My parents' house in East Lansing is in a "no rental" area, even though it is nowhere near the MSU campus.
The house would not make a good student rental, but it would make a great family rental. It's walking distance from an elementary school, a park, and walking/cycling paths.
With the current market, my parents do not stand to make much if they sell now. I am planning to live there with my young son for the next 2-3 years, and I'd like to fix the house up while I'm there. However, if the market is still soft when I want to move, is there any way to request that our neighborhood be re-zoned to allow rentals to families (not groups of unrelated students)? If I knew I could rent the house out in the event of a continued down market I'd be a lot more willing to spend money fixing it up -- it needs a new roof, new siding, and general updating. The structure is in great condition and the house is a quite-large sprawling ranch house with almost 1800 sq. ft. on one floor and a large (1500 sq. ft.) unfinished basement below.
Good Luck in East lansing, they are pretty tough. You can apply for the application from the city. It would need to meet certain codes if they allow it at all. I just sold a house in East Lansing that the former owners had the same problem. Your best bet is to go right to the city and talk it over with the person in charge. Feel free to contact me if you have any questions. Thanks, Mike
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Fair Housing and Equal Opportunity