Okay, I promised you a more thorough review and here it is. The comprehensive housing skinny, collated from all the CMED students on the SDN boards last year:
Mt. Pleasant (M1 and M2):
Tallgrass: Huge and cheap and perennially popular for that reason, but has tons of noisy undergrads and problems with thin walls, and about once a year or so there's a mold or vermin complaint. Caveat rentor. Still probably the cheapest option in town if you split with a few people.
University Meadows: Mid-priced, reasonably decent apartments, nothing too fancy. Has a communal outdoor pool and clubhouse with fitness center, which is a nice perk, but the pool is usually occupied by undergrads.
Blue Grass: Like Tallgrass, also huge and cheap and undergrad prone, but does offer a pool and a fitness center. "The Reserve" is a gated apartment community off the main complex, a little pricier, but tends to have fewer undergrads.
Copper Beech: Popular among those who like a quieter environment. Recently renovated units, including townhomes if you're looking to split rent or have a family. Pricey if you're living solo, but doable if you split. Premium cable with movie services and VOD included with some townhomes; options for furnished units are available if you want something totally turnkey. Pets are allowed with permission of landlord, usually with a rent surcharge.
Health Professions: This is where I lived for M1 and M2. Complex is restricted to CMED students. Awesome landlord. Units are beautiful, spacious and well lit, in-house laundry, expensive for Mt P if solo but incredibly reasonably priced with roomies. Basic cable and Internet service are included. No gym. Pets with permission of landlord, usually OK unless something big or noxious. The entry doors in the 1308 building auto-lock, which is good for safety but a PITA if you like to BBQ in the warmer months. Beware of thin walls and floors/ceilings in the 1308 building.
Stone Crest / Country Place: Right down the street from HPA. Quiet, undergrad free, pet friendly and awesome landlord. Basically HPA with non-meds and better noiseproofing. Expensive relative to Tallgrass et al and probably a little pricier than The Reserve and U Meadows, but you do get what you pay for. Pets allowed with permission of landlord.
Woodside: Walkable neighborhood that's popular with families, especially those with kids. Top and bottom split-level units available; buildings are quads with in-house laundry. Pet friendly.
CMU Graduate Housing: University subsidized, which means it's cheap even by in-town standards, but apartments are leased on a two-year basis that doesn't really mesh with CMED's schedule, and most apartments are taken by students in other programs whose admitting cycle runs differently from the medical school. No pets. Resident parking is far and away the most convenient to the medical school, it's literally a two-city-block walk across the parking lot and the back lawn of the College of Health Professions building.
House rentals: Available through any number of management companies and rent-by-owner arrangements. Check apartments.com and Zillow. Excellent option if you have either 1) a spouse and kids, or 2) a defined group of friends who are willing to go in on the house with you.
What I would not do, unless you have a spouse and kids and are committed to a metric ton of driving in M3 and M4, is purchase a house in Mt P. Functionally no one stays in town after M2, and you won't be in the house long enough to get your money (closing costs, etc) back - it's decidedly not a house flipper's market. If you decide to commit to the area and go in on a house, Midland is a popular choice - it's equidistant between Mt P and Saginaw, family friendly, has good schools, and property costs are exceptionally reasonable.
Saginaw (M3 and part of M4):
Bancroft: Cool historic building with a bourbon and wine bar and a coffee shop on premises, and very close to the CMED campus... but the apartments are small and expensive, and the landlord is prone to nickel and diming (parking, laundry, etc, plus a big upcharge for 6-month leasing). Problematic if you like total quiet (see also re: bourbon bar).
Green Acres: Where I lived for the first half of M3. Apartments are very old (shag carpet LOL) and have almost no amenities (no laundry, window-mount AC, baseboard heat), but one of the few places in town that doesn't gouge for six-month leases. Pool on-site, but no gym (there's a Planet Fitness at the corner of State and Hemmeter). Quiet. Heat and water are included.
Country Ridge: Offers apartments and townhomes. Military discount available if you're HPSP or Reserves, but otherwise rather pricey relative to offered amenities. Doesn't offer 6-month leases, so you'll have to split with someone on the opposite CCC rotation. Definitely a hike to the CMED campus.
That's all I have for now... anyone else, feel free to jump in! My thanks to all those from last year's board who contributed to this guide!