Multi-Family Rental in Rough Part of Town

[Drew Sandlin]

Hello all!

I'm currently a senior in an engineering program, and at the end of this spring, I'll be looking for a place to stay. After I graduate, I'd like to purchase a small multifamily home, possibly a fixer-upper, and live in one side while I rent the other. Firstly, what do you think of this strategy as a way to get into the rental market? I currently have about $7k in the bank to start out with.

Secondly, I've found a multi-family home in a neighborhood close to the college that is very similar to what I'm looking for. The neighborhood looks rough, but the property is one block away from a police station. You can see the back of it from the house. I don't know the exact crime stats for this area, but from what I can tell, most of the folks that live around the campus are low-income and college students. How do you think this will impact the value of the property/the rent that I can expect from renting the other side? The property is 1,100 ft^2, 4 bed, 2 bath. Zillow has it estimated at $55k. Sign out front says for sale by owner.

Any thoughts would be great!

Drew