We lived next door to a HMO, they were they other half of our semi iyswim. About half the houses in the street were HMO's. When we bought the house, the % of houses owned by landlords and rented out was much the same as it was 10 yrs later however in 2000 it was to families and by 2010 it was to large groups of factory workers who for the most part from Eastern Europe.
Problems - noise, people coming and going at all hours due to a large amount of shift workers. Didn't give a shit about rubbish blowing round, the state of the gardens, the number of cars parked pretty much everywhere (occasionally across the end of our drive), loud drunken conversations at all hours of the day and night.
DH once had to go next door at 1am as a group of 5 men were throwing a vodka and card playing party in the garage and making a ridiculous amount of noise, no-one could sleep. One house had a couple of blokes who fixed cars in their drive - car parts all over the place and banging until late on summer evenings until it got dark. Next door had a grandchild that would come and kick footballs against the dividing wall until really late at night.
The individual people were lovely, but as a large % of the street's population were single shift workers here to earn money and have a good time, it became unbearable. We sold up and moved when our next door neighbour on the other side converted their garage to a bedroom, so they could move more people in. They did a really shit job on the build as well, the wall backed on to our garden and it looked a right mess.
I've lived in student houses myself, and would never have dreamed of being so disruptive. We didn't look after the garden particularly well though and I can see now how that would bother the people living around us.
Avoid avoid avoid. Sorry.