What's important is how much money you'll need to accommodate this process, both in terms of renovation costs and in terms of reserves because this process is painful...As such, yes - you should walk into each apartment to make sure it's not a totally down unit which instead of $12,000 will cost $20,000 to put together.

So I would start by doing the above find market rental rates and lease terms, then apply a vacancy rate that is within market perimeters (at least one months rent 8%), find the R.E. taxes from the assessors offices, add your insurance expense that they quoted you, now in terms of the variable expenses that would depend on your lease structure. 

I’m getting pretty comfortable with the math and calculators on it, in terms of being able to know what ARV would need to be to make it all work.

(it was paramount for me in narrowing down areas I wanted to look deeper into in terms of research) as well as shore up your team before diving in remember to ask questions questions questions!

The demand just isn't there and you many options to choose from in terms of tenants. 

In terms of the cost, there are countless ways to 'creatively finance' a college degree through scholarhsips, grants, and loans.

Better off in terms of rates and loan features.

My home market is much like California in terms of high buy in price, break even cash flow, and banking on principal pay down and appreciation.

in terms of investing, its all about the specific deal you find. 

@Ted Meltzer  Agree with above posts, call the lenders first and see their requirements in terms of credit, downpayment, and other required documentation, so you have it lined up and a pre-approval letter.