Your experience with Student Housing

[Desiree Doubrox]

HI There;

There are two properties built in 1894 located in South Orange, New Jersey. 
Blocks away from Seton University, one with 11 bedrooms and 4 baths and the other with 14 bedrooms and 4 baths.

Both show signs of deferred maintenance but one more so than the other.  The couches and other furnature are outside on the porch, trash piled up, broken floor tiles and unkept yard. 

The sellers says it's just college boys and that's to be expected.

He's currently getting good rents...as unbelievable as it may seem and if cleaned/fixed up it could make more as well as increase the value of the property.

We own several coworking/coliving properties in the US and Mexico, so we are used to hospitality and properties out of state.

However, my questions are;

Is this a norm for college students, or student housing? 
Will they continue paying market rent for a mismanaged property. 
Are there great property managers that specialize in student housing properties?
Is a shared bathroom common or should we add more?
Are they profitable?

Student housing would be new for us and it may be better for us to stay in our lane, but... you never know.

Thanks for your feedback!

Desiree