When I walked into a couple multi-family homes in that price range, they were in horrible shape.

If the locks are in good shape still, just use them at the next address,  Put together a good Team together that you trust and will return your calls promptly.  

I prefer to find one that is in rough cosmetic shape, but with a good roof, furnace, etc...  

If it is in bad shape, why let the world know?

Other than Kansas City, you'll be hard pressed to find a market that cash flows well and has strong economic and demographic trends like Indy.

The trend (at least from the deals that I'm seeing ) are the sponsors charging higher and higher fees (from just a few years ago), having less experience  and sometimes even less desirable geographic locations (that may not have held up as well in the last recession).

It is definitely the trend for new builds to have ensuite baths for each bedroom so I agree with you that additional bathrooms are very valuable in the student housing sector.

Especially if the property is not in good shape.

Not surprisingly, the trend is to convert or form golf clubs as a nonprofit entity. 

As for price, most decent houses on MLS were north of $200k, and I think that number is trending up lately.