I'd encourage you to do some analysis on your area don't just make the assumption the market is good because of the college although that is a good indicator.

Taking conservatively, $13 per person per night and 50% occupancy, indicates a potential of $3,900 per month, gross.

We bought our first flip house at a live auction from Williams & Williams, I was the only person there but bidding against 4 other online buyers, the auctioneer took bids in an earpiece then announced them and looked at me to indicate it was my turn to bid.

I'm hopeful there has to be a way to find a lead even in a hot market, but I'm starting to wonder if I just have to wait for things to cool down... my hesitation with waiting is two-fold: 1) All the market trends and government fiscal policy indicate interest rates will only climb in the near future.

For me, meeting tenants is perhaps the most important thing; it gives me an indication if I can stand the place or not.

You just cannot count on comps because like anything in real estate comps are just one indicator but do not necessarily mean buyers will want to pay top dollar for your property especially if it is a fellow investor wanting to buy from you.

I also look at deferred maintenance and common charge delinquencies as an indicator of how the complex is managed.  

Your initial post seems to indicate that you no longer live on site - so FHA financing for up to 4 units won't apply.

I think it may be that people are putting that 'stupid' price up and not finding a sucker, more than indicator of the market.

It certainly does fulfill the requirements I'm looking for but I guess I should also indicate that I'm not interested in servicers either.