A multi unit near a college, with what sort of price range.

If you can calculate a range of possibilities and figure out how you would handle the absolute worst case scenario, and that's not too bad for you, then you go for it. 

Central AC is a plus around here but in the 190k-210k price range we find that central AC is definitely a plus but people do not necessarily expect it as a given.

With 40 rental units ranging from apartments to multi-families and single family homes, you can image the turn over that I have had over 13 years of being a Landlord. 

They can be very expensive in that price range. 

I would recommend learning the market you are going to be investing in and determine your criteria (location, price range, type of property, sq footage, beds, baths).

Most of our homes are in the 2/1 and 3/2 range, tend to be more rural and under 50k purchases.

(Price range) if your flipping a 1200sqft in the hood its obviously going to be different then a 1200 is the best neighborhood.What advise about hvac?

-Pricing for properties in this area and in the 1-2 mile radius are all over the place, but seem to comfortably rest in that $349,000-400,000 range for a decent 3bd/2bth property with age ranges of properties around the 1950's to 1970'ish range.

It is advertised for $425,000 which is out of our price range but I'd like to try to find a way to make it work.