Buying a house/apartment for child that plans on attending Auburn

[Will Stewart]

Okay, full confession. I have been a member of this site for years and have admittedly not taken full advantage of it. 

I have a junior in high school that plans on attending Auburn University. The cost for University housing is fairly substantial. I am considering buying a house or apartment to rent out for one year before she gets down there. I have been running numbers on here but cannot find anything that even comes close to the 1% rule. My wife informed me that she has heard people buying a property and renting by the room, sometimes as much as $1200 per room. I am just looking for someone that may have experience with this scenario. I do have a HELOC that I could tap into but I know that is not always the best strategy. I also could do a possible 1031 with an existing property but it is a very small house that would not sell for more than about $45K. Any help would be appreciated as I am really wanting to get my real estate journey started again. Thank you so much!

[Will Stewart]

@Gregory Schwartz Thanks for the reply! That definitely helps. I really need to just figure out what I could rent each room for I think. 

I will check out the video for sure!