Rental opportunity with good return, but bad market

[Jeremy Fields]

I'm looking at a property in a nearby college town that currently has a 9% cap rate. I have talked with some guys in a fraternity willing to rent for more than current rents, which create an 11% cap. For me, this is great, as it's very hard to find good deals in my own town. Typically 6-8% is the best you'll find. However, my major concern is that avg DOM for this college town is 180 days. I also do not expect much appreciation in value over the next 5-10 years. Does this make for an investment with too much risk? I'm all about positive cash flow, but should I seek deals that also will see increased value, so I can make money on the back end too?