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

You can get great cash-flow (In the right locations), use conventional loans (lower rates), have less to manage, and get in for a lower price.

But after going to the bank that I normally deal with, they said rates for investment property will be around 9%.

Maybe you have this buried into maintenance.Your cap rate is not correct.  

Different rate environment, but the rent-by-the-room is the quickest way to buy and save toward the second, third, fourth. 

Typically, when I'm buying, I do not pay for any of the closing costs, except for items which are pro-rated (I pay my share and the seller pays his) and I pay half of the title company's closing fee (which in Nevada, is about $300 per purchase I make).

At least check the rate of the 15. 

What's interesting is that the rentals for October were booked at a higher rate than the current nightly rate for July and August.

Not using a nominal rate per door for analyzing cash flow. 

This strategic move paid off handsomely as we were able to command higher rents than initially projected.Here are the key financial details of the deal:Purchase Price: $270,000 (jointly with a partner)Financing: Obtained a commercial bank loan with a 30% down payment, 7% interest rate, and a 20-year amortization period.Initial Rents: $1050 and $1250Current Rents: $1400 and pre-leasing for $1500 (making it a 1% rule deal!)