If the goal here is to build wealth and put FOMO to rest then you shouldn't limit yourself to a single zip code especially given your other constraints (purchase price cap, appraisal, low inventory, high competition).

I’m just beginning my residency at Dartmouth, but the goal is to hold on to this property after completing residency and manage it from a distance wherever I go for fellowship.

As someone considering long-distance BRRRR are guests typically referring to local banks as the market local to where they live or where they intend to invest.Which do you prefer?

Our constraints would be up to 75% LTV up to 100% of your costs. 

Is the house walking distance to the college?

It would make sense, there is a huge difference in inventory and desirability during times of social distancing. 

I would suggest reading the Long Distance Real Estate Investing and The book on Managing Rental Properties which will help you become familiar with the whole process and you will feel more comfortable with managing an investment miles away. 

You are using more leverage/potentially more risk, but you are also personally able to have more control over the investment. 2) Location: I am an advocate of long distance investing, and I'm very fortunate to live in a state where the numbers work well for rentals and I get to work with long distance investors, but the most important thing you can do when looking for an investment out of state is build what David Greene calls your "Core 4".

There are different constraints for cash out or refi after 3 months but before 6 months and then after 6 months. 

The rental option would be my first consideration, but being long distance and not have a reliable contractor in the area will make things difficult.