I read through the thread to see if I needed to post this. I see tulip already has. Chapel Hill/Carrboro has a lot to recommend it per your requirements. I wish when I was a student here, oh so many years ago, that cycling had been "big". As it was, I didn't know a single person (male or female) who rode a bike while I attended UNC ('79 to '83), so it wasn't something I even thought of. If I were a student here now, I'd so ride everywhere. I do that as much as possible even as a 50-year old alumna!
And the free busses are great.