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If you went to UVA
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Anonymous
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Random question: neither DH nor I went to UVA, but we love Charlottesville and are thinking of buying a second home there. We are wondering if it would be a reasonable plan to try to rent the house to students, so our question is, for those of you who know, would there be a decent supply of student renters in Charlottesville, or do most students live on campus? Also, which neighborhoods would be best for this? Thanks.
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Anonymous
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If you were renting to students when would you be able to use the house? Or, just for investment?
I think there is a great rental market in Charlottesville - if from undergrad students, it might be good to be near the 'corner'- although students live everywhere from right there to out in the country. There is also UVA Law, Business, & Med School almost all of whom rent during their time there - you could put ads at those schools for tenants. It's a great town! |
Anonymous
| Very few non-first years (not freshmen) live on grounds (not campus). The area around Jefferson Park avenue has a lot, as does Rugby Road (greek system center) and the neighborhood (not sure what to call it) right behind the bookstore and between it and the stadium. You could also target law or business school students by buying closer to their respective buildings. There were also a few scattered students in and around the downtown mall, but mostly in condos. Good luck. |
Anonymous
| Also neighborhood near downtown mall is up & coming. |
Anonymous
| You'll be facing a lot of competition from high-rise type apartment buildings. I just went back to C'ville for a visit this summer and noticed how many more of them there are than when I was there (graduated in 2001). I don't know how much research you've already done on the real estate market there, but C'ville is a popular retirement destination and houses are not cheap. Cheaper than in this area for sure, but not as cheap as one would think for a "small town in the middle of Virginia". So I would take a look at what you would realistically be able to charge in rent vs how much your mortgage will be (if that's a concern for you, of course). I would also target areas closer to the Law School/Darden - probably less likelihood that your place will get trashed (although not unlikely either - DH went to the law school and some of his classmates threw some crazy parties). |
Anonymous
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I'd focus on renting to professional/graduate students or research staff. They'd be better tenants. Plus it would allow you to buy a little further away from the university. The houses by the university are either expensive - where the profs live - or in areas with lots of students around which if you ever want to live there is probably not the best location.
You might want to check out this website to give yourself an idea of what the rental market is like: http://www.brac.com/index.cfm |
Anonymous
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Q: If you went to UVA, why are there so many of you at Woftrap; and why are you so obnoxious? Just curious. |
Anonymous
Maybe we're obnoxious because we know it's Wolftrap. |
Anonymous
 I like this answer.
I agree with PPs that there is a huge rental market but that you would be much better off renting to grad students. Most undergraduates live very close to some part of the campus (grounds as someone else put it!). Having rented these houses myself, I can tell you that there are basically no houses close to the school that are in great condition. The students really seem to ruin them with all the wear and tear year after year. I would not want to rent a house to a group full of undergraduate boys there but I don't think you are legally allowed to specify the gender you want to rent to! Anyway, the market is so good that people have to find housing for the next school year by Oct or Nov of each school year. I think grad students would be more responsible and more likely to rent in a short driveable distance away (near the downtown mall and/or other places within about 2-3 miles). Good luck! It sounds like a good idea to me. |
Anonymous
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"Maybe we're obnoxious because we know it's Wolftrap." Now I'm wondering - you can't be civil in public? |
Anonymous
Oh dear - someone's offended. Actually, I'm frighteningly civil in public and this my first-ever snarky post on DCUM. Couldn't refrain from defending myself and others since someone else (you?) made the initial snarky and ridiculous assessment that all UVA alum are "obnoxious." |
Anonymous
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I nearly wrote the same thing about knowing it's "wolftrap"
Eh, someone who seeks out uva posts just to be a jerk is jealous. sorry for the hijack.... |
Anonymous
| OP here--thanks for the helpful replies. Our idea is to rent it out as an investment with en eye to possibly eventually retiring there in 25-30 years. Thanks again! |
Anonymous
| Went to UVA. Love, Love, Love Charlottesville. Rental to Med or Law students likely the best option as the younger set are known to trash a good house. Most students do rent homes after their first year at UVA. Good luck to you! |
Anonymous
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"I nearly wrote the same thing about knowing it's "wolftrap" ."
What does this response mean? I'm asking because a bulk of the attendees at Wolftrap seem to be UVA; a bulk subset of which seem to be incredibly obnoxious. Is there an understanding to be ill behaved at Wolftrap that I'm not aware of? Is there an understanding that UVA students are ill behaved in public? Please clarify. I'm genuinely interested and curious. |