While it's not just students needing housing there is the faculty and staff.

This morning NPR had a story about MIT professor William Wheaton (http://dusp.mit.edu/faculty/william-wheaton) and his forecast for 70 markets in the U.S.

To offset that consumption the rest of the property should create revenues to pay for that consumption and ideally provide a profit to the owner occupant after expenses.If you've never read the wealth of nations its pretty awesome stuff but, its NOT light reading and is in ye olde English as it was written in the 1776 :-D~http://www2.hn.psu.edu/faculty/jmanis/adam-smith/wealth-nations.pdf

AND the entire Board of Directors, faculty and staff should be on-hand to answer any and all Qs from parents and children.

The renter pool for this area seems to be university faculty, grad students, commuters etc. 

Since the 1970s,  the number of administrative staffers has risen by 235 percent, while the number of faculty and students has increased by only about 50 percent. 2) 38 year lows in labor participation (Please don't fool yourself by believing that we are at or near full employment as Janet Yellin says).  3) Very significant increases in government regulations making it harder to start small businesses (which is where the preponderance of new jobs come from).  

@Alex Sanfilippo, is your goal to rent to faculty and staff of the university or students?

He was a member of Wharton's faculty for 32 years, founding Wharton's Real Estate Department and the Zell-Lurie Real Estate Center.

I currently work for the University of Chicago as an Assistant Property Manager in its graduate and faculty housing department...  

Hi Jesse,Maybe Co-GP with someone who has successfully Value-added with re-habs on apartments of this size.Because based on this question, I'd say your chance of coming in on budget and on time is very low (especially with Covid shortages).Using an architect to help with color, landscaping, office design and decor, etc...might be worth it.This is a big project and in addition to handling the actual rehabs, you have to be concerned with your renters inconveniences, 7am chainsaws, water and electric shut offs, downed laundry faculties, pounding and buzz saws whirring all day long.You have to have a plan to appease their anger over this--or they will move out (when they would have stayed), increasing your turnover and decreasing your estimated cash flow.Having a management company that is familiar with re-habs might also be a help--some may also handle the re-hab for you for a (% fee).Good Luck!