It's current tenants are not students but my plan is to replace the tenants with students within the year after purchase.  

Rent-by-the-RoomWith 5 bedrooms, renting by the room could provide higher cash flow, especially if marketed to students or young professionals.

My name is Tyler, and I'm currently a college student who recently landed a unique job opportunity starting in June 2025.

The investors all are going to turn it into something else - low income housing , student dorms, self storage, transient housing, drug treatment, etc.  

Later you could convert to student housing.This is rock-solid advice.

I stayed mostly with Multifamily as other sectors like Student housing, Senior care, Hospitality and NNN have too much risk for me. 

For instance, a property in Windsor Terrace purchased in the year 2000 for $140k is now worth $1.2 Million, conservatively.A more recent purchase, a Brownstone I purchased in 2015 for $900k and renovated for $300k, so all in for $1.2k is worth $2 Million now.Do keep in mind that past performance does not indicate future performance.However, these kinds of numbers are very typical from 1998 to now.When I was teaching, I used to ask my Investor Students, "What is a Bargain?"

Another option is renting to professionals or students who need a place for a few months.

We have a lot of investors that rent space  as Airbnb (limited to 400 units)  and room space to students from a local ministry school, as well as others looking for more affordable options.  

We spent about $9,500 on furnishings including furniture, electronics, kitchenware, bedding, towels, etc. for our 2/2 condos.Lastly, Furnished Finder is known for providing tenant leads for travel nurses (about 40% of their travelers are nurses), but a broad range of professionals, relocations, students, and others use it too.I hope this is helpful to you, all the best!