You may have already received your answer, but I will give you may opinion anyway!
If you own rental property near the University, you can count on renting to students, grads and undergrad, and living by the college calendar. Each May, you will have move-outs and each July and August you will be showing the property. But it's a steady stream of tenants. You may also deal with repairs cost slightly higher than normal, as students tend to ... well you know.
You do have other choices. Single-family homes are incredibly cheap in Gainesville right now and do command good rents, which of course will give you high CAP rates and positive monthly cash flow.
I work with investors and calculate those numbers for you on every property that catches your eye. I also search the listings to find those good income properties that may be off the beaten path, but will be money makes none the less.
Give me a call if you still need some help. 352-871-5354 and I will be happy to share with you my system to find good investments in one of the best places in the country to make money in real estate.
Broker and Vice President of Prudential Trend Realty