I have a friend who is a student at SCO, he lives on Mud Island currently, but he's moving to a cheaper place in Arkansas. I saw his place on Mud Island -- it's nice and it's not too far from the school.
My and two other guys live at uptown square....i love it. There are about 20 people from our class that live here right now. Its the most bang for your buck. This used to be the slums (and elvis lived here when he was a teen, and it was lauderdale courts), but they have completely stipped and remodeled everything in an neighborhood wide effort to make this a nice part of town again...so far it is working great. It takes me about 6 minutes to make it to class. Each place comes with a washer and dryer already, which is rare for the area. Wireless internet is also included in the rent. The whole neighborhood in on a wireless network. You should definately check this place out. www.uptownmemphis.org Another place you might want to look into is the bristol on union. Its a cool place. It has its own parking deck in the middle on the building, so its very secure, and its right next to campus. I know several people that live there, the downside is that is a little more expensive for a smaller place with no yard, no free internet, and no washer and dryer. Mud Island is cool but pricey. My gf is moving here next month and we are going to get a one bedroom townhome here (uptown square) or a place at the bristol. Hope this helps, let me know if you have any more questions.