Buying Near a Campus: Investor Checklist for Properties Around Kansas and Baylor

Hook: Stop guessing — buy campus rentals with event-driven cashflow in mind

Investors near Kansas and Baylor face the same pain: seasonal churn, unpredictable rents around rivalry weekends, and renovation choices that destroy ROI. If you want a student housing investment that actually cashflows in 2026, you need a checklist tuned to both long-term tenant demand and short-term, event-driven spikes—think Jayhawk vs. Bears game weeks.

Top-line thesis (inverted pyramid)

Buy properties near the University of Kansas (Lawrence) or Baylor University (Waco) using a hybrid model: long-term student leases as the base revenue plus strategic event-driven short-term opportunities that lift effective annual rent and improve cash-on-cash returns. To execute, use a reproducible campus property checklist, an event-aware cashflow model, and modern property management that reduces turnover costs.

Why 2026 is a turning point for campus rentals

Late 2025 and early 2026 saw three trends reshaping student housing economics:

• Event-driven demand is monetizable. Rivalry games, graduation weekends, and alumni reunions returned to pre-pandemic scale and now attract out-of-town parents and fans willing to pay premiums for convenience.
• PropTech adoption accelerated. Dynamic pricing, utility-split software, and tenant acquisition platforms are lowering vacancy windows and improving net effective rent.
• Institutional interest increased. More capital targeted student-adjacent assets—raising prices but also professionalizing property management and standards you can match as a nimble investor.

How to use this guide

This guide gives a practical checklist, a working cashflow model with sample numbers for single-family and small multi-family campus properties, and management actions to protect ROI. Use the model as a template and swap local rents/expenses.

Part 1 — Campus Property Checklist: What to inspect before you buy

Checklist items are grouped by strategic importance. Score each property on a 1–5 scale (5 = excellent).

Location & proximity

• Walking time to campus door (target < 15 minutes for premium rents)
• Access to shuttle routes and bike lanes
• Proximity to grocery, laundromat, and bars/restaurants

Zoning, licensing & short-term rules

• Check city short-term rental (STR) rules. Waco and Lawrence have different STR regulations—understand permits, cap limits, and neighborhood overlays.
• Verify occupancy limits and licensing for multi-tenant rentals

Unit mix & floor plan efficiency

• 4-bed/2-bath units near campus tend to outperform single large bedrooms due to roommate splits
• Look for private bedrooms with shared kitchens to maximize per-bed rent

Turnkey features students notice

• Reliable high-speed internet (>= 300 Mbps recommended in 2026)
• Durable finishes: luxury vinyl plank, quartz-look counters, metal beds
• Ample study lighting and power outlets in bedrooms

Parking & ancillary revenue

• Event parking opportunities: properties with driveways or lots can sell day-of parking during high-attendance games
• Rent garage or parking spaces separately if supply is tight

Safety & local perceptions

• Crime trends in the immediate block influence parental willingness to sign leases
• Lighting, security cameras, and controlled access move the needle on perceived value

Part 2 — Renovation & unit design checklist for student ROI

Renovations should prioritize durability, quick turnover, and appeal to both students and parents.

1. Kitchen upgrades: Full or partial gut only when it improves bedroom conversions or adds baths. Add durable counters and easy-clean backsplashes; avoid high-end custom cabinetry.
2. Baths: Add a second bathroom where feasible—each additional bathroom often increases total rent more than the cost to build in student markets.
3. Flooring: Replace carpet with waterproof LVP. Easier to clean and lasts longer with high turnover.
4. Locks & access: Install smart deadbolts and rekey upon turnover. Remote access reduces lockout maintenance tickets.
5. Furnishing strategy: Furnished units fetch higher per-bed rates and lower turnover friction; use modular, multi-use furniture to reduce refresh costs.
6. Energy & utilities: Separate metering or utility-split billing reduces landlord expense and promotes conservancy—PropTech tools in 2026 automate this split.

Part 3 — Cashflow model: Single-family vs small multi-family (practical examples)

Below are two reproducible cashflow scenarios (conservative, 2026-informed). Replace numbers with your market comps.

Assumptions key

• Cap rate target and mortgage rates: use your actual financing. In 2026, refined underwriting models assume slightly higher debt-service coverage due to turnover risk.
• Base occupancy: assume 90% for leased academic-year student units; short-term conversions can lift effective occupancy.
• Event-driven premium: assume premium nightly rates during major events (rivalry game weeks, graduation, homecoming).

Scenario A — Single-family near campus (4 beds/2 baths, long-term student lease)

Sample inputs (replace with local data):

• Monthly rent per bedroom: $500 (total rent = $2,000)
• Annual base rent = $24,000
• Operating expenses (insurance, taxes, maintenance, utilities, management): 35% of rent = $8,400
• Annual debt service (example mortgage): $12,000

Basic math:

• NOI = $24,000 - $8,400 = $15,600
• Pre-tax cashflow = NOI - debt service = $3,600
• Cash-on-cash (assume $50,000 down) = $3,600 / $50,000 = 7.2%

Enhancement: monetize 8 event days/year (rivalry game weeks, graduation)

Short-term premium strategy:

• Leave 4 bedrooms leased long-term; convert for 8 nights/year to STR or premium short-term bookings and charge $250/night for entire house instead of $500/month per bedroom.
• Event revenue: 8 nights x $250 = $2,000 per event season. If you run 4 comparable events, incremental gross = $8,000/year.
• After STR fees and cleaning (assume 30%): net incremental = $5,600

Updated cashflow with event income:

• NOI = $15,600 + $5,600 = $21,200
• Pre-tax cashflow = $21,200 - $12,000 = $9,200
• Cash-on-cash = $9,200 / $50,000 = 18.4%

Takeaway: Even conservative event monetization can more than double cash-on-cash returns. The key is operational efficiency and legal compliance.

Scenario B — Small multi-family (2 units, each 3 beds) within 10 minutes of campus

Sample inputs:

• Rent per bed: $550, each unit generates $1,650/month; total monthly rent = $3,300
• Annual base rent = $39,600
• Operating expenses: 40% (higher due to turnover/management) = $15,840
• Annual debt service = $22,000

Basic math:

• NOI = $39,600 - $15,840 = $23,760
• Pre-tax cashflow = $23,760 - $22,000 = $1,760
• Cash-on-cash (assume $100,000 down) = $1,760 / $100,000 = 1.76%

Event-driven augmentation for multi-family

• Convert 1 unit to short-term for 8 event nights and earn $400/night vs long-term equivalent of $1,650/month (per night, long-term value ≈ $55/night). Incremental nightly premium = $345/night.
• 8 nights x $345 = $2,760 gross per season. Net after fees (30%) = $1,932.
• Add ancillary event parking revenue and catered refreshes or merchandise—conservative estimate +$1,000/year net.

Updated numbers:

• NOI = $23,760 + $2,932 = $26,692
• Pre-tax cashflow = $26,692 - $22,000 = $4,692
• Cash-on-cash = $4,692 / $100,000 = 4.7%

Lesson: Event revenue materially improves returns but is rarely a full solution—combine with cost controls and scale to hit target returns.

Part 4 — Operational playbook: reduce turnover costs and protect margins

Turnover kills student property ROI. Target strategies that lower vacancy days and per-turnover costs.

1. Stagger leases to avoid full-building churn. Move some leases to 12-month rolling terms or 10-month + summer sublease to spread turnovers.
2. Use refundable damage deposits and parent guarantees. For undergraduates, parent guarantors reduce risk and speed approvals.
3. Standardize unit layout and inventory. Same beds, same furniture, same paint color = cheaper and faster refreshes.
4. Outsource to a student-housing-savvy PM or platform. Expect long-term management fees around 8–12% of rent; STR management runs 20–30% but often pays for itself through higher event revenue.
5. Pre-season maintenance blitz. Schedule seasonal maintenance in early summer when vacancy windows are predictable.

Part 5 — Pricing & marketing for event-driven demand

2026 tools make dynamic pricing accessible: integrate your listings with a revenue management tool used by boutique STR managers. Use these tactics:

• Identify 8–12 high-impact dates: rivalry games, Commencement, homecoming, orientation weekends, and major concerts
• Create event-specific offers: fan packages, shuttle coordination, and parking add-ons
• Market to alumni networks and boosters—email lists and social channels can sell at a higher margin than OTA platforms

Part 6 — Risk management & compliance (non-negotiable)

Event revenue is attractive but can create compliance headaches. Run through this checklist before advertising short-term nights:

• Confirm STR permits and caps with city clerk
• Obtain additional liability insurance for short-term activity
• Follow HOA rules and neighborhood noise ordinances
• Document emergency procedures and provide clear guest instructions
• Preserve relationships with neighbors—offer contact and goodwill gestures during high-volume weekends

Part 7 — Advanced strategies and 2026 trends you can exploit

Use these higher-level plays to scale returns beyond the sample models.

• Hybrid leasing: Combine 9–10 month leases for students with summer short-term conversions managed on a calendar—this normalizes cashflow and increases annual effective rent.
• Co-living conversions: Convert underused common space into an additional rentable bedroom where zoning allows, increasing rents per square foot.
• Event partnerships: Partner with local tailgate vendors, alumni associations, or parking operators to create revenue splits on game days.
• Micro-hoteling for alumni: Offer premium experiences (cleaning, catering, transit) to alumni during reunions—packaged services command higher rates.
• PropTech stack: Adopt dynamic pricing, digital lease signing, remote lockboxes, and utility-split automation to reduce friction and costs.

Case study (practical, based on 2025–2026 activity)

In 2025 a two-unit property in Lawrence converted one unit for 6 high-attendance Jayhawks home games plus graduation weekend. By charging a $300 nightly rate and offering parking for $40/day, net event income after platform fees and cleaning was approximately $6,200 that season. That incremental revenue improved the investor's cash-on-cash from 6% to roughly 13%—enough to justify a minor renovation and a $10k annual increase in management fees for STR operation. Key to success: strict house rules, pre-approved parent guarantors, and an automated check-in process to keep cleaning windows tight.

"Event-aware underwriting doubled our effective yield without owning more units; operational rigor was the differentiator." — portfolio manager, student-adjacent assets (2026)

Quick calculators & formulas

Use these for fast sanity checks:

• NOI = Gross Rent - Operating Expenses
• Cap Rate = NOI / Purchase Price
• Cash-on-Cash = (NOI - Debt Service) / Equity Invested
• Event Incremental ROI = (Event Net Revenue) / (Event Operating Cost + Incremental CapEx)

Practical negotiation tips near Kansas and Baylor

• Ask for flexible closing to time renovations with summer vacancy
• Negotiate seller-paid repairs into purchase price if the unit layout needs reconfiguration for more bedrooms
• Request historical rent rolls and turnover dates to build an accurate seasonal cashflow model

Common pitfalls to avoid

• Underestimating legal constraints: STR bans or caps can wipe event income overnight
• Overfurnishing: expensive pieces break or get stolen; choose replaceable modular items
• Ignoring neighbor relations: one bad event complaint can result in fines or permit revocation
• Forgetting summer demand: graduation and orientation can be as lucrative as game weekends

Actionable checklist to take into the market this week

1. Run comps within a 10-minute walk for both long-term per-bed rent and short-term nightly rates around major campus events.
2. Confirm STR and multi-tenant licensing in the municipal code for Waco and Lawrence.
3. Model three scenarios: base long-term, hybrid with event conversion, and full multi-unit STR for 8–12 high-impact dates. Use the formulas above.
4. Contact two student-savvy property managers and ask for a turnkey bid (include STR management as an option).
5. Plan a small renovation budget focused on durability and adding at least one private sink or bath if feasible.

Final takeaways

Student housing near Kansas and Baylor is no longer only about steady monthly leases. In 2026, combining long-term occupancy with carefully managed event-driven revenue is the pragmatic route to meaningful cashflow. The math is straightforward: even modest event income can transform a marginal deal into a strong performer—provided you manage legal risk, control turnover, and use modern pricing tools.

Call to action

Ready to run your first event-aware underwriting? Download our customizable cashflow spreadsheet tailored for Kansas and Baylor markets, or schedule a 20-minute call with our local analyst to review a specific address. Start with one property, test the event lever for one season, and scale what works.

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