The performance of your particular asset... real estate markets... lending markets... interest rates... general economy... 

My two cents, with the economy the way it is right now and prices rising I would rather have lower monthly overhead and you would save that 600.   

The thing is I don't quite know where to start especially in today's economy.

(But it wasn't apples to apples.)I looked at AirDNA's data recently and don't disagree with their broad picture but again, people here know that the details and other factors can tell a different story and bring success for some in the same area (comparables) and loss for others.I'm all about reducing risk and my read on climate data and global economies (& yes, politics) incline me toward continued investment in properties that have multiple channels of revenue, above a certain latitude, and more upscale.

They sound quite similar actually, being college towns with strong economies outside of them as well!

You don't need to put money down on a VA loan and given you won't likely be able to beat that interest rate (at least in this economy) so it would make more sense to use as much debt as you can and either pay down other debt or invest with the money you were thinking of putting down. 

The Court's decision in Loper will create a sea change in administrative law with wide-ranging implications and potential opportunities for highly regulated industries, like the real estate.This will create an opportunity for more efficiency and lower costs in the real estate economy.

It has a diversified economy with sectors like healthcare, education, and manufacturing.

Borrowing costs should come down as the economy is slowing down now due to the high fed funds rate (5.33%) particularly in the multifamily space which has an enormous supply coming online across the country this year and next year.

Great that you are aware with the current saturation and economy it will not be a huge cash cow as of now but appreciation will always be great here.