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Q. Our daughter will be a sophomore at the University of Arizona and we'd like to buy a house for her to live in with a few friends. We hope to see it turn into a good investment by the time she graduates. What do you recommend?
A. Congratulations to your daughter! The University of Arizona is a top-rated research university with award-winning programs in medicine, law, mathematics, engineering, pharmacy, architecture, and more. She's bound to fall in love with the gorgeous campus, majestic mountain ranges, and year round sunshine - not to mention the surrounding downtown district.
There are a number of different options that are ideal for parents looking for an investment plus housing for their student(s). The neighborhoods surrounding the campus are full of both condos and single family homes and its not uncommon to find converted houses that are already set up for multi student living.
Another thing to keep in mind when buying residential property in the university area is transportation. The City of Tucson recently debuted their brand new Streetcar. The impact of the Streetcar route, which runs a 3.9-mile route with stops along the U of A, Main Gate Square, 4th Avenue, Downtown Tucson, and Mercado San Agustin, is worth considering if you are looking for a investment property. It already has plenty of optimistic entrepreneurs opening businesses and buying up real estate. Not to mention, if a stop is easily accessible, your daughter will be able to ride the streetcar to and from class - plus to the grocery store, the gym, superb restaurants, museums, theatres, concert venues, and more. No need for a car!
The top two priorities that I hear most often from parents in your shoes are safety and accessibility to things of interest (campus life, hiking, movies, jobs/internships, etc).
If you like, I can schedule walk-thru tours of properties in the area and even set up an automatic email delivered search that matches your criteria. Text or call me at 520-305-9005. You can also visit my website at http://realestate.timsheaffer.com/.
Tim Sheaffer is a licensed REALTOR® in the State of Arizona. As a Tucson native, he knows the ins and outs of the city - the best restaurants, most interesting neighborhoods, most walkable communities, scenic hiking trails, and where to park downtown. He is an avid traveler and the father of three girls.