Higher end areas with higher property values will attract more quality tenants but will usually offer little cash flow.

@Kevin Harrison how would you go about allocating the use of common areas such as a bathroom and kitchen that would be attractive to potential tenants?

The buyer's personal credit worthiness is often a major factor in obtaining financing as these are often acquired as the buyer's personal property (not recommended).Commercial MF is evaluated entirely on it's ability to produce income. 

In addition, our properties are going to be made "purpose-built," a finished product thats specifically designed to attract today's college students with amenities that appeal to that demographic.

@Oliver Miller,You are quite right: the value of this kind of property comes from its ability to produce income.

They are cheap to buy (compared to a typical SFR) and produce good cash flow.

If your S-Corp produces $200,000 in Pre-Tax profit and you want to defer paying taxes by reinvesting the $200,000 does the following scenario fulfill the requirement?

When I find the above I start looking at specific zip codes.As you research your area you want to look at things like is the city/town being aggressive in attracting employment.

If I were putting my house on the market, I would either A) make sure its vacant, cleaned so it "shows well", or B) staged in such a manner so as to attract the best offers. 

@Imran Ahmed There are definitely pockets of Cape Coral that are going to produce higher returns, and less tenant issues.