I'd continue self managing if it isn't preventing you from achieving other goals. 

Since you are coming from university, you probably have roommates right now, and if you have a great W2 job coming out, I would seriously consider house hacking and the rent by room strategy because you only have to house hack a few times to achieve a solid FI number to choose your passions.   

They are trying to deprive you of the full benefit of the fantastic deal you achieved yourself, in order that they may make a profit from what they deprive you of.ie.

From there create the strategy to achieve that goal... and lastly decide what type of tactic (property you need to buy)...

If you're doing a rate and term refi out of the HML, then 75% is achievable.

Theoretically, if you have similar features and finishes, you should be able to achieve similar rents as long as the area is similar too.

At a 50% Expense ratio, you need a 6 Cap to achieve 1%. 

But that first deal will give you the confidence to buy more deals in the future and to build your real estate empire or achieve whatever goal you want to achieve.

@Justin Thorpe not just that, but students in top schools all over the world dream about coming to California (and making it big), which is the epicenter of innovation - something that is very difficult to achieve by another state or country.

Using the sales in the area to determine what specific renovations are necessary to achieve the desired ARV is the key.