. $500 summer lease-this is around average rent for off campus house with Utilites includedExpensestaxs- $1,700insurance- $2050gas- $1,900Electric- $1,200Water/Sewer- $2,000Yearly maintance- $1,000total= $9,850NOI based on Semester Rents Without Summer leases and late fees $26,000($16,150)Purchasing Home with Primary Home Equity. 

Should they all still be on the lease?

I don't want to say go ahead because not offering the rent rolls or the lease is pretty big for me, just offering some perspective on the C of O situation. 

All 3 units are currently rented on 12 month leases, only 1 of which will expire in 2018.

If the numbers make sense today, that should dictate your decision.If you are doing a buy and hold strategy, even if the market tanks usually rents don't drop too low and you'll have a 1 year lease anyway with the tenant to help preserve some of your rent income.

You also want to find out the percentage of owner occupied units vs those leased, and the number of sponsor held units if any.

I'm wondering if you know the area of (Rogers Ct) well what you'd suggest as a price for leasing there? 

@Ben Toth, It all depends on the niche you are choosing to pursue.For wholesaling: Big Buks for Junk Houses by Randy Phillips & If you cant wholesale after this I have nothing for you by Todd FlemingLease Options: Turn Key Investing with lease options by Matthew ChanOwner Financing: My Life & 1,000 Houses: The Art of Owner Financing by Mitch StephensGeneral: The Millionaire Real Estate Investor By Gary KellerThese books along with several others give you an idea of what is possible.

Follow the lease and the state laws.

Most have a tenant rep broker they use and connect you up with them.Cap rate is usually tied to location ( urban,suburban,rural), location and quality of the tenants ( national, regional, mom and pop), and terms of the lease ( primary lease term in years, level of lease guarantee, rental increases, any termination rights, disclosure of sales, restrictive use rights, co-tenant anchor clauses,etc.).You need a void analysis from a landlord rep leasing broker.