First Investment Idea?

[Justin Z.]

Hello Everyone!

I am currently a college student who lives with my parents and has loans to cover tuition.  I will be starting a part-time job this month that pays $250/month after taxes.  I have about $3,000 saved up.  I was thinking about buying a 4BR $50,000 house and renting out the other three rooms for $500/month.  I would then generate $1,500/month in income, of which perhaps $750/month would be profit.  I could use this cash flow to pay off my student loans.  

Do you see any problems with this plan?  Would I be better off just leasing a brand new Camaro?

Thanks!

-Justin