@Ashish Gambhir like most have said it will take some creativity or a lot of work to get a cashflow rental in the Triangle. 

https://www.biggerpockets.com/blog/brrrr-loans-what-are-the-...Short-Term Rental Loans: What Are the Options and How Do DSCR Loans Stack Up?

@Caleb Rehg  I would advise your first step is to search this site for college student rentals and student rentals and read all you can. 

How about the increased home insurance cost for a landlord policy?

Add another $300 or so for taxes and insurance and you're at $2465 PITI. 

We are now doing short term rentals but we're thinking about changing to a small wedding venue. 

The won't insure you or they will jack up the price considerably. 

If you can rent it for enough to cover the principal, interest, taxes and insurance and still put money in your pocket, plus cash flow on the property you're purchasing, that would be ideal.

We use Hiscox for our insurance with our business, not sure if it works for property but its worth a try. 

Quote from @Erick Pena: A "good" rental property is one that covers all expenses (mortgage, taxes, insurance, maintenance, property management fees, and any other costs) and still leave a surplus (commonly referred to as cash flow).Calculate cash flow as: Cash Flow = Rental Income − Operating Expenses − DebtThere's much more to it, but that's the basic idea.