Hi Aalaa - there are a lot of factors at play here and sounds like poor processes from the apartment company. 

After two bad property managers, lots of poor repairs, and a host of terrible tenants, it's working great.

In the search we have seen so many houses, where it looks like a company has gone in, rehabbed it, done a shotty job or just down right poor work.

I would not suggest this generic strategy for a larger park, parks with a lot of park owned homes, or parks that need a lot of work.For value-add parks with vacant park owned homes, vacant spaces, and one that may have been previously poorly managed and in need of a lot of work, the generic strategy above will not likely allow you to move the needle much.

From my research it looks like flips are a good bet for this area.

Once they hear this they usually stay unless the property is poorly maintained. 

A 3% increase is a nuisance increase in this economy, I'd bet you're under renting at that pace. 

If you're not expecting this to appreciate (like if that university is decreasing in size or stagnant in its growth) I think this could still be a good deal, I would be willing to bet that you may be able to find something with for a lower ask that may need some love to get it back in shape.

I would bet your getting adequate marketing.

Rich Dad Poor dad seems to be the default book to read for beginners.