College Town Rental Questions - How to set the rent?

[Chris Stairs]

I am a new investor looking for a little guidance on how to market rents and set up a lease aggreement for a college rental.  This is a single-family home in a small college town where my wife and I attended.  The home is presently rented at $1400 to 5 students.  We are doing some rehab adding an official bedroom and extra bathroom.  We believe after the work is complete we could ask $1600 a month for rent of the home for a regular full-year lease to say a family.  However, as a college rental we wondering if this structure would be appropriate:  

5 people - $1600

6 people - $1710

7 people - $1820 (We do not want any more than 7 people in the home.) 

This would be a 10 month lease for the college season.  We plan to use the property as 2nd home for the summer and we do plan on furnishing the home, so use of most of our furniture (Beds, couches, appliances, kitchen table, dressers) would be included in the lease.

Has anyone else structured rents this way and what advice do you have for us?