The tradeoff is age. Older housing stock near the university tends to need roofing, mechanical systems or windows sooner than newer construction elsewhere in the city, so a buyer should budget a real home inspection, typically $400 to $600, into the purchase rather than trusting the listing photos.
Rent stability also depends on suite legality, since the Residential Tenancies Act, 2006 governs existing leases and only a permitted secondary suite can be counted as income by a lender. A property with two units on paper is not the same asset as one with two legal units.
Cash flow and vacancy history on the specific address decide the outcome more than the neighbourhood's reputation does. Get your hand-reviewed valuation from Joel Dyck.