Despite the house being operated for years by the prior owner as a STR. 

I don't know how much you have but a build to rent triplex all in our market is 150k liquid normally with full return of capital in 9 months.

Here in the USA you have to be licensed to build a structure that will house someone else.

In high barrier markets, rents have gotten stronger but not the double digit growth we had seen, which was an anomaly.  

I could market the property to UMD College Park Students.

Market Appreciation is the least predictable, but historically, where you will make the most money.

Commercial RE is a bit more strict than the residential market which has more options available due to flexible housing regulations in place to make it easier for people to buy their primary residence.1) Family and friends.

In my area these are rare so they are difficult to set market rent, and I imagine get a lot of wear and tear with a lot of occupants living there. 

new houses are getting sold for 600K, old houses switched to multiple offer selling model, just like some places in GTA.

Add to this that there are 400+ houses coming on the rental market in Bennah Oaks in a short period, and we will all be competing against each other to get a tenant in.