The surrounding area is great so min expectation seems to be a nice well kept green-y front yard.

Interest rates are still low, I'm assuming you would be able to swing the 20% down to avoid PMI, and qualify for a pretty affordable fixed rate loan product.

LTC/LTV restrictions: "Loan-to-cost" and "Loan-to-value" restrictions will vary by lender, but lenders are generally within 5-10% of each other for a given product type.

@Jonathan Greene thanks for the input, much appreciated! 

@Jonathan Greene @David AzorohYou actually can house hack a mixed-use with a residential loan. 

With modern pest control for termites, roaches, and mice the state-of-the-art products are all bait systems which you really don't want to use unless you already have a problem. 

@Jonathan Greene That is extremely helpful information, thank you for your advice!

I think college students will start to become more picky and will want more space, nicer amenities and nicer housing (especially if mom and dad are paying for it).If you are an operator that provides a superior service and product, I think you will be fine.

By doing so, you can choose the quality of product you want and the tenant doesn't have to come out of pocket for supplies or provide you with receipts. 

Some community banks or credit unions will go up to 95% loan to value on HELOC products.