When I started managing single-family rental homes back in 2009 in Augusta, GA, there was less variance in the industry (and also less services available).

I'm considering in Augusta, GA which is two hours away from where I live in Atlanta.

Purchase price: $212,000 Cash invested: $25,000 3 bed 2.5 bath townhouse 1 mile from Augusta National (Masters Golf Tournament).

That said, while student housing within walking/biking distance to campus is often preferred, it is my theory that if you choose one of the bedroom communities nearby, it is still close enough to rent as student housing for students who have cars, but if you don't secure the lease before August as mentioned in Cole's reply, you can still market to other renters.

I am in Augusta and there are certain areas here that are more investment worthy than others but again, it depends upon the criteria of the investor, and shame on me for not being more specific.

@Robert Collins  Hi I just CCed you on an augusta buy and hold email list I have of a few owners in Augusta. 

To you there's no difference between Augusta va Atlanta right?

I have two multi-family properties in Augusta which is about the median price range for the state- northern Maine cheaper, southern is higher.  1BRs are 650/mo, 2BRs 750, 3BRs 1200. 

I'm in the due diligence period on a property in Augusta, GA.  

Not on the list, but certainly meets the parameters is the Augusta, GA market.