[Calc Review] Analyzing student rental - use cap rate?

[Michele G.]

Should I be using the cap rate to analyze student rentals? Each property is different because they are usually converted houses. Some are one big house with 3-6 bedrooms. Others have been split into separate units with their own kitchens and utility meters. Given the different structure of each unit I was thinking it might be better to use the cap rate. My vacancy % is low because 99% of student housing has been booked for next school year. The signing period opens in September for the following year. This particular property is rented through 2020 so I know what my income will be for the next 2 years. 

Am I missing anything? Does this look like an ok deal? 

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*This link comes directly from our calculators, based on information input by the member who posted.