Diane points out liability concerns worth noting before taking on this responsibility.
I know that personally, I used to attend Berkeley and I lived in North Oakland. Because I was a little further away from my apartment when at school, I spent most of my time at school or off campus elsewhere. With most of my friends that lived near campus, I never saw any major damage or destruction to their units besides the usual wear and tear of commercial grade carpeting and maybe some scuffs on the vinyl. But I say that as long as you filter through the applicants, you get a pretty good feel of how well the student will take care of your unit. Student housing is a great investment! Thanks for reminding me Cindi, I should look into that.