you're probably right that the SW side is a bit out of your price range, but down south along K near Rock Bridge SP could work really well for you. I thought this house looked very nice:
Single Family Home - 1110 W AZOROS DR, COLUMBIA, MO, 65203 - Realtor.com
Not sure about specific subdivision names (I'm not always so good at names!) but the one of Lake of the Woods seems like it could be a very good investment. It's growing up quickly there, but I like it better than the north side already and it's a bit less overbuilt.
With the Stadium extension finally seeming to be making progress (perhaps others know more about this than I do) you'll be far closer to the "action" over the course of time, but I haven't seen too much student-type housing go up over there (as compared to the north side)
Personally, with the way Mizzou is growing, I think most areas are a pretty solid investment right now. There was some massive overbuilding, and it's going to take a little while to stabilize, but if you know you'll be in your house 5+ years, I feel pretty confident that you will be fine.