Charlottesville (real estate, apartment, to rent)

[Marcia_M]

My son is a grad student at the Univ of VA and I was wondering whether or not it would be reasonable/worthwhile to look for a small house or condo to buy (will have to get a mortgage) to rent back to him. Anyone else doing this? Or any thoughts on pros and cons?

Thanks!

[MaryBB]

A coworkers daughter just started UVA this summer. They are renting a house (I think 1100). From what my coworker said uninhabitable dumps are 250K. Real estate has soared in C'ville, so you might make money if it continues and if you can afford the price now. But then again with the so called bubble possibly bursting you might not...

BUT another good point is that there are lots of tech sites growing up there that won't be going away so maybe prices will continue to rise.

[Marcia_M]

Thanks, Mary. I just hate the thought of $10,000/year rent for 5-6 years and nothing to show for it. We haven't visited the area yet, but I've browsed a few real estate sites. I see that places are pricey. We wanted him to stay in the dorm the first year until he got a feel for the best areas to rent, but the univ. housing was less than acceptable to him. A 7x9 bedroom plus shared living space/bath with 5 other students. So he's apartment hunting today.
Marcia