Many people have managed OOS properties on their own, but it is more difficult and you would need very good processes in place and have some sort of boots on the ground person in that market to put eyes on the property and check in with things. 

I would boot strap a rehab on your current place to boost the value and sell it to househack something that makes sense after you graduate.

I believe this one was advertised as "recently rehabbed and rent ready" but I'll have to do my due diligence by checking age of the larger CapEx items (furnace, roof, etc.).2. 

My capex budget includes roof 25 year life span, appliances and hot water heater 12 year life span, hvac 20 year life span, bath and kitchen remodel 20 year life span,etc.

We have made significant improvements to the building including remodeling the interior, new ac units on the roof, new roof, and adding an atrium area in the middle that was previously open space.

"You can do a gut rehab of my 2 flat, dig out the basement, put in all new mechanicals, install 40 new Marvin windows, add 3 bathrooms, and put on a new roof for like 60 grand, right Steve? 

Obviously, updating a kitchen or bathrooms are big and doing projects like a needed roof to protect your investment are key, but what about room layout? 

Replaced the roof, water heater, doors, lighting and paint

Would have saved me a few hundred dollars last time I had to replace a HVAC unit on the roof of a house.

CapEx is low - looking at the pics you'll need a roof in 1-5 years (most local landlords list their properties at the end of the effective lifespan of their roof so they can avoid the expense.