I second Jan on the “play the role of landlord”

and “find a good roomie” issues. My few experiences with roommates, both in college and afterwards, never worked out as planned. And when I moved out here, I rented my house out for awhile rather than selling it, due to a variety of reasons which made perfect sense on paper. I even hired a property manager to look after the place and provide those middle-of-the-night rescues if/when such a rescue was needed. The whole thing blew up in my face. I know a lot of folks make a nice income renting their properties, but for me it didn’t work out very well, and I wasn’t even in a college town. The folks I rented to were supposedly adults, also well vetted and financially secure and all that happy horsepoo. We finally had to get the sheriff involved to have them evicted after six months of no payment, because they met my property manager at the door with a shotgun in hand.

If you want to buy the house and live there, that sounds like a heckuva deal. But buying a house and then renting it out to a bunch of college kids sounds like a lot of mess with iffy financial returns.