I agree that affordable housing will always be in high demand/low supply.

Housing Supply Crisishttps://fred.stlouisfed.org/series/HOUST#> all time low rates> low starts, historically low starts for the last 10 years> supply low> inflation in building material costsQuestions> How do these starts over the last 10 look when corrected for population growth, are they really that low?

Unless you have already identified some opportunities, you may be sitting a while on that cash so that the interest cost will be accruing while your funds remain unused.I do not know the Provo market (I am sure others on here can give you more granular advice) but am generally a fan of real estate investing in college towns - vacancies tend to be few and far between as demand almost always outstrips supply. 

This feels like a no brainer considering most townhomes in Lehi are going for 330k+ right now as supply is very low and demand is very high.

If the supply pipes are that old, the drains are too probably and could be corroding through.

@James Edwards This will depend on your local market including the supply and demand.

See what the local supply and demand is in the area.

Demand outpaces supply ...substantially. 

I am not able to jump right into my second deal just yet so for the time being I would love to keep the wheels turning and help others analyze deals in a similar freelance type fashion to really hone my skills further.

A quick look at prices of units not supplied by UCSB show a 3 BR with 6 students starts at ~$1k/month per student (Own bedroom is double the cost).