If you are a first-time investor, there are some things you need to consider when purchasing near campus. Your goals for a multi-family investment property should be:
1. Long-term residents to keep turnover costs low.
2. Applicants who can prove they pay their bills on time
3. Updates already in place will bring higher rent
Parents will be seeking housing for the students and they have high expectations and want to pay as little as possible. Students and faculty come and go quickly. Some properties in the college town I live in offer 9 month leases.
College students can be irresponsible when it comes to taking care of their units, causing higher maintenance issues and complaints and take time and money to deal with.
If you plan to rent to students, check with the college for their policy on off-campus housing. Some colleges restrict first-year students to on-campus only, etc.
If they can't walk or bike-it to campus, you're too far away. Be prepared to take co-signors for students. They have minimum income and credit.
Good luck!