I was a former Peace Corps volunteer in SFM some 25 years ago or so and married into a local Dominican family, so my yearly pilgrimages are mostly spent in the area. It is a nice place and the University is very reputable, it is private and Catholic. I have had various contact with people in the University over the years and it has always been positive and professional.
Renting a decent apartment with security is about US$400/month plus electricity. There are also clean, alright places for $100/month with no security. There is a professional group of people in the city who you can easily become associated with and soon you will be invited to peoples homes and all kinds of family occasions. I like El Patio and El Dorado for the two best places to eat in town but there are more, de Moya has the best breakfast/lunch choices.
Transportation will be a big issue. I use a motorcycle but would recommend having a car in order to get around. It is too hot to walk all the time, and after dark, I am usually in the campo finishing up a nice home cooked meal, but security is becoming a bigger and bigger issue. Spend time with trusted people who are familiar with the surroundings and you will have no problems.
Let me know if you need any more information.