Lisa is right it is a great time to look, but you need to know where to look. There are over 125 active listings in College Park as of 2/18/09. Some areas are more desirable for students than others. Having helped other investors like yourself secure great rental properties in College Park I could point you to the right areas. Feel free to contact me anytime.
Yes, it is a great time. The market is very much in favor of the buyer right now and the interest rates have dropped again this week. You would be purchasing in time to do any repairs that need to be done, and have plenty of time to market the home for rent to the students before August. Let me know if I can assist you with this!