Renting to college students

[Tim B]

I'm trying to buy a single family rental house in an area with 5 private colleges - lots of demand for student housing. Students will typically pay $450 to $500 monthly, per room - 12 month lease - parents actually sign the lease and pay the rent. So a 4 or 5 bedroom produces $2000 or $2500 monthly income.(price range $180k to $220k - taxes $3600).

Do any investors have experience with student rentals - they seem like money makers - What are the pit falls, other then students being hard on the property?