think of investing in one. If you are buying for your student, an FHA "kiddie condo" loan will not work. FHA will only finance a duplex if one side is owner occupied. If the duplex will be considered a second home typically your downpayment will be 20%. Duplexes that are strictly investment properties are typically 25% down.
For your own look at the College Station duplexes available call for an appointment. Keep in mind that many of these duplexes are difficult to show, requiring at least a 24 hour notice to the tenants. In addition many of the property managers don't work Saturday or Sunday as well, and keys need to be picked up in many instances. To see the greatest selection please call several days in advance for your private showing.