I have no idea what the next congressional budget cycle will hold, I have no idea how that could increase or decrease the number of people on the base, etc. 

Okay, what exactly is the “temporary occupancy period”?

Try to look at publicly traded real estate developers, they may disclose some similar project budgets, but be aware that doing a project of that scale requires and lot of political connection which may increase or decrease your cost.

You may need to decrease your rent until you get more interest. 

The new 200 unit building and the decrease in enrollment would be two major concerns. 

However, if you plan to sell it in 2019; you have to decrease the basis by the depreciation you took(or should have taken) on your tax returns.

By the same token, I don't believe your repairs and maintenance expenses would decrease because you are charging a lower amount of rent per month. 

This will decrease your stress levels and elevate your belief that you are able to be an investor and do this business.

Educate yourself and learn from other's mistakes to decrease your risk exposure.3.

Over time rents will slightly increase while mortgage interest will slightly decrease but you can probably look at the "right amount" of debt to offset that (again, along with depreciation).