This takes a little more work, but it's the most fair and reduces the likelihood of tenants that squander utilities.If you choose #2 or #3, there are considerations:Start with an average.

Quote from @Chris Bergeron: I would let her leave quickly, but I would require her to allow me to market the property immediately to reduce the impact to my income.

Very often they are able to have reduced insurance rates often a 200-300/year for liability only. 

If you have a good sit down with tenants before/during the lease signing and explain everything upfront, you will reduce the risk of it coming back to bite you in the *** and they will be conscious of it.

At a reduced price and in bulk, a decreased rent may still work out to the margins needed to be profitable.

So reduce you buying price by $5,000 to compensate for it. 

There are sealers on the market to attach the drywall that claim to reduce noise transmittance versus screw application.

There are rent control buildings that have hit the market and they sit for a really long time because either the seller doesnt want to the reduce the price enough to cover the cost of eviction (usually $30k per unit) or buyers want the property delivered vacant which drags out the RE transaction process. 

You need to buy the house, rehab if necessary, and rent it out before the fall semester to reduce your holding costs.I have had students, but not during the school year.

Maybe even offer them cash for keys to just be able to reduce your personal stress.