I use one from STR Secrets https://www.skool.com/str-secrets-starter-pack/about and would also suggest checking out the one from Tony J Robinson https://alphageekcapital.com/Calculator/.

I would suggest just asking questions to see if they are truly motivated to sell.

How much would you suggest having in the bank after the deal goes through and I have paid the down payment and closing costs?

I have a full time job that pays around 170k excluding stock options (which I would like to retain as a separate investment for now but I am open to use that for real estate if required).

As students you most likely won't have much prior job experience which makes it hard to qualify and get approved.

When I first started I had a tenant who “came down with throat cancer” and lost her job.

You can use it as a general guide, but the single best way to understand fair rent is by physically mystery shopping your competition.We typically get higher rents than average and consistently more than rentometer or Zillow would suggest, but we are also offering a nicer product.

Its typically about a $20k job in a typical size row house.

Reno was suggested a lot but I am not sure if people go for AirBnBs there a lot and the long term rental scene does not look good there. 

I have done my research online and it doesn't seem like the strongest market (population is stagnant, crime rate is not the best, job industry isn't very strong) but I know personal accounts are important as well.