Proximity to campus and dependency on the academic schedule are the conundrum of student housing and are very challenging to reconcile...I'm talking from little experience...but a painful one...just missed the year with my first student SFH despite all my effort to get it ready on time...had accepted offer in January...closed beginning of March...then had very hard time finding a contractor (had about 8 bid on the project)...all were very busy and most didn't even bother to follow up with bids...bottom line...be prepared to hold the place empty for months.From your post it seem you plan to invest locally which does give you a great advantage (I'm 3 hrs away from my houses).Couple of thoughts:In markets where the students want to walk to campus it is very hard to strike on both timing and proximity...you need to be prepare to get places as they become available as inventory is very limited...in my market the students practically don't cross certain streets...very defined geographic area and you have to be in it (this is market specific so you need to map your market).As Tim Simmons said the most important thing is to know your market.

This is super common in short sale properties, but more often it happens in purchases from bank-owned, because the bank will not warrant that the HOA dues are paid in full.My academic approach here would be to call the title company and make a claim that the title company cleared HOA dues. 

Then the GR hit and we did a hybrid, we LTR them through the academic year (offered option of furnished or unfurnished - some college students have minimal furniture) and STR them through the summer. 

It was no longer an academic exercise or talking about a concept and how cool it would be to do after listening to podcasts and reading books.

My market is relatively strong throughout the year but I still find it easier to rent extended stay during the academic year and STR in the summer. 

Cleveland has great academic schools such as Case Western, but the number of students attending schools there don't really compare. 

Is the property close to any major hospitals, universities, etc. which could make it attractive to traveling professionals such as nurses or academics?  

My first real estate deal was with a slumlord (it was academic and not precisely for profit or more of a throw-away deal for experience). 

Offering a full calendar year or just the academic year but still collecting the same dollar amount .

Able to book next academic year in October of the prior year.