You couldn't go back and raise it up again unless the demand increased and then they will use the reduction against you.

Amazing, so to make sure I understand the virus has pushed the demand even higher?

We are still way short on housing inventory compared with demand, remaining around the 1-1.5 months of inventory mark.

It may be beneficial because their would likely be a high demand seeing how the supply is so low, but on the flip side, I'm thinking there is no other multifamily properties because there isn't enough demand in the neighborhood.

I think it will rent quickly because it's a high demand area with very little rental inventory.

I believe there are fewer buyers out there and if you're one of them, you should ask for and demand more, and above all be careful.

Congrats on getting started in investing :-)  There are certainly lots of folks out there who have done well with student rentals.. if you haven't already, be sure to check out episode 220 of the BP podcast for a good discussion on the topic.I think you can do really well if you have a good understanding of the demand for student rentals for the given university, and especially if you have some confidence that your property would be appealing to other members of the community as well, in case you have any issues with renting to students. 

Prices are creeping up, and demand is variable.

@Goke Akingbade I hope I understand your question: I typical try to assess demand for the rentals in the area where that property is.

As I understand it, that's still entirely possible for most ARMs, so it doesn't really matter if you can weather the storm to pay your monthly mortgage if the bank comes along and demands the full mortgage be paid immediately.