This question is based on my shrinking belief that the amount of appreciation we are seeing will eventually slow. 

Otherwise your initial investment will continue to shrink by about 20-25% per property, or you’ll have to wait for market appreciation before you Refi , which would take years depending on the market.

At this point in time, I would rather bet on a rental bounce locally (not necessarily in the city) based on a post-covid recovery, rather than perpetual shrinking cap rates in those hot out-of-state markets (given that cap rates here are potentially equal or better than those other markets atm, and we may be headed into a higher interest rate environment).That's not to say other markets won't make people money.

It will likely crack and shrink if you did not pre-fill.

If the slope/uneven floors aren't too bad I wouldn't mess with it, just make sure the joists are good and that they haven't been cut or broken, if there has been normal shrinking/settling thats common . 

The units are fully booked through May 2022 at this point and are financially a great deal based on the numbers for the next year.The main risk I am seeing is that the 5 year trends show that small town universities are shrinking in enrollment in general and there is a big move to online courses after Covid.I am looking for input from any experienced investors in the student housing market that can provide any additional insights into my decision. 

It shrinks rapidly in heat. 

Right now the US isn't shrinking, it's just growing at a slower rate than it has historically. 

As the crisis continues to abate, colleges will shrink a bit as will the use of classroom, but not dramatically IMO.

Municipalities with shrinking tax bases decide that out of state landlords are an easy mark for taxes and fees.