Waco seems to have an abundance of open rental property. You don't need to panic when it comes to finding rental accommodations here. Give yourself the standard six to eight weeks at any time of year, and you should find that you have more than enough time to find a really suitable apartment.
Waco is large enough of a city that location really matters. Some people think that 125,000 seems small, and compared to some cities, it does. However, larger cities have better public transportation typically, making location less of an issue. Really shop hard to find a place as close to your school or place of work as possible.
Waco's public transportation system can be helpful during peak hours if you're traveling between very popular destinations. For all other types of travel though, a car is better. If you have any desire to explore any of the surrounding towns and communities, you're also going to want a car, or you may find broadening your horizons more difficult than you anticipate.
Cameron Park has everything an outdoorsman might want to enjoy, right in the middle of the city. You can fish, hike through trails, ride horses, or enjoy more civilized activities like the disc golf course or spray park. Texas is a state that is passionate about sports, and the Texas Sports Hall of Fame in Waco is a great way to share some of that enthusiasm. An even better way to do so is by taking in a Baylor Bears game.