Colleges and universities are building age-restricted communities, either by themselves or partnering with big developers, near campus. Alumni buy in, and then only have to travel a couple of miles to the stadium every Saturday in autumn to cheer on the Groaning Gorillas of Ivy as they take on the Anxious Cheetahs of Hi-Nella A&M, and then walk over to the Chew ‘N’ Choke, Ivy’s traditional off-campus watering hole, to celebrate.

Be smart, but don’t be afraid to take a risk because the returns can be high. On-campus housing, as you can see from my own examples, is usually old and not in very good shape, since you are dealing with children. Like the rabbit-keeper of my year as a dorm proctor, the money that his parents paid meant he had carte blanche to do what he wanted.

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