But had to rent out rooms to fellow University students.

Your calculation of 1/12 rent per month to cover the lease up fee is not going to be universally applicable. 

Powell is different than near the university which is different than West Knox. 

I also applied a vacancy rate of 12%, which I believe to be somewhat conservative given this is student housing near a university which provides for a stable cycle of tenants.

Disclosure: I am a student at Western Governor's University but I am not sponsored by the education system. 

Currently I’m pursuing my J.D. from the Sandra Day O’Connor College of Law at Arizona State University.

So yes, this property would be a C class, bordering a (D)o not enter zone, close to the University of Spoiled Children (Sorry, go Bruins).

Personally I like the streets right above the university such as Campbell Ave and Mountain Ave.

I am still in university and have saved some money from work but its probably not enough for a down payment on a property.

I wondered if the fact I was able to rent it so easily meant I was bathing to little but I also am in a college town full of young married couples and it’s fairly close to the university here so maybe it is at market rent Iran Justin in a great area