Ugh, it's a TOUGH market out there and it's even tougher when you work full-time!

Tougher tenants, tougher management, tougher problems, and higher returns.  

Another key factor with Plymouth is that they've added to on-campus housing and have plans for more I believe, so potentially a tougher market for student landlords. * Make sure anything you buy in Plymouth is allowed to have student housing in it, the town has been cracking down on this and many of the downtown neighborhoods have had enough of the partying of students in residential areas etc.

it is getting a bit tighter/tougher for new folks but if you spend some time learning the process you can make some great returns.  

If you are making offers on listed property, that may make assignments tougher.

As the previous poster mentions a flip without any experience may be a bit tougher. 

Pros:Strong cash flowMajor affordable housing shortage in the countryBarrier to entry - zoning prohibits new parksPride of ownership - the residents own the homeLower operating costs - the residents own the homeLower touch - the residents own the homeSticky residents - costly to move a homeEasy to raise rents - costly to move a homeRecession resistant asset class - affordable rentLarge private equity funds are entering the space - drive prices upMom & pop ownership - opportunities to improve NOI and valueLower entry cost per door - less capital neededCons:Not sexy - smaller resale pool (but that's changing)Stigma - some counties try to stop operations (poorly operated parks, criminal activity)Stigma - some people don't want to live in oneLower credit quality residentLess appreciation potential, unless forcedNiche investment - helps to have scale to properly operateMany banks don't understand it - tougher to financeOlder assets in many cases

Remember that students are typically tougher on a property than other tenant groups and you need to factor that into your capex/maintenance budget. 

Getting an FHA that you will be able to force value through with a rehab will be tougher because of the stringent guidelines.

Septic systems and old pipes have a tougher time with them, but unless you warned your tenants that your particular system can't handle tampons, then there is no reason that the vast majority of women wouldn't think they could.Sanitary pads are different.