I'm going to interpret discovery as pre LOI diligence, AKA tire kicking. 

Tired landlord?

I bought my 2 barrier island Florida STRs from tired landlords, who carried back a mortgage for me at 6% interest only.  

I also do not agree to show the house until I have pre-screened them with basic questions such as: 1-Have you given notice to your current landlord and when exactly can you take a house as we are looking for immediate occupancy--the house is ready to go- We also do not schedule a showing until they have driven by the house, walked the property and seen the neighborhood--if they like the house, they generally call you the day they go out to see it--there are alot of people who are just kicking tires and really are not that serious about moving--you have to control the showings, unless you do not value your time--You can also tell alot about the potential renter by the manner in which they answer your questions-- we take showings very seriously and prep the house as a formal house showing--, aired out, freshly swept, vacumed, etc--I do not want to go through all that hassle and time, not to mention getting your lease apps ready, driving to the house etc, just to deal with a looky-loo who is just wasting your time.

Tired older owners that want to sell, I know the owners well.

I would recommend foreclosures, tired landlords, and 100% equity to begin with. 

It seem you need a rental permit in Bethlehem (not only for students)...I think it is 150 every time house become vacant...so with student its about 1-2 years.Few other observations:- Make sure you factor management in your calculation even if you plan on managing it yourself...most students will require more attention then other tenants and you might get tired from tending to them..- Turnover with students is high so you need to factor new tenant placement as it can be a significant price tag.- If you buy few blocks from campus make sure number will work with regular tenants as well...and those rents seem to be quite low...just in case you don't find students...with students vacancy = 100% if you miss the academic year.Hope that's help,

I also have some nice auto messages I use to do the initial "screen" to save my time from the tire kickers and the "is it still available" annoyers.

Just Verble, To many tire kickers. 

Finding a "tired" property that is currently under managed with low rents and high expenses allows for significant value add and ROI if you can breathe some life back into it!