Also, rents only go up right? The longer you hold the property lease it the more passive income you get.
If you look at it from the buyer's perspective, they would be paying you for a job that pay's roughly 90k per year.
This is just my $.02 but I think it makes sense to hire someone to run this full time. For 90k + free room and board I would imagine you could find someone very competent to take it over. You would get the profits and likely make your business more marketable.
We have reason to believe our lease is good indefinitely.
We think there are other things of value in the company than the lease. Starting one of these places yourself isn't cheap, easy or quick. Making sure your dorm is listed in new hire/intern/founder material takes time and connections, generally from former residents.
It also takes experience and skill to properly lay out houses and incentive structures which motivate residents to cooperate and be good to each other. Some of our systems are pretty elaborate. For example: we manufacture large batches of dish sets and silverware each with a different animal. Residents are assigned an animal, and only allowed to use the dish set with that animal. This has lots of utility: it means residents have to clean their dishes before making more dishes, it creates personal responsibility around abandoned dirty dishes so the kitchens do not become hellish, and it mitigates the variation in the definition of "clean" one might find between an undergraduate intern and a doctor doing their residency. We also believe it is a key piece of what has helped prevent the dorms from ever having a flu outbreak.
