If it were me, I would do a lot of investigating. See if you can check out some existing rentals on the market that are at the price point you are targeting (pretend you want to rent them), walk through the units and compare with what you are buying. $1600 a month sounds like a lot for a 1 BR, even for a college student using the Bank of Mom & Dad, so I would be sure you can get it.
I still doubt that you can get 100% occupancy, especially for college students. You would likely have 2-3 summer months vacancy, and you should budget for this. If you end up with a really hot property and you don't have the vacancy then that is just gravy.
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