Is investing in college towns dead?

[Stephen Jones]

BP,

I am looking at a deal in a college town with an enrollment of about 12,000 people & a population of about 25,000 people. What are peoples thoughts on investing in college/university towns? IMO, our education system is slightly broken. If you are not in school to become a doctor, lawyer, engineer, etc. then it seems unwise to assume a massive student loan? A lot of employers now do not require degrees to be potentially hired. 

Another factor is that this particular college town, like many, is not near a major city (closest major city is 2 hrs). Any feedback would be appreciated!