Most of the housing directly next to the UCSB campus is student rentals. However, there are 3 bedroom single family homes still within a few minutes driving distance starting in the $500,000s and averaging in the $700,000s ballpark.
I have an intern that works for me who is a student himself, living in Isla Vista. He knows the area very well, and has great insight into the area. If you are interested he and myself would be more than happy to help you in your search.
Andrew Rose, Realtor