Makes sense, I'm guessing the general preference would be for a full sequel, but while leaning that way I'd be happy with either

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Opposed to Ultralord's comments, rather than casting Greek Life fully as the adversary I'd much rather see them given some depth - particularly in the case of a spin-off (could have the characters be new members and then make your own version of Animal House, Revenge of the Nerds, or... are there Sorority movies that aren't X rated? Would prally be co-ed to a degree anyways so that you wouldn't need two whole casts of characters). I mean still go ahead and have the classic bad guy frat but personally I always appreciate showing multiple sides to things (particularly when concerning groups that are typically made the antagonists, such as the "popular crowd". Theoretically even Chad could have a redemption arc, I doubt anyone is clamoring for one but that may be the point, no?
Speaking of Ultralord though playing both Anne and Max at once could be very interesting... and probably really complicated both to make and to play xD , but it's a fun thought

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The only odd thing about a full sequel with new romance options is it would require you to either break up with your year 1 partner or to complete year 1 without a romance, which is always sad (though I suppose that might be the best motivation to ever complete the Dominic/Sally friendship routes). I mean as a separate game it would likely just ask you what your romance option was so you wouldn't technically have to play through single, but we would know xD . A secondary thing off of that is the question of being able to start a romance with one of the initial options during year 2 when you didn't during year 1.
If there was relationship turmoil as part of it, I would also encourage multiple ways to resolve it. I understand the reasons for the single route, but it would be nice (and add replayability) to have multiple paths per person, even just 2. Sorry to reference Ultralord again (I don't have to leave the page to look at his comments), but Isabelle for instance, if she were to have an arc about being possessive, you could help her get over it, be comfortable with it, or botch it

. Admittedly that type of split could also be put onto the different characters - i.e. Max has to help her get over it, whereas Anne needs to be fine with it to be successful (and preempting any internet outrage, that thought has to do with their personalities, nothing else), but I think it would be more interesting if each character had multiple ways to handle it - even if I would also appreciate their stories diverging a bit more (which would also make sense as Back Alley Flash gains popularity and probably has more and more to do with Max's life).
I swear this is the last thing then I'll shut up xD - I just hope you realize jack that the first thing that will happen if you release a sequel is "when is Roomates 3 coming"? And then 4...