Hi Jon,I was the project manager ( and owner: family business ) of a luxury apartment building in a fancy area in Lebanon ( Baabda ) consisting of 16 apartments

I've seen IKEA custom kitchens in everything from fancy uptown condos, to homes in the burbs, to garage apartments listed on AirBnB.

Standard replacement nothing fancy.

If Ithaca tickles you fancy let me know.

Renters will not pay for: upgraded heating systems, fancy countertops, energy-efficient windows, high end appliances, fancy kitchen cabinets, fancy bathrooms, huge walk-in closets, high-end window treatments, upgraded door knobs, security systems, fine landscaping.I rent generally to "B" tenants in "B" neighborhoods.

But I don't fancy your chances of success.

My experience with all of our properties on what tenants will and won't pay for:Will: prime location; maximum square footage possible for the price range; an extra bathroom; good storage; no carpeting; accepting pets; fenced-in yard; central HVAC; main-floor W&D hookups.Won't: fancy appliances; upgraded counters; jacuzzi tubs; fancy outdoor spaces; throw-ins (lawn care, pest control, etc); fancy floors; fancy window treatments; Our tenants have consistently told us that they value the most space per dollar that they can get, in the best location, with basic amenities more than anything else.   

They have approximately 3000 students, but no dorms, so they rent room space. 

Honestly, it doesn't take much time to manage these properties, and my contractors probably wouldn't know how to use a fancy software.

The key is to 1) run the numbers (the numbers never lie...) and 2) have multiple 'outs'.I found a rental property excel tool that has helped me out a lot at http://www.globaliconnect.com/excel_models.php (I am not associated with this site, I just did a google search a couple of months ago and found it) A lot of students (and potentially college staff) don't want to live in dorms, so I don't look at them as 'direct' competition.