Went to school 20 miles from the Canadian boarder where it was regularly -20 degrees in the winter, and we'd still rather be .2 miles from the bars & well over a mile walk/ drive from the actual school.I do see a lot of first time investors thinking that student housing is going to be their passive golden ticket, but quickly realize how much work it really is.

I am based in Texas and I understand that there is a lot of affordable duplexes in Westmoreland County for a low as $90,000 on Zillow.If you are looking to House Hack like @Madison Stoner  I recommend you interview some local Investor Minded Real Estate Agent and hire the one you feel most comfortable with.

But I agree with an above poster that $10 psf in tenant improvement seems low, unless you can find a turn-key tenant to occupy that will require very little renovation.In DFW, for 2nd generation spaces, I've seen LLs underwrite at about $25-35 psf in expected TI allowance (subject to the lease terms and tenant credit rating).  

However, rates did rise back up from the recent low of 6.08%.The inventory was 38.3% higher than this time last year and is increasing month over month.

If you do a cash out refinance, you may be in the high 6s or low 7s. 

Here are some examples- 3/2 in class a rents for $6k in my market.  3/2 in class c- rents for as low as $2.5k.  

A few recommendations - learn as much as you can from books, podcasts, and attending free or low-cost real estate investor meetups in your area (in-person is best).

They also likely save you time.You can certainly still buy in DFW for $400K and maybe as low as $250K depending on where you want to buy. 

If prices are high and supply is low, it may be worth taking on a major battle.Jon

If you use a DSCR rental loan it could be as low as 3-6 months of time seasoning required so it depends on what product you're using to accomplish the mission/goal.The time frame isnt a legal requirement, its a financing product specific requirement as a guideline to obtaining the money in which you seek.If you had other scenario related questions feel free to mention them below or via DM.