Im not a college rental investor, but if it were up to me I would target an area that is safe, clean, high traffic, and a large university. 

Here's some guidance on buying your first investment property in Southern California or Columbus, Ohio:Down payment:For investment properties, lenders typically require 15-30% down payment on your first investment15% down is possible with excellent credit (700+ score)20-25% down is more common, especially for multi-unit propertiesSection 8 considerations:Pros:Guaranteed portion of rent from governmentPotential for longer-term tenantsMay be easier to fill vacancies in some areasCons:More paperwork and inspections requiredRent amounts set by local housing authorityPotential property damage concernsOther tips:Research local markets carefully - price trends, rental rates, etc.Factor in all costs - taxes, insurance, maintenance, vacanciesConsider starting with a single-family home or small multi-unitBuild a team - real estate agent, property manager, contractorsHave cash reserves beyond just the down paymentUnderstand landlord-tenant laws in your chosen locationI'd recommend talking to local real estate agents in both areas to get more specific market insights.

At my company, Showplace, we've identified several key strategies that significantly impact vacation rental success after setting up over 800 homes in the last 3 years:Thoughtful Design and Amenities: Creating a unique and inviting atmosphere tailored to your target audience can make a significant difference.

I think your biggest barrier is finding an asset that will meet DSCR requirements in your target location without having 40-50% down.

My company does over 30 DSCR loan transactions a month, so I definitely have a lot of experience with that program.Mid term rentals can be tough, but they can be done.LTR (long term rent) is easier for DSCR, that would be a traditional 1 year lease tenant.I'm very familiar with the OH state market, if you have properties in mind you want to purchase, they most likely will qualify for LTR so you can do a DSCR with 20% down. 

The primary reason a lot of people move on to bigger deals (80 units plus), is that it's possible to own larger properties in markets that make economic sense but may be far from where you live. 80 Units seems to be the target so you can hire your own full-time property manager and maintenance person, versus relying on local property managers to manage smaller multi-family properties on your behalf.

Investors are seeing consistent bookings throughout the year, making it easier to predict cash flow and maximize returns.Lower Acquisition Costs: Despite the rising demand, Indianapolis still offers relatively low acquisition costs compared to other major cities.

It depends on targeting the right demand.Owning offers appreciation, but arbitrage provides flexibility without long-term market exposure, which some investors prefer.

I think it's also easier to say given the current market.

We enhanced the property's value by investing $6,000 in targeted renovations, including necessary repairs and updates.