Based on the fact that you are a full time student with no money and no credit your best approach would be to concentrate on school, if that is your desire, graduate, save money and build your credit.

As a graduate of the university, I know first hand the rental rates students will pay as well as the more desirable neighborhoods students would like to live in.I know the area well, and would be happy to help any way possible.Sean

Desirable area. 

So here is my case for So Cal:- Advantages of local including expertise, cost to get to property, able to self-manage if desired (typically ~10%).

I agree with your thoughts on making rentals more desirable to college students and with staying competitive through price.

I joined BiggerPockets because I would like to learn about the real estate business, network with the community and add my entreueneoural experience when required.   I would like to start building my real estate portf...

That discount as well as the vintage of the loans insulates the fund, in a sense, from fluctuation in market rates rising and falling.There is a correlation to investor desired returns and prevailing market interest rates and returns however in general the closer you are to market returns via market interest the more sensitive the investment would be to rate movement.  

It looks like you are desiring this for a residence and not really looking at it primarily as an investment. 

Study after study PROVES that the best place to add a dollar to our economy is UNDOUBTEDLY in the middle to lower class households if the desired affect is to bolster our overall national fiscal health.

Opportunities will pencil out more easily in The Heights, Journal Square, or Bergen-Lafayette, and many areas can access Newport via the Hudson-Bergen Light Rail.Another factor to consider is desirability.