I currently live in Chapel Hill and will be moving to Charlotte in the Fall for grad school. The street I live on (Purefoy Rd) has tons of grad students, you can walk to campus, and there's a bus stop right by the road. I live in a small studio apartment by myself and it's been great. I pay $490 a month. I rent from this company: http://www.a2zrealty.biz/
Looking for streets like this around campus may be a good bet. Carborro is also a good option.