If you’re looking to invest in your next single-family Brainerd rental property, you may be, contrasting each possibility against your property wish list. So where does “proximity to a school” rank on your list – and should it be on there at all? It’s an interesting question because a nearby amenity such as a school could be either a bonus or a serious drawback, depending on who your renter demographic is. To discover if buying a rental near a school is a good idea or not, it’s recommended first to consider both the advantages and disadvantages of doing so.
Advantages of Owning Property Near a School
In all probability, the biggest advantage to owning a single-family rental house near a school is that it may appeal dramatically to renters with school-age kids. Carrying kids to and from school can be stressful, mainly for working parents. This is why being able to tell prospective tenants that their kids can walk to and from school might be a key selling point.
Another excellent advantage of buying a rental property near a school is the additional opportunity for your tenants to become friends with other parents nearby. Too frequently, renters feel like they don’t have many opportunities to get to know their neighbors. Yet living near a school could help facilitate neighborly interaction and help your tenants experience a feeling of belonging to a community. That, in turn, can help boost your tenant’s satisfaction and determination to stay in the home longer.
Finally, the last great advantage of buying a rental house near a school is that it might make it easier to sell when the opportunity comes to do so. Homebuyers with kids and other investors who rent to families may both be willing to offer more for a property with a nearby amenity like a school. That can help ensure that you can sell your investment for the best possible return.
Disadvantages of Owning Property Near a School
Absolutely, there are several reasons why you should think twice before investing in a rental house near a school. Areas surrounding schools tend to have higher traffic, vehicles, and pedestrians throughout the day. The increased traffic can sometimes make it difficult for tenants to get in and out of their driveway at certain times of the day or even result in vandalism or littering.
Depending on how close the property is to the school, residing nearby could also mean your tenants will have to deal with the nuisance of parents and staff parking in front of the property. The limited parking will not only pose difficulties for your tenants or their guests, but it can also result in oil stains, trash, or other concerns.
Lastly, living near a school generally implies greater daytime noise. If your tenants do not have kids, work from home, or want a quiet neighborhood, they may feel angry by the sounds of children playing on the school playground or people and cars passing back and forth multiple times a day. A loud street or neighborhood can become a big deterrent for tenants who wish to appreciate their rental home peacefully.
So, is acquiring an investment property next to a school a good idea? That depends! Every rental property owner’s situation is unique, which means that you are the best person to know whether a nearby amenity like a school would be effective or ineffective for your tenants.
No matter where you are in your investing career, it can be very helpful to get the advice of a local market expert. And we can assist you with that! Communicate with Real Property Management Deluxe to learn how our Brainerd property managers help rental property investors identify whether an investment property is a right fit for your portfolio.
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