I may be wrong, but this sounds more like a job with many moving parts; this model is more successful  with college students who are younger.I’m not suggesting it won’t work, but it won’t be easy as it looks in theory.To your success!

The home is selling for $99,900 and I will be renting out the rooms to University Students for $575 each with all utilities included-trash, water, electric, wi-fi.

For my coaching, before I get on the call, I send the student a 3-page questionnaire as well so that our call is well organized and tailored to what they are looking for or struggling with but I should even put this in my description of services so people know exactly how the call will go. 

It means 48% of your income is being used up servicing debt (mortgages, student loans, car loans, credit cards, HELOC, child support, etc) Each lender has their own set of rules if the loan is going to stay "in house".

From conversations as well as looking at the current listings for rentals in the area, it seems that you can get just shy of $500 per room (when renting to students) so the total would be ~$2400 per month if all 5 bedrooms were rented (given that I take one of the bedrooms).

I've collected on a few bad damage cases for SMU students...Are you doing furnished units?

My time is dedicated to my clients, students, and family.  

You could look into finding properties with large bedrooms and try renting out the rooms to college students if you find that you cannot afford a multi in the area also.

We both have fairly extensive student loan debts with a total of around $220,000.

I'm a sophomore college student majoring in Real Estate & Finance at Indiana Univesity.