PROVIDENCE – Providence is one of the best college towns to buy an investment property, Redfin said Friday.
The real estate brokerage website said Providence is the 12th best college community to buy property, given the presence of Ivy League Brown University.
Redfin said it compiled its list by looking at towns near schools that offer low tuition, a high-quality education and walkability. The median list price for homes near the school, as well as tuition cost and fees, and the most recent U.S. News & World Report ranking for the school, along with Redfin’s Walk Score, was included in the methodology. Only locations with median list prices under $550,000 were considered.
Brown ranked 14th nationally in the U.S. News rankings.
Providence has a median list price of $199,000; tuition and fees at Brown are $51,367, and it had a high walkability score of 78.
Atlanta, home to Georgia Institute of Technology, topped the list.
“The pool of potential tenants is also stable, with new students coming in every year, so a property owner really doesn’t have to worry about where they will find the next tenant. I’ve had a lot of clients looking to invest in property near Georgia Tech, but the problem is that because it’s such a hot market, homes aren’t listed often. It’s not just a great location for students to rent, but also a great option if an investor ever decides to live in their investment home, given that the school is in the heart of a major metro area with everything to offer in terms of entertainment, culture and food,” Redfin real estate agent Rory Haigler said in a statement.
