I agree that the neighborhood is not far from Detroit Golf, University District and Sherwood Forest which are all kept up quite well. 

This is a bit of a bummer for a couple reasons as it doesn't address your down payment and they are going to get taxed on the rent they collect.Another thing to consider with this scenario is that it could be state and/or university specific. 

We virtually always get parent co-signers since few students can qualify even with student loan funds.

Where I live is 1 mile away from a major university and there are a total of 7 universities around town. 

There are many great tax pros out there who work virtually with clients from coast to coast and work mainly with real estate investors.

In either case, you might also consider using a VA-Renovation loan (contact Deborah Joslyn at University Lending), which is a good VA alternative to the 203k and might allow you to find those uglier 3+/1+ homes in need of work at a lower entry point and with no FHA-imposed PMI. 

Morgantown seems to be the only area that's growing, and that growth is heavily dependent on a handful of heathcare employers and the university.

Any virtual meetups happening with Covid?

I have been a Virtual Assistant for a few years already but love real estate and would love to get my foot in the door and build meaningful relationships while I build up the cash to buy a rental. 

CAP rate seems pretty weak being under 8%, but that’s a personal preference not a universal rule.I don’t know where the building is but it looks old and the area looks pretty shaggy but I can’t tell from that what buildings in that area are selling for.