My other units are geared towards college students but the new construction will be geared towards grad students, general population or college students that want to be away from the noise.

It appears that, other than Mike's tip regarding audible noises from the floor, most major issues with the foundation can be spotted by a careful, naked-eye inspection.As a follow-up, do both of you (or anyone else that joins the thread subsequently) rule out properties at that point or consult first with an expert to see if the issue is a deal breaker? 

Late rent, not pay rent, noise disturbance from excess barking in the building, etc all legit reasons to evict a tenant with service dog? 

I have the standard lease agreement, and wanted to know what other college rental investors include in the lease agreement to protect themselves and the property.For example, noise complaints/police disturbances.... what is the consequences..etc., Under age drinking (does the landlord have liability for that?)

I can only imagine what would happen the moment an AirBNB guest accidentally broke something, was unintentionally loud, arrived at 11:00 at night and made some noise or what have you.Offering some dirty, filthy money in exchange for increased opportunities to make yourself even wealthier (like Scrooge McDuck doing the back stroke in a pile of gold coins), will not be received well.  

What I would do is first focus on fixing up the bungalow, then move in there with your wife and baby so baby is in a safe, baby-proofable place and not exposed to all the construction debris and noise.

There are older subdivisions with Covenants and Declarations that do not clearly address noise disturbance levels and how to address them.

It's worked out so far, but it's been a grind and most don't have the stomach for it.

I had to eliminate the noise and educate myself.Finding trustworthy property managers.

Sitting in car for a couple of hours to see if there are problems - kids hanging out, loud noises (trains), whatever.