Should I max out my loan potential?

[Kelley Sawyer]

I am a first time home buyer. My goal in purchasing my home is to turn it into an asset vs a liability - while keeping financial risk at a minimum. 

I have an opportunity to purchase a run down property in a really good neighborhood for $275,000. My personal max loan amount is $350,000 (resulting in approximately $2,400 mortgage per month). I would use the extra money to renovate the property. The home is 2,500/SF with 5 bedrooms and 3 baths. My plan is to rent out to two people for a flat $1,000 a month each, while offering an upcharge of $150-$300 per person for them to use the excess rooms as personal offices. 

Right now I am making $60,000/ year. Assuming I am able to rent out the rooms (the house is 5 minutes away from a college) is this too much risk?

Any additional advice is welcome!