Am looking at a potential opportunity in housing near a university that, if fully rented, kicks off a 15% COCR and 8.5% cap rate (and there are leases in hand that would keep it fully rented for the next 18 months or so). 

Universal design is something to look into if you are building new units, as that way they will appeal to both people with disabilities and people without, or as I like to say... those who are temporarily able bodied.The person with the disability will be the one who knows best which type of property would best match their needs.

I live in Arizona, and recently graduated from Arizona State University with a degree in Finance.  

Does it depend on the county or are there federal rules that pertain to this matter universally?

I graduated from Auburn University in 2007, immediately attended the real estate academy where I obtained my real estate salesperson license and have been indulged in the real estate business ever since.  

I graduated from Howard Payne University in Brownwood, TX in 2006. 

In 2012, I found and purchased a one acre property with a 2 unit, 3,500 square foot building on it, between a major university and the city’s downtown.

One reason it's controversial is that it is a practical implementation of Austrian Economics which is diametrically opposed to the Keynesian Economics taught in most western universities.  

BTW, Statesboro is where Georgia Southern University is, Home of the Eagles!

If you're going to stress about things that go wrong, you probably want to steer clear of risky investments.No one can universally stomach these considerations and everyone has a tipping point.