Based on my numbers I could pay the asking and get about 12% COC with no leverage. 

If you choose to manage the home yourself, make sure and educate yourself so you are prepared to handle your investment and tenants in the situations listed above.

Also, for the purpose of general education, would you mind sharing how you got into this situation?

This is by far the best site for real estate investing education, and if you read some other posts, entertainment.

So I thought how about the education market - universities - not college students but rather graduate and professional students (e.g. medical students who spend 4 years in one place).Targeted tenants.   

However you should educate yourself as well.

(Washington doesn't have a state income tax).Given that your return was simple(only ownership in one rental property) - hopefully the damage from the accountant wasn't too bad.There are also education credits(refundable and non-refundable) that you may have been entitled to.

For the price I could have probably picked up 6 doors or more in Memphis or another appreciating market in the south east but out of state was just too big of a leap for my first purchase and I wanted to A. stop paying rent and B. be able to leverage air BnB for more cash on all of my travel in a way I could not with my previous rental due to lease restrictions.  

As a current college student, I obviously have little cash available to me at this time but have been dedicating my free time to reading and listening to podcasts on the topic in order to educate myself.

As the three of you talk, you'll have the best understanding of how to proceed and you'll leverage their knowledge and experience to your advantage.Good luck!