We live in the California Bay Area where the real estate is crazy, so I know it would be tricky to do anything close by, but one target area for us is to look into real estate near universities where the demand for rent is high and there is a lot of turn over so we do not have to deal with rent control issues. 

I went to college at Old Dominion University in Norfolk then moved to Washington, DC to work shortly after graduation.

There are many much worse areas in Phoenix.The listing you pointed to is close enough to Grand Canyon University (GCU) to possibly attract students.  

I got a referral from my father in law, a referral from my brother in law, a listing in the MLS, a referral from a broker who helped us close a deal and we cold called the owner of our 16 unit.Get the universe on your side and let it be known that you are in the market. 

My day job is working in laboratory while going to school at Texas State University.

I've actually taught Financial Peace University at my church, so I'm leaning conservative also...  

I was also thinking of a rental property near a university that is dependent on off-campus housing.

If the heat bothers you, you might consider residing farther up Highway 80 near Auburn.  

The housing market was crazy cheap there and you would not think that you could get that great of rent out of the building, however, there was a rental shortage due to the University and College.

I am hoping to fill rent the units by the bed, to graduate students as it is very close to a local university.