I've owned a condo as a rental for 5 years now and like yourself have been studying up and developing a business plan to launch. 

Also, Baton Rouge is a fairly integrated market, where there are a lot of old developments in Tigerland that are actually closer to campus than new student housing development.

@Kusum ChanraiIf your end goal is to have good appreciation upside and a good chance at a purchase then I would look in the "tier 2" areas that are currently experiencing heavier gentrification and development. 

Typically cost for house only, does not include land development costs, landscaping, driveway etc. it also does not include costs such as getting site plan approvals, architect or engineering fees

I have developed a plan with some counseling from my CPA.

This would apply to 5-year, 7-year, and 15-year property as identified through cost segregation.

The analysis tools provided in the course such as sale leaseback, DCF, developer feasibility etc is something I use every week.

By driving for dollars I have collected a list of properties I am going to mail, as well as developed the letters I will be sending.

Thanks for the responses.The reason why I'm asking is I was thinking about developing an App for this as well. 

It is.So your small structure might not be economically reasonable.If you do decide to build an actual second dwelling, I recommend reaching out to @Josh Braun of Torque Development.