Look up the value of the property on Zoopla. DD's is worth about £500-600k. Divide by the rent paid.
DD's landlord is getting less than a 4% return, gross. Add in mortgage costs, now no longer tax deductible, agents fees (in London agents will charge as much at 17% + VAT for managed properties, though less elsewhere) maintenance and furniture replacement (again the 10% wear and tear allowance has gone), insurance and risk, statutory and licensing (gas checks, electricity checks, Local Authority fees etc - again often hefty) and allow for the fact that there is little or no prospect of capital gain in many areas, indeed the opposite, and it is no wonder that many landlords are actively divesting. Pushing rents up further.
That said it is a case of buyer beware. If you have tenants who cannot be expected to be house-proud, you dont go overboard on decoration. However a property is an asset and as a landlord I want to keep the fabric maintained. Often cheap is cheap for a reason. The landlord might have priced low because he does not want to make much investment this summer - many landlords with mortgages are pretty cash-strapped. He may have been burned last time he did the property up, only to find the tenants took no care. He may just be mean or a bad landlord.
Letting property is, at the moment, emphatically not a license to print money. I would ask permission to move in any hand-me-down family furniture that might be available, suggesting you either leave it behind as an upgrade disposing of whatever is there now, or pick the most important item - non working white goods or poor matresses, and ask politely if they can be replaced. Your chances are higher if it is clear that the group is houseproud and will look after the property.
Note also that many student properties need to be licensed as HMOs. Rules vary and are available on a councils website. The landlord is obliged to display the licence, and obliged to provide tenants with both a right to rent booklet, and a current Gas Safe certificate. If the property is licensed and there are health problems like damp or a cooker that does not work, which are not resolved, complain to the council.
Cancer research, and presumably some others, do a cheap and efficient furniture sales, delivery and removal. Find a second hand item in their shops, get the landlords permission to replace, and then they do the rest.