[PhiPsiRuss]

I would definitely prefer a plot of land. With the changes in zoning and regulations, a new house can be built that will be future proof for decades to come. With current IRS tax code, new houses can maximize the percentage of the house that is tax deductible.

There is a trend to mandate sprinkler systems in college student housing. It is much less expensive to do this when you build, then it is to retrofit.

There are things that can pop up like ADA compliance. Not only might you need a wheelchair accessable entrance, but you might need an elevator.

Also, a new house, as opposed to a pre-existing one, can be structured to maximize tax deductions for donations made for the house. Donations made to single-use areas, that are educational, are tax deductible. Also, a percentage of common areas and annual maintenance, in proportion to educational areas versus non-educational areas, is tax deductible.

ETA New houses can also be built to lower annual insurance costs, as well as maintenance.