I think you're so right that it depends a lot on factors specific to each investor's comfort level. 

I am seeing more and more of these spread sheets and none of them have leasing fee's therefore the vacancy factor is under funded.unless you have a deal with your management company to lease the units for free. your going to have turn over.. everyone does .. and its not common to have a tenant leave and not have a month of vacancy plus a lease fee.. and of course turn over costs.. although I was happy to see your contingency line most folks don't put that in there..

I have a few units in CP and some in the clay/pinson areaIf it is about to have a turn over then raise it to the 900 or better, if they are staying another year I'd raise it 30-35 just enough to make some extra money while not driving them away. 

Worst case scenario factor in the cost to completely redo the conversion, or rip it out and convert back to garages might be cheaper, take that amount off your offer price.

[I'm not living in Ohio, otherwise I'd volunteer to take a drive-by - at night.

It will be pricey though.If you venture further south of campus (and south of 290), you can find deals, but then you'll be a 30-minute drive to campus.

Is the sweetspot to find a middle-tier school district or is it a non-factor?

If you go that route, you'll need a survey anyway so factor that into your costs.

There is another factor at play for me, though.

I work 8 hours a day plus about an extra two hours of driving, one hour to work and one hour back.