I figured everything you were saying is true but I’m completely new to real estate investing and just wanted to make sure and get another pair of eyes on it. 

We just sold 2 rehabbed and rented at $850 and $825 for 108K for the pair.

Even if you're a strong pair together, please prepare based on business logic, not emotions.

http://www.mysanantonio.com/business/article/Financial-roof-falls-in-on-pair-of-house-flippers-4559692.php

Where is the sweet spot of lower purchase price paired with higher rates?

There is still some clarification needed on this, it could be a pretty big deal if it can be paired with the new markets tax credits. 

I suppose all of this, paired with the fact that college rentals should start to pick back up as COVID starts "going away", makes Dekalb at the very least a good place park your cash.

Every REI friendly lender is familiar with that math (most lenders don't really know REI math -- it's not a requirement for our pre-licensing education or testing).The offer didn't get accepted, but I ran a scenario past underwriting for a guy that lived (I am not joking... really) in a van down by the river (yup, that's really where he lived, this is not a Chris Farley joke), who was unemployed, buying a pair of fourplexes, and had it approved by underwriting once presented properly. 

You might have success pairing that with AirBnB or something like it.

Appreciation and cash flow are wonderful as a pair.