There are currently two houses, next door to each other, on River Road, almost directly across from the football stadium, that are for sale by owner. They are on private property adjacent to Johnson Park.
If you would like more information, send me your contact info.
If you're looking to buy a place to rent to Rutgers students College Ave. is ideal, however there are many other neighborhoods that have high concentrations of Rutgers students.
If you are seeking to rent to students you can find more information on the Rutgers off-campus housing page here: http://ruoffcampus.rutgers.edu/#ochGuide. If you want to advertise your properties to Rutgers students it will advise you how to do so. Places4Students.com handles all of the Rutgers University off-campus housing.
If you've got more questions feel free to email me.
I think you would be very hard pressed to get a home or land from the university. Having gone to Rutgers very few houses come on the market near College Ave as the homes are either owned by the university or university organizations, i.e. frats, sororities, etc. or are very lucrative investment properties. Your best bet would be to connect with a local real estate agency or be on the look out for FSBOs.
Best of luck,