I grew up not far from State College, PA, and currently work there as an engineer for Penn State University. 

Louis investors,I've got a 4-family property under contract in University City area of St.

Or is there another factor (besides proximity) that needs to be considered before a university can be considered a major university and economic anchor?

An economic anchor is something that supports the local economy and is not going anywhere even during an economic downturn.Question: Hypothetically speaking, if the average commute to work of residents who live in a desired market is 25 minutes and a major university or hospital is 23 minutes away, but is located in the next town over... can the hospital or university still be considered an economic anchor?

I think returns can, for the most part be universal....However, expected returns will differ even between states so I'd guess that's probably where most of the differences will come in to play....Also, the laws of the country you're investing in.Many books are more focused towards mindset. 

I got out a few years ago and continued with my education and I am currently attending college at the University of Hawaii and will graduate in December this year with a Business Management degree.

and yes, it's in Fayetteville, and he works at the University, which makes it weirder since houses here sell or rent pretty well. 

I'm fairly new to note investing (and real estate investing in general) and am not accredited, however I have worked in investments (stocks, bonds, mutual funds, etc) for 6 years and actively invest in those arenas and am a CPA, so I'm pretty comfortable with financials/investments/risk/etc.

Other things to consider - do you need cash flow, do you need cash out of the sale (which will be taxable, but could do a partial 1031 exchange), what will you buy as replacement property on the other side, do you want to manage real estate on the other side or have totally passive real estate...If you’re considering an exchange, want to be hands off, and are an Accredited investor, you could exchange to a DST (Delaware Statutory Trust).

Fundrise - https://fundrise.com/ - Using SEC Reg A+, Fundrise offers several “eREIT” products open to non-accredited investors, with a minimum investment of $1,000.