I own 4 single family properties (three 5/4s and a 4/4) and a 4-plex (all 1/1s). All are in the same general vicinity and biking distance to campus. So far, no vacancy issues (knock on wood). I don't have a unit in The Woodlands although I've looked. It was either earlier this year or late last year one investor let 3 go to foreclosure and they were pretty good buys at the trustee sale. The Barracks is another student development I've looked at but just haven't pulled the trigger on one.
Feel free to holler if you'd like. Jeff @ 12 realty dot com
I'm a local Broker and investor and also co-host the local real estate investor club (big end of year party coming up which will be in Rudder Tower on campus).
http://www.meetup.com/Brazos-Real-Estate-Investors-Club-BRIC/