Comparable properties in the neighborhood are being torn down to erect bigger structures, but that's not my wheelhouse.

I would start getting quotes and compare the cost to what you could get for an increase in rent.Don't just assume because it is a college rental you have to have 2 baths for 3 bedrooms.

How does that compare to a subject-to deal?

Not only that I rent to people that most people here would disqualify on grounds of credit history.

I bought a lot of tax sale stuff there in the day.. this area was also known as ground zero in the weed cultivation back in the late 70s and 80s  I cut my teeth selling Ranch land in that area as a young broker..

Would you put up the rails or haul dirt in to make the ground higher?

Also, factor in that your turnover will be very high compared to most markets given the student population and low-income area.  

But, outside of having potentially lower closing costs, think about if it is worth it when compared to getting convention financing for 10 properties.

Understand the fees involved and calculate the total cost for an entire year of management so you can compare the different managers.

I don't understand why someone would want to collect colleagues, unless they actually have some common ground or have a question.