While this quite ambitious for new investors like us but we figured it would allow for us to live in one unit and rent out the other three and allowing one person to manage and develop a style and feel for the environment of rental real estate. 

From my experience with a very old property that is fairly high maintenance.customers don't care about excuses of illness, etc....24-48 hours to get bids from as many companies as you can/want and/or personally assess 1-7 days lead/preparation time1-7 days work timeMAX time for just about the most major plumbing problem in an occupied unit(assuming all was working and in order at move in)with maximum excuses is 16 days...IMHOanything longer than 16 days(really should be fixed in 2-10 days), is too long and you should negotiate down the balance they owe you, especially if it was slab leak, or anything major that requires removing the floors and/or creating an uninhabitable environment from lack of water, or open trench/wall, etc in unit for more than the 8 hours during  9-5 M-Fand during that whole time, lots of active communication about the status and progress and tons of apologies along the waysome people will still be angry and some will try to use it to leverage you for other considerations....good luck!

My advice: Have your agent reach out and see if they can get the story behind why they are selling so quickly after purchasing, make sure the numbers work for you and offer that price, do not worry about what they paid for it, and get it inspected if you can that way you will have peace of mind on any issues with the property.

The BRRRR method works in this environment because the turn times on things works well - turn time on rehab, turn times on financing, etc.The BRRRR method is not really designed for 5+ unit properties.  

That is really what it takes to find deals in this environment. 

They don’t mature for a while, but it got us thinking… what will the interest rate environment look like in a few years?

To me, I think you'd be better off having a strong lease that prohibits the smoking of ANY substance (e.g. cigarettes, marijuana, crack, peace pipes, whatever) in the property and/or the growing of marijuana if you're concerned about that too (since that can also cause damage to a property).

We have a great environment and market here.

Your post does not mention property tax and insurance - those costs should be included in the analysis.Assuming reasonable tax assessment, this sounds like a fine investment.A bedroom condo should do well in a college town environment, especially among older students.  

Hopefully you chose a broker/mentor that provides the right resources and training to succeed in this environment.