Rent vs buy for your college student

I've got an interesting conundrum

College age student, first year forced to stay in dorm. Lives with 2 others that have been lifelong friends (so essentially brothers at this point).

They need an about apartment/condo for next 3 years and are 4.5 hours from home.

Rent for a 'nice place' is $900-1000/month plus $200 for a parking space. Location is right next to school, downtown area (Morgantown if it helps ;) ). 3 bed, 3 bath places rent out at per person. So each one of them would need to pay $1100-1200 depending on if they need/want parking. Each would have own security deposits, own lease agreement etc. So basically, they are looking at $3000-$3200 a month for a 3bd 3bt place with one parking spot.

I'm looking at condos for sale (in same building as rentals) for sale right now at $215k and $305k for 2 bd/2bt and 3 bd/3bt respectively. With 20% down, 7% interest (over 850 fico but this is investment property even if my kid lives in it as I understand it so rates are higher) and then HOA/Insurance/etc...I'm coming up with roughly $1800/month or $2300/month and it comes with one parking spot.

The numbers 'seem' to be telling me I could ask the two friends' parents to pay me rent direct for 3 years. If we squeeze them into a 2bd 1800/3 = $600 per person or 2300/3 - $766 per person.

At the end of the 3 yrs....it's a little gamble if the condo would appreciate above 7% or if I should just keep it and start renting it out at prevailing rates. I feel like I'm missing something because the numbers make too much sense to me.