Why pay rent for your kids while they attend college instead of buy?

I started writing this to talk about what I think is one of the best deal in Honolulu, but ended up with this thought because of a property I saw that would be ideal to buy if I were parent with a kid in college. If I were a student, I would have just died to have a place like this. If I were a parent, buying is the only think that would make economic sense to me. In fact, there is no good reason I can think of not to buy. If someone can tell me otherwise, I would be interested. Let me tell you about this property. First, it is not listed with me or my company. I wanted to share it because it just so happens to be in my favorite neighborhood to invest, Punahou. It's an upgraded 1/1/1 on the second floor of a quaint 1950's building. The building surrounds the pool like a courtyard amongst a tropical setting. It's pet friendly! Monthly fees are only $259 and monthly taxes are only $26. It generates $1,375 in rental income. It's about break even from a cash flow perspective, but what about the tax benefits of the interest on a mortgage? Everyone's tax situation is different, but you have an asset rather than the liability of rent I don't see how you can lose? What more could you ask for when the money spent on rent is out the door? Boy would that be an amazing graduation gift too!