loyen, I'd say that sounds about right. There's also the Meridian which is really close to campus, but costs a pretty penny.
Also, the university is constructing some new dorms on Neil Ave right across the street from the med school. I've heard through word of mouth that they're going for $580/month for a studio with all utilities. They should be pretty nice, they're being built for honors students, professional students, and athletes. I think they'll be open in August, but I'm not certain of that.
My personal recommendation is to find some place south of campus within walking distance. If you have to drive to class every day, your parking options are pretty slim:
-The gravel pit on Cannon Drive. It's usually not too hard to find a spot, but the potholes in the winter and huge lakes that form in the rain are just plain awful. Your car will hate you for parking it there.
-The Buckeye Lot off of Ackerman, north of the Schottenstein Center. It's a huge, paved lot, but who wants to drive 10 minutes to campus just to ride a 10 minute shuttle to get to class? Also, it's cheaper to get a parking pass for the Buckeye Lot (a CX pass) than it is to get a regular C pass but your parking options limited to the Buckeye Lot.
For more info about parking:
OSU Transportation and Parking
on a completely different note, by 11 am tomorrow I'll be a freshly minted Med II