Yes, things DO break... and when they break through normnal wear and tear, it's the landlord's responsibility.

You'll be able to search for deals based off investment type - like Fix-n-flips, Pop-Tops or Tear Downs.

Do you tear it down?  

It's used as student housing, so I'm sure it has a decent amount of wear and tear.

3 bedrooms tend to attract families that tend to stay longer. 2 bedrooms will have less tenants inhabiting them and therefor maybe less wear and tear (but maybe more if it attracts a couple younger guys.)In my experience couples like to have one empty bedroom for office/arts,crafts/visitors/whatever.

I'm just going to take an opposing viewpoint on this one, for discussion sake, we don't have both sides here, but I see storm clouds on this horizon.At first blush, it smacks of normal wear and tear.

Having already built one, I know all too well about Initial start up costs, time and the blood, sweat and tears of building a business from the ground up.

I've heard of indoor pigs getting anxious when they're alone and they can chew on the walls or try to tear up the flooring. 

But keep in mind few years after you purchase, you will have to start making upgrades and fixing wear and tear.

Some landlords think it's okay to spend the deposit and some have been very surprised when I decided to move after 4+ years and have tried to assess damages for normal wear and tear, even though I scrub everything and even have a carpet service come in to clean before I turn over the keys.I've gotten to the point where I'm afraid I won't get my deposit due to a few unscrupulous landlords I've had the misfortune to rent from.A nice thing for the landlord who DOES hold security deposits is that he doesn't have to keep track of each and every one with a bond in place.I can see this as a win-win situation for both parties.