Another thing you can try which they do in other college towns but not in Rochester too much is charge by the semester. (2 (5) month semesters) which you could then get away with charging prob close to 700.

I'm afraid if I say they cancel with 2 month penalty I could have some tenants cancel during spring semester if they drop of out school and I'm SOL for until next school year...

I am 18 years old and just finished my first semester at the United States Naval Academy.

After my first semester, I made the decision to drop out and get my real estate license with the intention to save up enough commision to get my first investment property and scale from there.

However; 2 of them decided to move out, and I couldn't get new tenants unless I waited for the next semester.

I was able to graduate in 5 consecutive semesters with a 3.8 GPA because of a combination of taking as many credits as possible, CLEPing out of most of my gen ed requirements and using the "experiential learning" credits that my university offered to be able to skip all electives.Let me know if you want to know any more details of how I did that. 

I would speak with previous landlords, previous employers and even college advisors to make sure things will work well.I would make it clear in your lease that visitors can't stay more than 10 days per semester.

Most of them don't check out when the semester is over in the spring unless they are graduating; it's too much work to move a house full of furniture for 2 months and then find a new place before the semester starts.

But I think if I can make some listing commissions during the fall semester, and save the cash for the investment, that I would be in good shape.

I'm renting one room to a student for a single semester. lol.