I've seen really modern new construction sell around here for around $600k in a neighborhood of old average homes priced around $200.

But, that would take a loooooong time to recoup. 70 months to be exact, if one invested 50k and NCF averages $300mo. 

We did the deal and I assumed an unbelievable loan of $63 million on 500+ units in the heart of one of America's great cities. 60 yards away is Amazon's office, Whole Foods, Starbucks is walking distance, there are $800,000 townhomes across the street and you have to drive past $2 million homes to get to the property where the average tenant is a professional making five times what they pay in rent.

Some wanted a little more and some a little less, but that was the average.

Average rents in the area are 3087 with the median being 2800.

Phoenix has jobs and lots of jobs and more than lots of jobs and more than more lots of jobs and low taxes and is landlord friendly.To give you an idea of this works out, see the spreadsheet atAverage Turnkey Cash Flow Per Door In PhoenixMetro Area No Bank Financing Neededhttps://www.biggerpockets.com/forums/600/topics/584916-average-cash-flow-per-door-in-phoenix-metro-area

With HVAC 15-20 years average 10 in rougher climates and it’s mostly when the system starts to breakdown and repairs are more costly than replacement. 

I've checked comps around the neighborhood and although they're a little nicer in terms of renovations, I've noticed the average selling price ranges from $100k-$110k and rent ranges anywhere from $900-$1,000.

You mentioned the area, and that seems to be my biggest concern for now- its crime rate is 52% higher than the national average, but it has 13% fewer police per-capita than the state average. 

Does anyone know the average rent for off campus students?