Contemporary technological advancements, such as augmented reality and virtual reality, have extended smartphones' capabilities further than ever before. These devices are especially popular among students for performing their educational activities. However, students are skeptical or hesitant to try new technologies for various physical and psychological reasons, such as lack of knowledge, wrong attitudes, and misperceptions of the ease of installation and usage. In this study, we investigated students' mental models and perceptions of mobile virtual reality (MVR) application installation and usage. To achieve the research objective, we designed and developed an MVR case study application and conducted a usability evaluation, a user-experience assessment, and pre- and post-questionnaires. The questionnaires helped us compare the students' attitude changes from before and after the case study experiment. Based on the results of this study, we elaborate the challenges, opportunities, and best practices associated with the MVR application's design and development in an educational context. The results of this study will help practitioners design and develop robust MVR applications in an educational context and open up a new research domain for academicians on MVR design and development.