Check out the school districts, too. 

Anyone familiar with the area and can provide some insight, especially the downtown historic district?

Chose one that isn't fancy (don't pay too much) and in a school district that would attract a future family.

I was more concerned with exit so I wanted better school districts than making higher cash-on-cash return.  

This will never, ever be a cash-flowing property, and you shouldn't keep it as a long-term rental.Keep in mind Richardson is very much in demand, and depending on which school district (elementary and JH) the house is in, some of those neighborhoods are still appreciating about .5-1% per month on average right now, subject to market conditions.

With these two things in mind, I'll kind of lay out the best practices for making sure you've got quality student renters in place;The first thing that runs through the minds of many investors is wild frat house parties and total property destruction - but there is a ‘beyond this’ outlook to it too, and it can actually be a decent idea in some areas.Most of the time having a buy & hold investment in a college town, you can be assured of a decent size tenant pool- for both student and faculty alike.

Because of the location, school district and the costly rehab it's not a deal for me. 

Its is not just UVA students and faculty anymore.  

CK is a desirable school district.

I think it's important to note that you can have a successful investment property anywhere in town, and you should always look at each opportunity on a case-by-case basis.That being said, In most cases I personally target school districts and price segments.