You can get great cash-flow (In the right locations), use conventional loans (lower rates), have less to manage, and get in for a lower price.

For rates you can look at the off campus housing site for the university and get an idea.

But after going to the bank that I normally deal with, they said rates for investment property will be around 9%.

The disadvantage is the rates will may be higher than a Freddie/Fannie-backed loan that you get in your name. 

Maybe you have this buried into maintenance.Your cap rate is not correct.  

Different rate environment, but the rent-by-the-room is the quickest way to buy and save toward the second, third, fourth. 

Typically, when I'm buying, I do not pay for any of the closing costs, except for items which are pro-rated (I pay my share and the seller pays his) and I pay half of the title company's closing fee (which in Nevada, is about $300 per purchase I make).

At least check the rate of the 15. 

Not using a nominal rate per door for analyzing cash flow. 

What's interesting is that the rentals for October were booked at a higher rate than the current nightly rate for July and August.