There's a few factors to consider. Money management is not as simple as looking at the math. Psychology, risk tolerance and self-discipline are involved.
If you have a track record of correctly tracking and managing your household expenses and maintaining a target savings rate for more than 1-2 years, then yes, I think the math leans towards investing in real estate (provided your student loans are at 4-5% AND your risk tolerance is in line with that decision). If you are projecting a goal annual savings rate (or paydown rate), but have not yet practiced managing a personal budget and maintaining a savings rate over time, I would advise you towards debt payoff. For most people, the debt payoff process mentally prepares them for transitioning to long-term wealth building, by way of developing the self discipline required to minimizing expenses and maximizing savings goals in the long run.
As others have mentioned, any lender will require you to put down 20-25% on SFH/MFH that you do not plan to personally live in, and the $80k in student loan debt may work against you as the lender considers your debt-to-income ratio. As a first time property investor, I would calculate your current DTI and ensure its well under 35% or so. That could give you a clear direction on what to do first. Finally, are any portion of your student loans federally backed? If so, the proposed Biden administration student loan forgiveness plan may come of use if/when it comes to fruition.
