It's separated into two buildings, which are comparable in size and take up a good chunk of a city block.

Just call around and see what other banks have to compare.  

The average rents for comparable properties was $1,368The average sq ft was ~1100Most properties were 2/1's; most did not have a backyardAll properties had to mid-level rehab, some are very high-end and could be considered outliersAnalysis can be found at this spreadsheet. 

Just explain to them what you are looking to achieve and you should be able to find a few to compare. 

With student housing, expect a higher expense ratio compare to regular apartment communities.

What I do in those situations is look up comparable properties to mine on the MLS or Zillow and see what those comps are currently selling for.

When analyzing a deal, where would I go to find accurate comparable rental rates? 

I always understood the risk versus reward concept, but thank you for synthesizing it with real estate returns in different markets.

The more complex the problem the greater the reward if you can solve it.

I would wait until you inherit the 50% from the father and sell it to avoid the the large gain as your father basis must be low compared to fair market value.