All 3 units were occupied very quickly and the property is now cashflowing above our projections with vacancy rate (so far) below what we expected!

The only downside to these is they are typically higher interest rates and shorter terms. 

Once you find a general market, you can narrow your search further by looking at crime rates, school rankings, etc. 

So one by one they halved the values and almost doubled the tax rate.

After doing this, I then run the property through Airdna.co and/or Mashvisor.com  Both of these tools will give you projections of what type of rental rates, price per night, bookings, occupancy, seasonal variations, etc. 

For rates you can look at the off campus housing site for the university and get an idea.

(things to do, places to eat, school district, etc.)

Guess what since previous weak tenant was market rent you are losing your ***.I look at high cap stuff when it's few years left ( blend and extend ) or it can be weaker tenant at higher cap rate like 10 cap BUT I want them paying about half the going market rent for the building size or less in that market.

The conventional loan rate was 7.625% for 30- years on a selling price of $100k What made you interested in investing in this type of deal?

In either case, I'd be looking at markets with a growing population (demand), a shortage of inventory (supply), and a market that has a net positive importing of jobs with wage growth.As the Fed's a poised to make some moves with interest rates later this year, the question still remains to be seen what they will do with their QE/QT policy on their balance sheet as that will affect long term 1-4 unit rates.