The person making the list might influence how these are ranked, but I'll try to do it as objectively as possible (i.e., as characteristics that would be appreciated as positives and/or negatives regardless of the audience hearing the list).
1. Not a very diverse student and faculty population (in particular race and religion)
2. Fading traditions (e.g., football program isn't what it once was)
3. Bad weather
4. Unnecessarily restrictive student life