@Eugene Lubman, There's a couple different considerations here. 

Typically those are shorter stays as they are doing something for a couple months vs staying for the entire semester or year.

Thank you everyone,  I appreciate all the help except for the first couple responses. 

Currently we are looking into a couple of properties in Zip code 43206 and wondering if you can share inputs about the area from the point of view of safety, tenant pool & growth/appreciation.I have lived in the zip code of 43206 for over four years.

Maybe a brand new carpet did lose 90% of its value.

They visited Waco on the Magnolia tour idea and saw the houses, saw the prices and wished they could have moved there and just commuted maybe 1 or 2x a month for the office meeting.   90min drive every day would have been killer, but a couple of times a month they thought wasn't bad.

Here is a copy paste from a post of mine a couple years ago.http://forums.biggerpockets.com/viewtopic.php?

If you had a decent war chest of funds for purchase and rehab, the area could be good if you want appreciation for the next couple years. 

Convert the Property to a Primary Residence: If you live in the property for at least two of the five years before selling, you may qualify for the primary residence exclusion, which allows you to exclude up to $250,000 of capital gains ($500,000 for married couples) from taxation.4.

It's brand new inside.