Perhaps try to estimate up-front renovations separately so you can include a more realistic monthly maintenance estimate.

All units have central air and heat, separate entrances and storage lockers.

Student Housing is a separate animal.

...or start separately and bring our initial investments to the table later?

I've recently separated from the military (AF) after 12 years and I'm looking to get into flipping houses.  

The sheriff's costs are separate, probably another $100.

Most single fam around here are going for 50 to 70K, but the sales prices in the last 10 years had been pretty similar.Electric and water meter are separated [paid by tenants], only issue is heat is gas, and it's not separated, so I'll have to built that into the rent.Other similar rentals on the block are asking around 750 to 850 where tenants pay for all utilities. 

Separate deal: pros and cons of mobile home park investments where the investor owns BOTH the land and the mobile homes on the land.

Separate from government programs, your tenants could be mostly employed in the same sector, all your properties could be in the same neighborhood, or laws regarding your rights as a landlord could change.  

I think in this case you already have a fence on your side, the other fence can be rebuilt by your neighbor using his own money because that is his fence to separate his property from yours.