I rent to students around a university.

I am, admittedly, a complete novice but I consider myself an astute student! 

If you're a single mom with student loans, a car payment, and living paycheck-to-paycheck, then $20,000 would be devastating and a reserve is critical.

As of today I own 13 doors; 3 of them UD student rentals and the rest in Wilmington.

A lot of universities have students that need mid term housing due to graduation dates, mini semester programs, etc. and I've found if you approach them and offer them a solution to this problem, they are willing to work with you and help send business your way. 

I intend to rent out the units by room to college students (does it sound like this would work in this area and what are some general tips/things I should look out for?).

College students or families?

I know there is a lot that I'm going to need to learn, and ultimately it will come down to how much the student puts into it.  

Look for CPAs who stay abreast of evolving tax codes related to real estate and possess a comprehensive understanding of deductions, credits, and depreciation strategies unique to the industry. 

A couple great co-living options is STR by the room, Student housing, sober living, Senior care...