Look for a place in the better school districts too.

Is your credit history good?

A tear down and rebuild is difficult enough for a seasoned investor let alone someone new to it.My wife is in medical school so I can relate to the concerns.

A refinance also removes the requirement of the unit to be owner occupied.I will receive 2,610 per month in housing stipend while attending school for 32 months and staying in this unit.  

Is the school district good?

Usually schools and crime... walkability comes in to play in some areas (usually more urban,) but local conveniences certainly can be a factor.

Everyone who was paying attention knew the TIF would run out in 2018, and the municipalities plus the school district would see a large jump in their budgets when they finally started receiving their full share of the property taxes from the Waterfront.

There are only two weeks of vacancy typically (for make ready, repairs, etc) assuming unit is pre-leased for following school year. 

Both properties were rentals before and had great rental history.

This cluster of towns seem viable because of a high concentration of colleges, state offices, quality public schools and a strong economic base.