A good broker should be able to guide you in your investment decisions in terms of giving you insights about different markets and asset classes, current trends in those markets, any other specialized info and statistics that they have access to and that is not publicly available.

That is likely from an investor who has seen from public record that based on your original purchase date and original mortgage, you likely have equity.

Now $685 was from damages that I could deduct from the previous tenant's security deposit.

Those with experience in these rentals, what type of colleges (large\small, private vs public) and/or towns have you had the best experience?

For public transport, ITP east (Belvedere-ish and out, and west are your best bets, or the south (College Park, East Point, Ft.

It is not required, but you will have to be able to segregate for taxes.Many states also require that a separate bank account be used for the security deposits.Read your tenant-landlord law, get educated, you need to confidently know your processes.

I opened a series of new accounts for my property. 1 for the combined rental income and 1 for each security deposit.

(i'll be securing the financing of it against my current portfolio with the assistance of a private lending partner. 

I work a 9-5 at a fortune 500 company, I can't risk "Public nuisance" on my record just for an investment. 

I might also recommend a security camera to catch people trespassing and if/ when they tear down or damage the fence.