We have a loan that is secured by a single family 4-BR rental house. The house is near a college campus and licensed to be rented to 4 unrelated adults (individual lease agreements for each bedroom). There is only one kitchen, living room, and 2 bathrooms.

Would this be considered 1 unit since it is classified as a 1-4 single-family home, or since there are separate leases for the bedrooms, would this actually be 4 units?

Are the rooms the full-time residences of the four individuals? Or are these short-term leases to college students who have a primary residence elsewhere?

It would not be considered transitory. Although the house is located near the college campus, it is not specifically designated as "student housing". The leases are 12 month terms, but could be rented to anyone.

I would report as 1 unit. There's no reason the next tenant couldn't be a family leasing the whole house.

hmdagal's point is right on, and I suspect there is no sub-address for bedrooms 1-4. It's one structure, one address unless it was in fact dedicated to transitory housing. It's not a dorm with shared facilities.