This value-added amenity attracts renters, provides a huge competitive advantage and encourages renters to sign more expensive leases, as they know they can recoup some of this money through short-term rentals.

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Our properties are just far enough from campus to avoid the "frat zone" and still attract good renters- whether they be the more serious students, those putting themselves through school, grad students, and young professionals.  

Question is...will replacing the windows attract a better tenant at higher rent or should we leave as-is?

Like Jason mentioned, the inventory is high here so its important to buy a unique or special place in a good location, and make sure the furnishings, home,  and services you offer are well above average to attract bookings.

However, we have started to research apartments and see nothing attractive. 

I also own a fair amount of rentals and know the work it can entail to maintain attractive and comfortable living situations for tenants and not be an eyesore in the neighborhood.

Money aside, these types of SFH's can just be tough to deal with as the low price tends to attract tons of inquiries from a bunch of prospects that are in no way qualified to pass even the most basic tenant screening process.

I personally do not think it would be a very attractive area for Airbnb rentals. 

Sure having the debt paid off would make you more attractive to a bank for lending you money but there are tons of other routes to travel so don't let that be your roadblock.