I think that’s the going market rate per room and that’s why most property managers and landlords rather have a 12 mos contract so that there’s less vacancy and showings.

Look at their rates and look at their booking calendars.   

I was able to find a few lenders that would be willing to finance the project, but after breaking down the numbers I found that this project will not be feasible given the current interest rates and market rent.

If they are planning on adding hundreds of new student housing units that could decrease rents for a few years. 

When the realtor percentage rates first hit there was a couple posters on there acting a fool.

Rates are higher than they've been and it's harder to find cash flow.

I dont mean to be blunt here but these all feel like questions that your agent should be giving you guidance on since they know the details of the purchase, the comps, the interest rates, the projections for your investment etc. 

Most of my clients have rates in the 4-7% range, some with interest only.

I'm in the position to apply(depending on lender DTI requirement) for conventional financing through the builder at <6% interest rate in this current market.

Ahhh.... because it's a reasonable question for reasons that are self-evident, i.e. we want to know success rate of program.