We rented a one bedroom basement suite in Tuxedo (3 Years ago) for $300/month. This included all utilities/cable/internet and contents of their fridge when they were out of town (Great landlords). We lucked out as people were paying $400+ at that time.
Since you are located in a prime area for students you should easily get $900+ for it, then again if you wish to give students a break $800 would be a hell of a deal.
Just my opinion
Steve
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