First Rental Property

[Heval O.]

Hi, I'm looking into buying my first rental (3 bedrooms, 1.5 baths) with 20% down and a 30yr amortization at a purchase price of $100k. It would be an out of town purchase but I've spoken to a property management company in that area about rental prices. I'm looking to rent it out to students as it's close to a university. The property management company said I could expect $400-$550/room.

I know the general rule is to own more than one door but does that still apply if I'm renting it out on a per room basis? Also, is renting out to students a good idea? What else am I missing?

Thanks in advance for your feedback!