Other concerns would include long-term liabilities such as single/dual metering for water, gas and power. 

Our forms in KC provided by KCRAR has a specific line in the Rental Listing Agreement that states, "Broker is not authorized to execute any document in the name of or on behalf of Owner concerning the Property.".  

Typically when you're taking good care of the properties and respond to tenants concerns quickly, this doesn't happen.

I understand your concerns about staying within your budget.

If so, then school district is a big concern and you may opt for the higher priced option.If you're a single person, or young couple, are you just being an area snob who is not willing to make short term sacrifices for long term gains?

You may be constantly concerned or worried because it's something right there, in front of you, a constant reminder, and you can SEE the activities daily.

Howdy Joe,It's good to have you as part of BP -- the more people from Madison the better as far as I'm concerned!

Already mentioned by others, but my main concern would be if the HOA allows the unit to be turned rental; that is something to definitely validate next time BEFORE closing, or better yet, buy a property w/ no HOA so there is no HOA fee and 0% chance of that happening, ever.

I'm wondering how one might do their due diligence on such a property and if there's cause for concern with such a situation.  

Changes in student housing/demand are his primary concerns.