I'd look at way more than one piece of land.

Many wholesalers are actually selling the property, as far as can be determined from how they promote and advertise what they are doing.

You might get lucky.I'm dealing with my own issues right now as I have a 5 plex that is not nob and tube but is screw in fuses and the insurance company (auto owners) threw a fit and demand the fuse boxes all be replaced with breakers or they will drop me.I'm right down to the wire and they have issued a do not renew order until fixed because it has taken 7 months to get all the paperwork and consumers on board with the update.I have a really good electrician coming in two weeks now that he finally has his permits, parts and pieces, electrical company ready for the work to be done.The electrician warned that he was only doing this because he was friends with my PM.

Value is being added by building a new build triplex on a vacant piece of land.

NBT Bank had/has a promotional 6.5% commercial rate they were advertising this month. 

But that market has gotten so much hype and publicity as a great BRRRR city that it's dry right now and I am actively setting up market number 2 but I get to take with me the lessons I learned building market 1.It's trial and error, it's trust but verify, it's motivating the game pieces in the market: the agents, the GCs, the wholesalers. 

. - I totally agree with you on the location piece and that makes this tough.This isn't just about cash flow but a seemingly unique and great oppty for taking $500k of tax free Sec121 dollars off the table.Curious if you see the the alternative strategy to be : - to hold the SFH long enough for appreciation + CF to cover the $500k + taxes on those capital gains if selling?

Are they hosting open houses, networking with neighbors that might know someone, promoting the listing for the reasons you listed? 

I have a management company for my other pieces of real estate though and thought I could use it for the same purpose with the hotel and that would provide a much more durable case.

What are the essential pieces of furniture and amenities I should include to make the unit attractive and functional for college students?