Reinvesting profits; SC college apartments or family house

[Tyler Kellogg]

Hello everyone, new guy here that just joined. I live in the panhandle of Florida and recently sold one of my investment homes. I'm looking at jumping back into the real estate market, and remembered when I went to college, there was a popular apartment complex in Myrtle Beach, SC (4 bd/4 bth) that was leased out of around $800 per room (2013 prices). With that income and a consistent renewal of applicants thru the college I was wondering if that would be a better option than buying another home closer to me in Florida. 

I've also been considering CDs while the profits from selling just sit until I'm ready to purchase another property. 

My main question is; what would the risks/benefits be for purchasing a house in another state? Am I on the right line of thinking for that college apartment to be a good investment? Are there any other options I should be considering to maximize the profits from selling my initial investment home? 

I appreciate all the time and knowledge sharing in advance!